{"id":83279,"date":"2023-11-11T02:30:16","date_gmt":"2023-11-11T07:30:16","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-steadies-and-ether-surges-as-blackrock-files-for-ethereum-etf\/"},"modified":"2023-11-11T02:30:20","modified_gmt":"2023-11-11T07:30:20","slug":"bitcoin-steadies-and-ether-surges-as-blackrock-files-for-ethereum-etf","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=83279","title":{"rendered":"Bitcoin Steadies and Ether Surges as BlackRock Files for Ethereum ETF"},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n
<\/div>\n<\/figure><\/div>\n

\n Bitcoin
\n was little changed Friday, holding steady at elevated levels after a recent rally as traders remain bullish. The real star of the show was the second-largest crypto after asset manager BlackRock filed for an
\n Ether
\n exchange-traded fund.<\/p>\n

The price of Bitcoin has declined less than 1% over the past 24 hours to $36,000, coming down from a peak near $38,000 reached on Thursday, which marked the token\u2019s highest level since early May 2022 before cryptos slid into a brutal bear market. The largest digital asset has rallied by more than 30% in less than a month, snapping out of a prolonged stretch of historically low volatility and trading volumes.<\/p>\n

\n

\u201cOne reason for this strong bullish momentum could be the low circulating supply of Bitcoin on the market. 90% of Bitcoins in circulation have stayed the same for over three months \u2026 leaving any new entrant chasing the remaining 10%, pushing the price even more,\u201d said Rachel Lin, CEO of trading platform SyFutures. \u201cThe data also suggests a strong bullish bias in the derivatives market,\u201d she added, noting call options contracts\u2014bullish bets that prices will rise\u2014concentrated around price targets at the $40,000, $45,000, and $50,000 levels.<\/p>\n

While recent optimism that interest rates have reached their peak has lifted all risk-sensitive assets that are vulnerable to higher borrowing costs, Bitcoin has vastly outperformed the
\n Dow Jones Industrial Average
\n and
\n S&P 500.<\/span>
\n \u00a0<\/p>\n

Much of Bitcoin\u2019s outperformance has come amid crypto-native catalysts, namely hopes that regulators will approve the first spot Bitcoin exchange-traded fund (ETF), expected to usher in a fresh wave of investor interest in cryptos. Traders have grown more confident that approval is a matter of time since the summer, when BlackRock and other traditional financial giants filed for their own spot Bitcoin ETFs.<\/p>\n

Now
\n BlackRock
\n (BLK) has done it again. Just as the group\u2019s filing for a Bitcoin ETF sent prices skyward in the summer, revelations that the asset manager filed for an Ether ETF sent prices for the second-largest token to the highest levels in 18 months. Ether jumped 10% over the past 24 hours to above $2,100, having peaked near $2,150.<\/p>\n

\u201cBlackrock\u2019s application for an Ethereum Spot ETF further proves that the investment world is readying itself to embrace crypto assets,\u201d said Bradley Duke, chief strategy officer at exchange-traded product group ETC. \u201cIt makes sense that following any approval of a spot Bitcoin ETF by the SEC, approval of a spot Ethereum ETF would follow closely.\u201d<\/p>\n

Beyond Bitcoin and Ether, smaller tokens or altcoins were rising, with
\n Cardano
\n climbing 2% and
\n Polygon
\n popping 3%. Memecoins were less upbeat, with
\n Dogecoin
\n down 1% and
\n Shiba Inu
\n shedding 3%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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