Bitcoin on Thursday reached the $38K level for the first time since the 5th of May 2022 but then declined, squandering almost all gains. Ethereum has added about 10% in the last 24 hours, trying to break above 2100. This price move comes from Blackrock's announcement that they are applying for a spot ETF, as they previously did with Bitcoin. Speculators react with impressive buying, expecting fresh institutional money into the two largest coins. Indirectly, the filing speaks to corporate interest in these instruments. Otherwise, Blackrock wouldn't be spending much effort creating these funds.
The last time Ethereum traded this high was at the peak of the banking panic in April, but it quickly reversed from there. Being able to latch on at these levels will open up a path to $2900 in the coming days.
News Background
The SEC has begun talks with Grayscale Investments regarding converting GBTC into a spot bitcoin ETF, CoinDesk reported on Thursday, citing its sources. In late August, a court in the US asked the SEC to reconsider its refusal to convert Grayscale's flagship trust into a spot bitcoin exchange-traded fund. MN Trading founder Michael van de Poppe said that Bitcoin had ended its accumulation phase and moved into a bull market phase. The rise in trading turnover on the CEX confirms the start of a new trend.
Analytics provider CCData reported that total trading volume on the centralised exchanges (CEX) rose 87.2 per cent in October from September's figure to $632bn. The metric showed growth for the first time in four months. Investment firm ARK Invest will launch a new line of digital asset-related exchange products in partnership with cryptocurrency ETP provider 21Shares. The crypto funds will be listed on the CBOE but will not invest directly in Bitcoin or other cryptocurrencies. Mining company Marathon Digital reported a successful third quarter closing - the firm increased BTC mining by 467 per cent year-on-year.
