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Ethereum crosses $2,500 after approval of spot bitcoin ETF

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At ETH Course has passed 2500 dollars while investors now appear bet for the approval of a ETF on Ethereum. Several managers, including BlackRockhave filed applications with the SEC for such product.

The runner-up in the cryptocurrency market is back in the spotlight after a tricky 2023. Last year, Ethereum (ETH) underperformed much of the rest of the market.

In 24 hours, its price has risen 10% to just above $2,600, a level not seen since the spring of 2022. The rise comes as the first spot Bitcoin ETFs have been approved by the SEC in the United States.

For some analysts, the ether rally could be fueled in particular by investors’ hopes for a Spot ETF on Ethereum gets green light from US regulator. Asset managers Fidelity, BlackRock, Grayscale and Cathie Wood are currently in the race to launch the first ETH spot fund.

With Ethereum’s size, liquidity and existing CME futures contracts, it has the attributes, using the now successful Bitcoin model, that make a U.S. physical ETF viable,” commented Richard Galvin of DACM in Bloomberg.

An opinion shared by Laurence Smith, strategist at Consensys. In his view, the SEC’s endorsement of a spot Bitcoin ETF is likely the “first approval of a cryptocurrency ETF.” “We expect an Ethereum ETF to be next,” he said.

Ethereum (ETH) price in 7 days – tradingview

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