Ethereum Goes Bullish As BlackRock Approaches For Spot Ethereum ETF

/ Ethereum surges as BlackRock registers Ethereum trust, signaling growing institutional interest in cryptocurrency. ETH price crosses $2,000.

By Nilesh Hembade.

Date: 09 Nov 2023, 23:36 PM IST

In an exciting turn of events, Ethereum has surged beyond the $2,000 mark today, marking a substantial upswing in its price. This remarkable development follows a major announcement from BlackRock, a financial powerhouse with over $9 trillion in assets under management.

As of the time of writing, Ethereum (ETH) is trading at $2,027.0, reflecting an impressive 7.12% increase in the last 24 hours.

BlackRock, known for its dominance in asset management, has made a strategic move by officially registering an Ethereum trust in the state of Delaware. This move mirrors their previous initiative related to Bitcoin, where the financial giant successfully registered the iShares Bitcoin Trust. It’s worth noting that this Ethereum trust registration closely follows BlackRock’s recent submission of an ETF (Exchange-Traded Fund) application for Bitcoin to the U.S. Securities and Exchange Commission (SEC). This pattern suggests an emerging trend that could have far-reaching implications for the future of Ethereum’s ETF proposal.

The registration of an Ethereum trust by BlackRock is a significant sign of growing institutional interest in this digital asset. It streamlines the process for investors who wish to gain exposure to Ethereum without the complexities of direct trading. This strategic move by BlackRock underscores Ethereum’s increasing dominance in the cryptocurrency landscape and its potential inclusion in mainstream investment strategies.

In response to this exciting announcement, the price of Ethereum (ETH) experienced a surge, reaching a peak of $2,050.