Ethereum ETH
-3.075%
The price of rose slightly over the past 24 hours after the U.S. Securities and Exchange Commission approved an Ethereum spot exchange-traded fund.
Ethereum was trading at $3,740 as of 4:00 PM (20:00 UTC) on Friday, up 1.76% from the previous day. According to the block price, Bitcoin was traded at $69,062, up 3.33% during the same period after falling 2.35% the previous day.
This trend suggests that spot Ether ETF optimism continues to support Ether after yesterday’s broader cryptocurrency market downturn.
Traders seem to be taking advantage of the ether enthusiasm. Ethereum recorded $80.3 million in liquidated buys after eight spot Ether ETFs were approved for listing late Thursday afternoon, according to cryptocurrency data tracker Coinglass. A long position means buying an asset and selling it at a higher price in the future.
Others in the cryptocurrency industry have also benefited from Ether’s recent regulatory victory. According to cryptocurrency data tracker DeFiLlama, Uniswap’s daily trading volume rose 94.91% in the past 24 hours to $5.52 billion following the SEC’s decision.
ether and beyond
NEAR Protocol COO Chris Donovan believes that over time, the recent Ethereum ETF approval will continue to benefit the broader cryptocurrency industry.
“This approval is a strong validation for the cryptocurrency industry as a whole and could mean an even better influx of demand into the cryptocurrency market,” Donovan said in a statement to The Block. “First and foremost, the shift in how the current U.S. administration has acted toward the cryptocurrency industry, which has historically been very hostile, began a long time ago.”
“There has been a huge shift in momentum in a short period of time and signs that the U.S. administration is changing its attitude toward cryptocurrencies and crypto assets,” Donovan added. He added that there is a lot of anticipation about this approval and the deal can begin.
It may take weeks or months for your Ethereum ETF to begin trading.
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