Ethereum
Ethereum Price Remains Stable After Historic Spot ETF Approval
Ethereum Price Remains Stable After Historic Spot ETF Approval
Ethereum (ETH)the second largest cryptocurrency by market capitalization, has seen relatively minor price movements, gaining 0.80% over the past 24 hours, following the surprising approval of eight spot Ether exchange-traded funds (ETFs). After the ETF approvals were announced, Ethereum’s price briefly spiked to $3,935, according to CoinMarketCap data, before stabilizing at $3,794. Although Ethereum saw a 28% rally last week, it remains 22% below its all-time high of $4,878, reached in November 2021.
The sudden approval of these ETFs by the SEC represents a momentous decision that paves the way for Ethereum trading on Wall Street. Approved funds include Grayscale Ethereum Trust, Bitwise Ethereum ETF, iShares Ethereum Trust, VanEck Ethereum Trust, ARK/21 Shares Ethereum ETF, Invesco Galaxy Ethereum ETF, Fidelity Ethereum Fund and Franklin ETF Ethereum.
The availability of these ETFs allows ordinary investors to purchase shares traded on exchanges and track the price movements of Ethereum. This simplifies the process of buying, selling, and storing Ethereum for traditional investors who may find the world of digital coins and tokens intimidating. ETFs are widely recognized and regulated investment vehicles that provide an accessible entry point into the crypto space without requiring in-depth technical knowledge.
The approval of Ethereum ETFs marks an important turning point as the United States Securities and Exchange Commission (SEC) had remained silent on the issue for several months, leading many industry experts and analysts to anticipate a rejection. In a similar turn of events earlier this year, the SEC reluctantly approved 11 Bitcoin spot exchange-traded funds, causing the price of the largest cryptocurrency to surge to an all-time high of $73,750.