Sec Sues Binance
- In addition to the 12 spot Bitcoin ETF applications that have helped increase crypto confidence, the SEC now faces more institutional pressure to approve an Ethereum spot ETF dubbed iShares Ethereum Trust, which was filed by BlackRock through NASDAQ.
- With the vast experience of filing ETFs over the years and the several updates on the Bitcoin spot ETF, BlackRock perfected the iShares Ethereum Trust leaving no legal chance of failure.
The Ethereum (ETH) network received one of its largest boosts in credibility after the leading fund manager with about $9 trillion in assets under management (AUM), BlackRock, filed for an Ether-based spot exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC).
According to the confirmed filing, BlackRock named the spot ETF that will be listed on the Nasdaq exchange iShares Ethereum Trust. Consequently, the underlying Ether value closed above $2,000 for the first time since the rally induced by the Shanghai upgrade earlier this year, which enabled the withdrawal of staked ETH from the beacon chain.
According to the latest market data, Ethereum price has gained about 31 percent in the past four weeks to trade around $2,050 on Tuesday.
US SEC Overwhelmed by Crypto Institutional Demand
The US SEC under the leadership of Chair Gary Gensler has been opposing the cryptocurrency market as a new investment class, especially since the implosion of the FTX and Alameda Research. In the past year, the US SEC has taken the fight against the crypto industry to the courts, which has turned the best for the nascent industry.
Moreover, the US SEC lost the case against Grayscale Investments, which paved the way for not only a spot Bitcoin ETF but also but also for other prominent digital assets like Ethereum. As a result, market experts argue that it is only a matter of time before the US SEC approves all the Bitcoin and Ethereum spot ETFs applied.
According to Nate Geraci, the president of The ETF Store Inc., the US SEC could approve spot Bitcoin ETF this week amid the potential US government shutdown.
Key language in Nasdaq/iShares spot ether ETF filing…
Grayscale court win + SEC approval of ether futures ETFs should = spot ether ETF approval https://t.co/IUO0wixNCR pic.twitter.com/TclQyOfWjx
— Nate Geraci (@NateGeraci) November 9, 2023
The US SEC is fast running short of time to review the spot ETFs, which has seen the speculations of an imminent approval significantly rise. On Monday, a rogue investor is believed to have applied for the listing of XRP spot ETF on the ICIS Delaware website, resulting in an XRP price spike, thus profiting in the leverage market.
Ethereum Market Picture
The Ethereum bulls are currently working on the resistance level of around $2,136 to ensure a further uptrend in the coming weeks. As of this report, Ethereum had an average 24-hour trading volume of about $16.5 billion and a market cap of approximately $245 billion. However, the on-chain analytic platform Lookonchain has spotted several top-rated Ethereum whales preparing to dump on the market, thus suggesting possible market correction in the near term.
Bullish or Bearish on $ETH?
Did SmartMoneys and Whales buy or sell $ETH over the past week?
1/🧵
Here is a thread. pic.twitter.com/8yvCO0UI9H
— Lookonchain (@lookonchain) November 14, 2023
Nonetheless, the Ethereum correction could be short-lived as the macro crypto bear market is believed to be behind and the bull run will materialize in the next two years.
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