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- Ethereum (ETH) joins the spot ETH league as Blackrock makes the first move towards its application
- The coin’s price has rallied in the market ever since the news started circulating on crypto Twitter
Ethereum (ETH), the second-largest cryptocurrency in the market, has seen significant gains in the past hour. The rise comes right when crypto Twitter is abuzz over a possible spot Ethereum ETF application from Blackrock – the investment management giant. The notion stems from the firm’s move to register its iShares Ethereum Trust in Delaware.
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Blackrock moves ETH’s market
According to a Twitter user, Summers, who first noticed the filing, “BlackRock’s iShares Bitcoin Trust was registered in a similar manner 7 days before they filed the ETF application with the SEC. Details below.” The investment management giant reignited the crypto market’s dream of seeing an approved spot Bitcoin ETH by filing for an application back in June 2023. And since then, many other key financial players have joined the race with subsequent filings.
— Eric Balchunas (@EricBalchunas) November 9, 2023
Amidst this news, the second-largest crypto by market cap has breached a key price level. According to CoinMarketCap, at press time, ETH was trading at $2,040 with a market cap of $245.09 billion. The coin registered a growth of over 4 percent in the past hour and over 8 percent in the past day. Meanwhile, the 7-day chart indicated a price gain of over 12 percent, while the past 24-hour trade volume stood at $15.82 billion.
Moreover, Blackrock’s influence is not limited to only the ETH market. The company’s spot Bitcoin ETF filing has even had the price of Bitcoin rallying in as the optimism for its approval grows. The king coin reached its highest level for this year as it breached the $37,000 level. BTC reached a high of $37,999 on Coinbase today.
Notably, according to Bloomberg analysts, the SEC currently has a short window open if it wants to approve all spot Bitcoin ETF applications, starting today. This would be applications from Blackrock, Grayscale, 21Shares and Ark, Invesco & Galaxy, VanEck, Bitwise, Valkyrie, and Fidelity. If the SEC does not make a move in this time frame, it will have to decide its position by January 2024.