For the first time since April, ether surpasses $2,000
For the first time since April, ether surpasses $2,000, while bitcoin hits an 18-month high.
After BlackRock started the process of applying for a spot ether ETF, the price of ether surged on Thursday, breaking above the crucial $2,000 mark for the first time since April.
Coin Metrics shows that ether was up almost 7.48% at $2,037.61 previous time. In the meantime, bitcoin increased by 2.67% to $36,574.83. It has already reached its highest point since May 2022, $37,970.
An iShares Ethereum Trust was registered on Thursday, according to the Delaware Division of Corporations website. A week prior to BlackRock's submission for a bitcoin ETF, on June 8, a similar notice was sent out for the iShares Bitcoin Trust. BlackRock chose not to address the issue.
Earlier in the morning, ETF excitement had been growing as bitcoin continued to rise, providing a significant boost to other cryptocurrency assets on the market to begin the day. The head of research at cryptocurrency data provider Kaiko, Clara Medalie, stated that the surge in bitcoin prices overnight caused a wave of brief liquidations that drove up cryptocurrency values.
"Over the past year, crypto markets have been desperately searching for a catalyst amid a sea of bad news, and the ETF news have been a welcome respite," she stated. If [an permission for an ETF] materializes, we might see yet another significant upswing, or we might already be seeing the full extent of it. In the end, it's too soon to say whether the rise will last, but things appear encouraging."
But by midday, prices fell across the board in the cryptocurrency market, with the exception of ether. Leverage and open interest exploded on the fast move towards $38,000 and then nearly vanished on the retracement, according to Bitwise Asset Management analyst Ryan Rasmussen.
"That's a reflection of traders on both sides — bulls and bears — getting whipsawed by the sharp price movements," he stated. "Leverage runs the risk of being destroyed whenever it increases that much in any direction. Since bull markets don't rise straight up, I believe it's reasonable to anticipate increased volatility as prices rise."
According to cryptocurrency analytics source CoinGlass, throughout the last 24 hours, there have been $134.41 million in short liquidations of Bitcoin and $41.12 million in long liquidations.
Coming off their day's highs, other cryptocurrency assets Thursday also rode the bitcoin price wave. One of the top achievers in cryptocurrency this year, Solana, increased by 2.69% following an 11% increase previously. The majority of other tokens finished the day flat, giving back earlier gains.
Separately, SEC chair Gary Gensler told CNBC that a revival of the exchange might succeed provided new leadership does so with a clear grasp of the rules. This caused FTT, the token linked to the now-defunct FTX, to rise by 51%.
Stocks of bitcoin spoof Microstrategy and cryptocurrency services company Coinbase increased by 4.1% and 5.1%, respectively. Riot was flat while Marathon Digital was up 8% among bitcoin miners. Double-digit gains were given back by both stocks. Who else witnessed this, I would like to know your experience and thoughts too.
This article was written on the 9th of November 2023
Thanks for today once again.
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