In a day of great activity in the digital asset markets, ether (ETH), Ethereum's native cryptocurrency, has experienced an increase that was close to 10% during the last day.
As can be seen in the chart provided by TradingView, the price of ETH went from $2,400 to $2,600 at the time of this publication.
This rise was driven by the start of trading of the 11 spot bitcoin (BTC) exchange-traded funds (ETFs) today, January 11, 2024.
The United States Securities Exchange Commission (SEC) considers that both bitcoin and ether (ETH), Ethereum's cryptocurrency, are commodities (and not securities).
That's why the approval of bitcoin ETFs is practically a guarantee that, in a few months, ether ETFs will also be approved.
This possibility has generated a climate of anticipation and contributed to ETH's bullish momentum. The arrival of an ETH-based ETF could potentially open up new investment opportunities and attract even more capital to the cryptocurrency ecosystem.
Speculation around the Ethereum ETF highlights the growing convergence of traditional markets and the cryptocurrency space. Investors are alert to new opportunities to participate in the growth of Ethereum in a more accessible and regulated way, reflecting the growing maturity and acceptance of cryptocurrencies in the financial mainstream.
