Blackrock’s Move Towards ethereum ETF Application Sparks Market Rally
ethereum (ETH) Gains Momentum
ethereum (ETH), the second-largest cryptocurrency in the market, has experienced significant gains in the past hour. The price surge coincides with rumors swirling on crypto Twitter about a possible spot ethereum ETF application from Blackrock, a major investment management firm. This speculation arose after the firm registered its iShares ethereum Trust in Delaware.
Blackrock’s Impact on ETH Market
A Twitter user, Summers, observed Blackrock’s filing and pointed out that the investment management giant had previously filed for a spot bitcoin ETF application 7 days after a similar registration. This move reignited hopes in the crypto market and led to a surge in ETH‘s price. At press time, ETH was trading at $2,040 with a market cap of $245.09 billion, representing a growth of over 4 percent in the past hour and 8 percent in the past day.
Blackrock’s Influence Extends Beyond ETH
Blackrock’s influence is not limited to the ETH market. The company’s spot bitcoin ETF filing has also impacted the price of bitcoin, leading to a rally as optimism for its approval grows. Bloomberg analysts noted that the SEC has a short window to approve all spot bitcoin ETF applications, including those from Blackrock, Grayscale, 21Shares, Ark, Invesco, Galaxy, VanEck, Bitwise, Valkyrie, and Fidelity. This decision must be made by January 2024 if it’s not made in the current timeframe.
As always, it’s important to monitor the market closely and stay informed about these significant developments. The impact of Blackrock’s filings on the cryptocurrency market highlights the growing interest of institutional players in digital assets. Keep an eye on the latest news and be prepared to adapt to market changes.
### News source: ambcrypto.com