Ethereum (ETH), the second-largest virtual currency in the world after Bitcoin (BTC), has surpassed the $2,000 mark on November 9th. This happened for the first time since mid-2023 when Ethereum briefly moved above $2,000 per coin. The reason behind this recent moved is linked to the fact that BlackRock is working in order to create an Ether-based exchange-traded fund (ETF).
Ethereum Surges Above $2,000
BlackRock, one of the largest asset management companies in the world, is now moving towards an Ethereum ETF. The company, through its iShares division, registered the iShares Ethereum Trust in Delaware. Just to put it into perspective, when BlackRock did that for Bitcoin, 7 days later the company filed the ETF application for a Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC).
Although this does not mean that there will be an Ethereum ETF proposal, it shows that BlackRock is working in order to offer an Ether-based product to investors. It is also worth taking into consideration that when large companies such as BlackRock take these types of moves they influence the market, regulators and decision-makers.
Regulatory agencies have been heavily opposed to letting the crypto market expand and the SEC rejected multiple applications for spot Bitcoin ETFs and other proposals made by other companies. Nevertheless, this could change in the future if there is enough pressure from different companies to have more crypto-friendly regulations in the market.