The approval of Spot Bitcoin ETFs created a stir in the financial world. Initially soaring on January 10, 2024, Bitcoin’s price plummeted shortly thereafter, causing market upheaval. By March, Bitcoin had bounced back, setting multiple new all-time highs. Attention has now shifted to Spot Ethereum ETFs.
Current Status of Ethereum ETFs
Prior to May 23, uncertainty loomed over the fate of spot Ethereum ETFs. When leading ETF analysts unexpectedly reported positive news, anticipation surged. The SEC met these expectations by granting initial approval on May 23, moving the process forward to the completion of S-1 documents, which has now been finalized. Trading is set to commence on July 23.
The Chicago Options Exchange (CBOE) recently confirmed this in an announcement. CBOE disclosed that 21Shares, Fidelity, Vaneck, Invesco, and Galaxy will begin trading their spot Ethereum ETFs on Tuesday, July 23, 2024.
What is the Price of Ethereum?
Following the announcement, market attention quickly shifted to Ethereum’s price. Bitcoin’s surge to $67,000 within a month also buoyed Ethereum’s price, which is now trading at $3,499, a 2.72% increase over the last 24 hours.
Although Ethereum’s price has seen a 13% rise in the past week, it experienced a minor 1% dip in the last hour. Despite this small setback, Ethereum’s market capitalization has once again surpassed $420 billion, and its 24-hour trading volume has climbed to $17.4 billion, reflecting growing investor interest.
Implications for Investors
– Ethereum ETFs are set to start trading on July 23, 2024.
– Investor interest is strong, as indicated by increased trading volume.
– Ethereum’s market cap has surpassed $420 billion following the announcement.
The forthcoming trading of spot Ethereum ETFs marks a significant milestone, potentially impacting the broader cryptocurrency market. Investors are advised to stay informed and monitor market developments closely.
