JPMorgan casts significant doubt on the SEC approving additional cryptocurrency ETFs beyond Ethereum ETH/USD, due to concerns over the classification of most cryptocurrencies as securities.

What Happened: JPMorgan’s managing director and global market strategist Nikolaos Panigirtzoglou expressed skepticism regarding the SEC’s willingness to approve ETFs for cryptocurrencies like Solana SOL/USD, The Block reported. He said the SEC’s decision to approve Ethereum ETFs was already a stretch due to ongoing ambiguity about Ethereum’s classification as a security.

His comments come in the wake of the SEC’s approval of spot Ethereum ETFs last week, an event seen as politically motivated by some analysts. The SEC approved 19b-4 forms from various applicants such as Grayscale ETHE, Bitwise, BlackRock BLK, VanEck, Ark 21Shares, Invesco, Fidelity and Franklin in a sweeping order. Despite this progress, the actual trading of these ETFs is still contingent on the SEC’s final sign-off on S-1 registrations, anticipated to occur in the coming weeks.

Panigirtzoglou emphasizes that unless U.S. policymakers enact legislation to clarify that most cryptocurrencies are not securities, the prospect of new crypto ETFs remains bleak.

Contrarily, some analysts hold a more optimistic view. Standard Chartered Bank’s Geoffrey Kendrick anticipates the approval of Solana and XRP XRP/USD ETFs by 2025, while TD Cowen’s Jaret Seiberg suggests the possibility of a “basket of crypto tokens” ETF within a year.

Read Also: Donald Trump: ‘I Will Ensure That The Future Of Crypto And Bitcoin Will Be Made In The USA’

Why It Matters: Analysts have speculated whether other cryptocurrencies like Solana or Dogecoin could be next in line for ETF approval. Some analysts have predicted that Solana might find it challenging to outperform Ethereum following the latter’s ETF approval.

With the House of Representatives recently passing the Financial Innovation and Technology for the 21st Century Act (FIT21), colloquially dubbed the “crypto bill,” industry experts anticipate a more accommodating regulatory backdrop for cryptocurrencies in the near future. Whether that will translate into further cryptocurrency exchange-traded funds remains to be seen.

What’s Next: The influence of Ethereum as an institutional asset is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Why Donald Trump Will Pump Crypto: Mad Crypto Alpha With Ivan

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Shutterstock.

The Cryptocurrency Market 2024 Report makes available the current and future technical and financial analysis of the industry. It is one of the most comprehensive and important additions to the USD Analytics archive of market research studies. It offers detailed research and analysis of key aspects of the global Cryptocurrency market. This global report explores the key factors affecting the growth of the dynamic Cryptocurrency market, including the demand-supply scenario, pricing structure, profit margins, SWOT, and value chain analysis.

The Cryptocurrency market is expected to register a robust CAGR of 10.8% between 2024 and 2030.

The report analyzes in-depth company and business profiles of major players in the Cryptocurrency market: (AlphaPoint Corp, Binance Holdings Ltd, Bitcoinforme S.L., Bitfury Group Ltd, Cardano, CEX.IO Ltd, Coinbase Global Inc, Dogecoin, FMR LLC, Gemini Trust Co. LLC, KuCoin, Ledger SAS, Marathon Digital Holdings Inc, Pantera Capital, Pintu Kemana Saja, Riot Platforms Inc, Ripple Labs Inc, Shiba Inu, Valora, WazirX, Xapo Bank Ltd)

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Cryptocurrency is a form of digital or virtual currency that uses cryptography for security, making it difficult to counterfeit or double-spend. Unlike traditional currencies issued by governments (fiat money), cryptocurrencies operate on decentralized networks based on blockchain technology-a distributed ledger enforced by a disparate network of computers (nodes). This decentralized structure allows cryptocurrencies to exist outside the control of central authorities, providing a level of transparency and security that is typically higher than traditional financial systems. Bitcoin, created in 2009, is the first and most well-known cryptocurrency, but there are now thousands of alternative cryptocurrencies with various features and uses.

Market Segmentation and Scope:

By Component (Hardware, Software), By Type (Bitcoin, Ethereum, Ripple (XRP), Litecoin, Dogecoin)

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The report covers the competitive analysis of the market. The report identifies the most promising growth opportunities across the 6 regions and 24 countries. This section exclusively shares insight into the growth strategies of the largest market share holders helping key players and new entrants understand the investment potential in the Global Cryptocurrency Market. It can be better employed by both traditional and new players in the industry for complete know-how of the market.

Regional Analysis: North America (United States, Canada, Mexico)

Europe (Germany, France, United Kingdom, Cryptocurrencyin, Italy, Rest of Europe)

Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)

South America (Brazil, Argentina, Rest of South America)

Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa

Furthermore, the years considered for the study are as follows:

Historical year – 2018-2023

Base year – 2023

Forecast period – 2024 to 2030

Major Highlights of TOC:

Chapter 1: Overview of the Global Cryptocurrency Market in 2024

1.1 Cryptocurrency Industry Analysis

1.2 Key Companies and Product Profiles

1.3 Cryptocurrency Market Segments

1.4 Industry Value Chain Analysis

1.5 Market Dynamics- Trends, Drivers, and Opportunities

1.6 Pricing Analysis

1.7 Porter’s Five Forces Analysis

1.8 SWOT Profile

1.9 Macro-Economic and Demographic Impact Analysis

1.10 Scenario Analysis

Chapter 2: Global Cryptocurrency Demand Forecasts

2.1 Overview of the Segment

2.2 Global Historic Cryptocurrency Market Size (2018-2023) by Types, Applications, and Other Segments

2.3 Global Forecast Cryptocurrency Market Size (2024-2030) by Types, Applications, and Other Segments

Chapter 3: Segment-wise Cryptocurrency Market Forecasts

3.1 Key Market Segments

3.2 Premium Insights- Largest Types, Applications and Segments

3.3 Premium Insights- Most Lucrative Types, Applications, and Segments

Chapter 4: Cryptocurrency Market Outlook by Country

4.1 Cryptocurrency Market by Regions

4.2 Cryptocurrency Market Revenue Share by Region

4.3 North America (US, Canada, Mexico)

4.4 Europe (Germany, UK, France, Cryptocurrencyin, Italy, Russia, Others)

4.5 Asia Pacific (China, Japan, India, South Korea, Australia, South East Asia, Others)

4.6 Latin America (Brazil, Argentina, Chile, Others)

4.7 Middle East and Africa (Saudi Arabia, UAE, Qatar, South Africa, Nigeria, Egypt, Others)

Player Analysis in Chapter Five

5.1 Players’ Market Share Analysis (2023)

5.2 Regional Market Concentration Rates

5.3 Business Profiles, SWOT Analysis, Financial Details, Product Portfolio of Companies

……….continued

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Decoding the Cardano decentralization debate

Cardano has recently been in the spotlight due to its surge in popularity among cryptocurrency enthusiasts and traders. This interest has not come without controversy, leading to passionate debates about the platform’s level of centralization and its potential impact on the ADA price.

The key argument in this controversy is the fact that, unlike other popular cryptocurrencies, a significant portion of Cardano’s network is not decentralized. While Bitcoin and Ethereum operate on protocols that allow anyone to participate in the network and earn rewards, the Cardano network has seen a large percentage of its stake pools controlled by a few entities. This presents a risk of centralization, which goes against the fundamental principles of decentralization inherent in blockchain technologies.

Impact on ADA price

Investor concerns over this centralization issue, coupled with broader market trends, have contributed to Cardano’s ADA experiencing a significant drop in price, falling by as much as 30%. While there are certainly a number of contributing factors to this price decrease, it’s hard to ignore the increased scrutiny on Cardano’s governance as a key element affecting investor sentiment.

Navigating the multiplicity of factors

When investing in the volatile and unpredictable world of cryptocurrencies, it’s important to consider a broad range of factors. While price movements provide valuable information, they only represent one dimension of a larger picture. The underlying technology, governance structure and market sentiment all play crucial roles in shaping a cryptocurrency’s potential and its corresponding risk/reward ratio.

Conducting due diligence

Thoroughly researching a cryptocurrency is an essential part of due diligence. This includes understanding the fundamentals of the technology, the motivations of its creators, and the potential risks associated with its operation. Investors need to be mindful of the aspects influencing market dynamics, ensuring they make informed decisions that align with their personal risk appetite.

The Cardano case underscores the importance of an in-depth understanding of the cryptocurrency landscape. It’s a reminder that a prominent name and high market capitalization are not always indicative of a fully decentralized, secure and efficient blockchain network. And it’s this combination of decentralization, security and efficiency that often underpins a cryptocurrency’s long-term viability and success.

As we navigate through the complexities of the crypto world, keeping a clear perspective and maintaining a disciplined approach is vital. By assessing the underlying factors that drive market sentiment and price movements, we can reveal investment opportunities otherwise hidden in the market noise and hype. Remember, the more informed your decisions are, the more likely you are to achieve your investment goals.