For the last few days, Ethereum’s price was mostly based on indications from Bitcoin regarding increases or decreases. That appears to have changed, though, as the altcoin saw a surge today brought about by a significant Ethereum-related development in the cryptocurrency market.
- The asset management then filed with Nasdaq, awaiting SEC acknowledgment, after this.
- Blackrock just registered the “iShares Ethereum Trust,” which is akin to what happened before the Bitcoin ETF was placed.
- The price of Ethereum seemed to be quite hopeful, as the altcoin increased by over 10% to $2,100.
Spot Ethereum ETF filing by BlackRock
The largest asset management company in the world, BlackRock, formally applied to Nasdaq on Thursday to be included in the Ethereum ETF (Exchange Traded Fund). The filing identified the ETF as Commodity-Based Trust Shares, awaiting acknowledgement and clearance from the Commission on Securities and Exchanges (SEC).
Hours of anticipation from enthusiastic cryptocurrency investors preceded this, as they boosted the ETH market upon learning of the possible file. Signs like the spot Bitcoin ETF appeared as BlackRock filed for the iShares Ethereum Trust in Delaware. BlackRock proceeded to apply for a spot Bitcoin ETF just one week after doing exactly the same for Bitcoin.
The excitement remained unaffected in any way, though, as this is Ethereum’s largest development since the ETH Futures ETFs were approved by the SEC earlier this year.
In any case, ETH is once again gaining in value, and eventually, the cryptocurrencies may be able to surprise one another.
Ethereum price rises once again
As of this writing, the price of Ethereum appears to be breaking beyond $2,100, driven by the fervor that followed the release of the BlackRock spot ETF filing. The altcoin reached a peak of almost half a year.
In less than a day, ETH surged by over 10% and crossed the $2,000 mark. It is getting ready to recapture the price at which ETH was trading a few months ago. A cryptocurrency often has to see a steady growth in price in order to turn a profit, and given that the “home of DeFi” just had a historic filing, another increase may not be out of the question.
Although there aren’t any obvious indications of an amount correction just yet, Ethereum’s price may naturally fall if impatient investors seeking to profit combine with an overheated market.
If this initial excitement fades soon, there could be a vulnerability that leads to a sell-off, which could lower the altcoin’s price.
What is ETF ETH?
The general goal of an Ethereum (ETH) tracking ETF (Exchange-Traded Fund) is to replicate the cryptocurrency’s performance. It enables investors to profit from Ethereum’s price fluctuations even in the absence of actual cryptocurrency ownership.
What is NASDAQ?
The American stock market NASDAQ (National Association of Securities Dealers Automated Quotations) is well-known for its computerized trading system. It is among the biggest and most recognizable stock exchanges in the world. NASDAQ lists a broad variety of companies from numerous sectors, but it is primarily linked to technology and internet-related businesses. International and domestic enterprises trade stocks on NASDAQ. Being the first stock exchange in the US to offer electronic trading, it is renowned for its cutting-edge and technological approach to stock trading.
