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Crypto analyst Lark Davis, "Crypto Lark," believes some massive catalysts might be incoming for the year 2024.
2024 has remarkably kicked off on a high note with the approval of a spot ETF for Bitcoin. The U.S. Securities and Exchange Commission (SEC) allowed the first U.S.-listed exchange-traded funds (ETFs) that track Bitcoin, ushering in a new era for the world's largest cryptocurrency and the larger crypto industry.
The green light from the U.S. Securities and Exchange Commission for the ETF products comes after a decade-long tussle with the crypto industry.
With a major hurdle surmounted by the approval of Bitcoin spot ETFs, the crypto community is booming with optimism as regards the prospects of a spot ETF for other major cryptocurrencies.
In this light, Crypto Lark believes that Ethereum spot ETFs might arrive in May, which is the first final deadline for the SEC's approval.
A16Z general counsel Miles Jennings believes that the SEC capitulated on the question of whether ETH is a security when it approved the ETH futures products.
Crypto Lark sides with this argument, stating that the introduction of ETH futures ETFs may signal that ETH is not viewed as a security.
Given this, Crypto Lark believes that an XRP ETF might be on the way, given the landmark ruling in the Ripple SEC lawsuit that determined XRP was not a security.
Following the debut of Bitcoin spot ETFs, Valkyrie Funds' co-founder and chief investment officer, Steve McClurg, hinted at the prospect of Ethereum or XRP exchange-traded funds (ETFs).
However, the timing, sequence and even possibility of these events are unknown; in the meantime, the XRP and the entire crypto world are crossing their fingers for the next big ETF approval after Bitcoin.
Other key events looming in 2024, according to Lark Davis, include the Ethereum Dencun upgrade and the halving of Bitcoin.
Alex Dovbnya
Arman Shirinyan
