Ether could get heavy buying, American regulator gives ETF approval

The price of Ether, the second most valuable cryptocurrency in the crypto market, may increase rapidly in the next few weeks. The US market regulator Securities and Exchange Commission (SEC) has approved the exchange traded funds (ETF) of ETH, the native token of the decentralized blockchain Ethereum. Earlier, the price of the most valuable cryptocurrency Bitcoin has increased rapidly after its ETF was approved. A lot of investment has been made in Bitcoin ETF.
However, it is important to note that the SEC has not cleared the trading of Ether’s ETF. It is likely to get approval soon. There is speculation that approval for the ETF will increase the buying of Ether and its price may rise by up to 60 percent. Earlier this year Bitcoin Two weeks after the ETF was approved, its price rose from $42,000 to over $73,000. The SEC has approved Ether ETF applications from Nasdaq, CBOE, and NYSE.

Last Thursday, Ether had a huge fall and its price had gone below $3,800. The reason for this could be the massive selling by Symbolic Capital Partners. It sold 6,968 Ether in one minute. Their value was more than $27 million. Crypto Market expert, Rob Marrocco said, “The launch of the Spot Bitcoin ETF has greatly benefited the digital assets and ETF segment. We believe the Spot Ether ETF will similarly enhance protection for US investors.”

Bitcoin ETF received a good response. On the first day, its trading in the US was around $4.6 billion. This product is important for the crypto segment. This will determine whether digital assets are accepted as an investment or not. The SEC initially approved 11 spot bitcoin ETFs. These include BlackRock’s iShares Bitcoin Trust, Grayscale’s Bitcoin Trust and ARK 21Shares’ Bitcoin ETF. There is competition among them to gain market share. Rules are being made for this segment in some countries. This will curb cases of crypto-related scams.