Ethereum (ETH), the second-largest cryptocurrency by market capitalization, experienced relatively minor price movements, gaining 0.80% over the past 24 hours.
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, experienced 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 news of the ETF approvals broke, Ethereum's price briefly surged to $3,935, according to CoinMarketCap data, before settling down at $3,794. Although Ethereum has experienced a 28% surge in the 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 to take place on Wall Street. The approved funds include the 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 Ethereum ETF.
The availability of these ETFs allows everyday investors to purchase shares that trade on stock 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 daunting. ETFs are widely recognized and regulated investment vehicles that provide an accessible entry point into the crypto space without requiring extensive technical knowledge.
The approval of Ethereum ETFs marks a significant turn of events, as the U.S. Securities and Exchange Commission (SEC) had been silent on the matter 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 spot Bitcoin exchange-traded funds, leading to a surge in the price of the largest cryptocurrency to all-time highs of $73,750.
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