The probability of ETF approval for XRP, DOGE, and this altcoin has risen to 90%: Bloomberg Analysts - Coin Bulletin

Bloomberg analysts have raised the probability of approval for spot ETF applications for popular altcoins such as XRP (XRP), Dogecoin (DOGE), and Cardano (ADA) to 90% by the end of the year.

The recent movements of the SEC (Securities and Exchange Commission) have created significant excitement in the cryptocurrency market. Bloomberg's renowned ETF analysts Eric Balchunas and James Seyffart have raised their predictions for the approval of spot crypto ETFs due to the institution's increasing interest. According to the analysts, this situation is a strong indication that the SEC has adopted a warmer approach towards digital assets.

Previously, Balchunas and Seyffart saw the likelihood of approval for leading altcoin ETFs such as XRP, Dogecoin, and Cardano to be below 90%. However, in light of recent developments, they significantly raised their predictions. Analysts also noted that the ETF applications for Litecoin (LTC), Solana (SOL), Polkadot (DOT), and Avalanche (AVAX) similarly have a high chance of approval.

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(# The change of president at the SEC is accelerating ETFs.

The name that opened the door to positive developments for the crypto market in the US is the new SEC Chairman Paul Atkins. Atkins, who took over the SEC in April, had promised a friendly approach to digital assets. Following this policy change, especially the request for additional documents from companies regarding Solana ETF applications is interpreted by analysts as a strong signal that approvals will occur soon.

The SEC has only approved spot ETF applications for Bitcoin and Ethereum so far. With these ETFs, investors can benefit from price movements without directly purchasing the assets, thereby attracting billions of dollars in investment funds to this area. Now, the focus is on the highly sought-after altcoins.