Ethereum’s price has exceeded the $2,000 level and touched $2,100, following Nasdaq’s submission for BlackRock’s Ethereum exchange-traded fund (ETF).
The filing led to ether’s price soaring up about 9% in 24 hours with a highest mark of the day reaching $2,132. The price was up 3% versus the pre-filing level. ETH’s trading volume has also increased by around 170% over the past day.
BlackRock, the largest asset management firm in the world, submitted a 19b-4 filing for its ETH ETF with Nasdaq, where it seeks to list the application. Earlier on Nov. 9, BlackRock registered the iShares Ethereum Trust in Delaware, hinting the potential ETF filing and already heating up the market.
The document also revealed that once BlackRock’s ETH ETF is approved, Coinbase’s Coinbase Custody Trust Company will be the primary custodian, keeping custody of all the ether.
Ethereum Price Surge’s Impact
In addition to Ethereum’s price increase, ETH’s median gas price also surged and momentarily peaked at 291.2 gwei, according to Dune Analytics.
Ethereum’s altcoin has also climbed up to match ETH price’s escalation. Ethereum Classic (ETC) price exceeded the $20 mark and reached $21.16, up about 13% versus 24 hours ago.
BlackRock’s Bitcoin ETF Plan
Prior to the iShares Ethereum Trust and the ETH ETF filing with Nasdaq, BlackRock made a similar move back in June when it registered iShares Bitcoin Trust and filed for its spot Bitcoin ETF seven days later. Financial advisors and analysts predicted that if the Securities and Exchange Commission (SEC) approved the Bitcoin ETF application, Bitcoin’s price could skyrocket.
— Charles Gasparino (@CGasparino) November 9, 2023
Before the SEC approves Bitcoin ETF, a trending new platform Bitcoin ETF Token aims to ride the potential tide of its pending approval. According to Fox Business, BlackRock is “growing increasingly confident” that the SEC will approve its Bitcoin ETF by January 2024.
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