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SEC approval for Ethereum ETF: The US market regulator Securities and Exchange Commission (SEC) on Thursday approved Ethereum to launch an exchange traded fund (ETF) on Nasdaq, CBOE and NYSE. However, no decision has been taken on the trading issue yet. But this is considered an important step in that direction.
Ethereum close to new yearly top
Ethereum, the second top cryptocurrency in the crypto market, touched a new yearly high of $4092.28 today. Today it was trading at $3892.53 with a gain of 3.68 percent. Ethereum has risen 26.61 percent in the last seven days. Ethereum's all-time high is $4891.70. In the last 24 hours, it rose by $150 to $3936.70.
Indication of 60 percent jump
There is speculation in the crypto market that the ETF approval could lead to a 60 percent increase in ETH (Ethereum) purchases. This prediction comes in light of a surge in Bitcoin prices two weeks after the ETF began trading on January 11.
Bitcoin rose from $42,000 to $73,000 in two weeks after the ETF began trading on January 11. Now, cryptocurrency traders are finding more exposure to ETH than Bitcoin.
The SEC has rejected applications for bitcoin ETFs for more than a decade due to concerns about misconduct and a rise in speculative elements in the market. But it was forced to grant approval after Grayscale Investments won a court challenge against the denial last year.
