CDS Crypto News ETH ETF by BlackRock Boosts Price Above 2K Dollars; Bitcoin Community Confident in the Inevitability of a BTC ETF
Crypto News

ETH ETF by BlackRock Boosts Price Above 2K Dollars; Bitcoin Community Confident in the Inevitability of a BTC ETF

BlackRock has previously sought approval for a Bitcoin ETF, and the SEC has an open approval window for this application until November 17th.

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ETH ETF by BlackRock Boosts Price Above 2K Dollars; Bitcoin Community Confident in the Inevitability of a BTC ETF

Crypto News- ETH ETF by BlackRock Boosts Price Above 2K Dollars; On the 9th of November, the world witnessed a major financial move as the largest asset manager globally filed for a spot Ether (ETH) exchange-traded fund (ETF). This announcement came merely four months after BlackRock’s initial application for a spot Bitcoin ETF. The entry of BlackRock into the Ether market swiftly influenced ETH prices, propelling them beyond the $2,000 threshold, a level untouched for over a year.

ETH ETF by BlackRock Boosts Price Above 2K Dollars; Bitcoin Community Confident in the Inevitability of a BTC ETF

The news of BlackRock’s intention to launch an Ether spot ETF immediately injected bullish momentum into the broader cryptocurrency market. ETH successfully breached the crucial resistance at $2,000, achieving this milestone for the first time in half a year. However, the ascent was met with a sudden flash crash, resulting in the liquidation of millions in both long and short positions and wiping out nearly $1 billion in open interest within just one hour.

ETH ETF by BlackRock Boosts Price Above 2K Dollars; Bitcoin Community Confident in the Inevitability of a BTC ETF

The confirmation of BlackRock’s filing for an ETH ETF followed the public disclosure of its 19b-4 filing with Nasdaq. Nasdaq, on behalf of BlackRock, submitted the 19b-4 form to the SEC for a proposed ETF named the “iShares Ethereum Trust.” This strategic move underscores BlackRock’s ambition to broaden its ETF portfolio beyond Bitcoin, triggering varied reactions within the crypto community.

Udi Wertheimer, a prominent Bitcoin advocate, shared his take on the development, saying, “There is a second best,” echoing the sentiments of MicroStrategy CEO Michael Saylor’s famous meme, which emphasizes Bitcoin as the ultimate asset. Conversely, other crypto enthusiasts celebrated the growing institutional interest diversifying beyond Bitcoin. Raoul Pal dubbed an ETH ETF as the “holy grail for asset managers,” highlighting its potential to capture yield while providing price performance to ETF holders.

Some keen observers suggested that BlackRock’s interest in an ETH ETF may imply a high likelihood of its spot Bitcoin ETF already being a ‘done deal.’ Sassal, an independent Ethereum educator, highlighted the ETF’s potential impact on ETH yields, anticipating that traders would be enticed by the “real yield” offered by a staked spot ETH ETF. This has stirred further excitement and anticipation within the broader crypto community.

Inquiring About BlackRock’s Intentions: Will We See a Ripple (XRP) ETF Filing with the SEC?

ETH ETF by BlackRock Boosts Price Above 2K Dollars; Bitcoin Community Confident in the Inevitability of a BTC ETF

As the leading global asset manager, BlackRock has been navigating the cryptocurrency landscape for several years, but a pivotal moment unfolded in June of this year. On June 16th, BlackRock made a significant stride by submitting a notable application for a spot Bitcoin ETF to the United States Securities and Exchange Commission (SEC), marking a profound commitment to the rapidly growing cryptocurrency market.

In crafting its proposed Bitcoin ETF, BlackRock strategically forged a partnership with Coinbase for custody services, highlighting a collaborative effort to secure the Bitcoin assets that will underpin the funds. With assets totaling an impressive $10 trillion, BlackRock’s interest isn’t confined to Bitcoin alone; it extends to Ethereum with noteworthy enthusiasm.

Beyond the Bitcoin ETF initiative, BlackRock has subtly hinted at the possibility of filing for a spot Ethereum (ETH) ETF. The registration of the iShares Ethereum Trust in Delaware suggests an impending SEC filing may be in the pipeline. This development has exerted a discernible impact on the price of ETH, surging past the coveted $2,000 level and currently trading around $2,100.

The cryptocurrency market has responded with vigor to these filings, buoyed by BlackRock’s track record of successfully obtaining regulatory approval for its applications. There is widespread optimism in the market, fueled by speculation that the SEC may finally give the green light to spot Bitcoin and Ethereum ETFs.

Intrigued by BlackRock’s expanding interest in cryptocurrencies, insights were sought from ChatGPT to explore the potential of BlackRock filing for an Exchange-Traded Fund (ETF) based on Ripple’s XRP, a well-established and popular cryptocurrency.

ChatGPT confirmed the current absence of concrete information or official confirmation regarding BlackRock’s filing for a spot XRP ETF. However, it underscored the dynamic nature of the cryptocurrency ETF landscape, emphasizing the escalating interest of major companies like BlackRock in diverse digital assets.

ETH ETF by BlackRock Boosts Price Above 2K Dollars; Bitcoin Community Confident in the Inevitability of a BTC ETF

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