Ethereum has surpassed the $2,000 mark, reaching $2,100, following Nasdaq’s submission for BlackRock’s Ethereum exchange-traded fund (ETF).
This filing triggered a 9% surge in ether’s price within 24 hours, peaking at $2,132 for the day. The price exhibited a 3% increase compared to the pre-filing level, and ETH’s trading volume experienced a notable rise of around 170% over the past day.
BlackRock, the world’s largest asset management firm, submitted a 19b-4 filing for its Ethereum ETF with Nasdaq, where it aims to list the application. The market had already been stimulated earlier on Nov. 9 when BlackRock registered the iShares Ethereum Trust in Delaware, providing a hint about the potential ETF filing.
The filing document disclosed that if BlackRock’s Ethereum ETF gets approval, Coinbase’s Coinbase Custody Trust Company will serve as the primary custodian, responsible for safeguarding all the ether associated with the ETF.
Ethereum Price Surge’s Impact
Alongside the rise in Ethereum’s price, the median gas price for ETH experienced a significant surge, briefly peaking at 291.2 gwei, as reported by Dune Analytics.
Notably, Ethereum’s altcoin, Ethereum Classic (ETC), has mirrored the upward trajectory of ETH’s price. Ethereum Classic’s price has surpassed the $20 threshold, reaching $21.16, indicating a notable increase of approximately 13% compared to the levels observed just 24 hours ago.
BlackRock’s Bitcoin ETF Plan
Before the recent iShares Ethereum Trust and ETH ETF filing with Nasdaq, BlackRock had made a comparable move back in June. During that time, it registered the iShares Bitcoin Trust and filed for its spot Bitcoin ETF just seven days later. Financial advisors and analysts speculated that if the Securities and Exchange Commission (SEC) were to approve the Bitcoin ETF application, it could potentially lead to a significant surge in Bitcoin’s price.
In anticipation of the SEC’s approval of a Bitcoin ETF, a new platform called Bitcoin ETF Token is emerging to leverage the potential momentum surrounding its pending approval. According to Fox Business, BlackRock is reportedly “growing increasingly confident” that the SEC will give its approval for the Bitcoin ETF by January 2024.