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The Empress of Wall Street Issues Key Crypto Prediction Post Bitcoin ETF Approvals

Renowned investor Cathie Wood analyzed the landscape following Bitcoin ETF endorsements and presented a forecast on digital tokens.

Cryptocurrencies are witnessing euphoric highs courtesy of the meteoric rise in Bitcoin, the apex crypto asset globally. Against this backdrop, famed investor Cathie Wood, known as the Empress of Wall Street, delivered a pivotal prediction regarding the crypto ecosystem’s future.

Per the CEO of Ark Invest, beyond already sanctioned Bitcoin and potentially Ethereum, the US Securities and Exchange Commission (SEC) is unlikely to approve spot ETF applications referencing other cryptocurrencies—this tempers speculators appetite for alternative “altcoins” amidst the ongoing price rally.

Cathie Wood Sounds Cautious Note on Altcoins

A recent Wall Street Journal “Take On the Week” podcast hosted by Wood. The “Empress of Wall Street” scrutinized the newly surfaced scenario following Bitcoin ETF endorsements.

“We would be astonished if the SEC green lights anything apart from Bitcoin and Ether,” she commented when asked about prospects for funds tracking other cryptos.

Market Bets on Ethereum ETFs

Post the successful debut of Bitcoin ETFs; markets now expect US regulators to approve Ethereum-based funds, the second most valued crypto in market capitalization.

Those awaiting SEC clearance for the Ethereum ETF launch include Ark Invest (Wood’s firm), Fidelity, Grayscale, BlackRock, Invesco, and Franklin Templeton.

While ETH lacks BTC’s ubiquitous clout and trading volumes, the latter’s ETF approval sets a precedent for a similar verdict by May 2023 as per analyst projections.

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