Aaryamann Shrivastava
FXStreet
- Blackrock recently registered the "iShares Ethereum Trust," similar to the events preceding spot Bitcoin ETF.
- This was followed by the asset manager filing with Nasdaq pending acknowledgment from the SEC.
- Ethereum price appeared to be rather optimistic as the altcoin surged by more than 10% to hit $2,100.
Ethereum price was largely dependent on Bitcoin's cues to note a rise or fall for the past couple of days. However, that seems to have changed today as the altcoin observed a rally that occurred thanks to a major development in the crypto space affiliated with Ethereum.
BlackRock files for spot Ethereum ETF
The world's biggest asset management firm, BlackRock, officially filed for a spot in Ethereum ETF (Exchange Traded Fund) with Nasdaq on Thursday. The filing, pending acknowledgment and approval from the Securities and Exchange Commission (SEC), marked the ETF as a Commodity-Based Trust Shares.
This was preceded by hours of anticipation from eager crypto investors who, upon discovering the potential filing, pumped the ETH market. As BlackRock filed for iShares Ethereum Trust in Delaware, signs similar to the spot Bitcoin ETF emerged. Just a week after doing the same for Bitcoin, BlackRock went on to file for a spot BTC ETF.
Spot Ethereum ETF filing
However, the fanfare was not compromised in any way, as this is the next biggest thing to occur for Ethereum since the SEC approved the ETH Futures ETFs earlier this year.
Regardless, ETH is back rising on the market, and the altcoins might be able to surprise each other in time.
Ethereum price goes back up
Ethereum price, at the time of writing, could be seen breaching the $2,100 price mark, fuelled by the optimism that exploded after the BlackRock spot ETF filing emerged. The altcoin hit a nearly six-month high.
Up by more than 10% in the span of a day, ETH also breached the $2,000 barrier. It is preparing to reclaim the highest price ETH has been in the past couple of months. A stabilized price rise is generally what is needed from a cryptocurrency to gain profits, and with the "home of DeFi" witnessing a groundbreaking filing today, a further increase might not be off the table.
At the moment, there are no immediate signs of a price correction, but if the overheated market meets impatient investors looking to profit, Ethereum price could decline naturally.
ETH/USD 1-day chart
If this hype fizzles out quickly, the resulting vulnerability may trigger a sell-off, potentially causing the altcoin's price to drop.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.