Ethereum’s price has reached new heights, surpassing the $2,000 level and touching $2,100. This significant surge in value can be attributed to Nasdaq’s submission for BlackRock’s Ethereum exchange-traded fund (ETF). The filing has sparked increased investor interest in ether, resulting in a 9% price increase within 24 hours.
BlackRock’s ETH ETF Filing and the Implications
BlackRock, the world’s largest asset management firm, recently submitted a 19b-4 filing for its ETH ETF with Nasdaq. If approved, this ETF would provide investors with an opportunity to gain exposure to Ethereum’s performance. The filing itself has already had a positive impact on the market, with ether’s price experiencing a 3% increase prior to approval.
- Ethereum’s trading volume has also seen a significant uptick, rising by approximately 170% in the past day.
- Once BlackRock’s ETH ETF is approved, Coinbase’s Coinbase Custody Trust Company will become the primary custodian for all ether assets, ensuring their safekeeping.
“The filing for BlackRock’s ETH ETF marks a major milestone for the cryptocurrency industry, signaling growing institutional interest in Ethereum.” – Source: Dune Analytics
Furthermore, alongside the price surge, Ethereum’s median gas price has also surged, peaking at 291.2 gwei according to Dune Analytics. This increase indicates rising network activity and demand for Ethereum-based transactions.
Ripple Effect on Altcoins
Ethereum’s positive momentum has had a ripple effect on altcoins as well. Ethereum Classic (ETC) has experienced a price surge, with its value exceeding $20 and reaching $21.16, representing a 13% increase compared to 24 hours ago.
It’s worth noting that BlackRock has previously made similar moves in the cryptocurrency space. In June, they registered the iShares Bitcoin Trust and filed for a spot Bitcoin ETF shortly after. Market analysts predict that if the Securities and Exchange Commission (SEC) grants approval for the Bitcoin ETF, it could have a significant impact on Bitcoin’s price.
Prior to the potential approval of the Bitcoin ETF, a new platform called Bitcoin ETF Token has emerged, aiming to capitalize on the forthcoming approval. According to Fox Business, BlackRock is growing increasingly confident that the SEC will approve its Bitcoin ETF by January 2024.
