Ethereum Prices Surge After Whale Purchase and Favorable Court Ruling
After a whale bought 8,000 ETH at $1,709, Ethereum prices continue to rise, trading at around $1,740. The coin may see further gains following a court ruling in favor of Grayscale, the issuer of several trusts including the Bitcoin Trust, against the SEC. The court criticized the SEC for not allowing Grayscale to convert the OTC Bitcoin Trust to a Bitcoin spot ETF.
Key Points:
- Grayscale argues that the measures in place to ensure the credibility of the Bitcoin Futures ETF can be applied to a Bitcoin spot ETF.
- Grayscale’s surveillance sharing agreements with the CME help prevent price manipulation.
- The approval of a Bitcoin spot ETF is likely in the coming months, but no guarantees.
- Several firms, including Bitwise, VanEck, and Grayscale, have applied for an Ethereum futures ETF, but no approvals yet.
- The first Ethereum futures ETF could hit the market as early as October 12 if all applications are approved.
With Bitcoin trending higher, Ethereum is breaking out and experiencing rising trading volumes. The whale who bought at the breakout is currently in the money, suggesting the coin may surge even higher in the coming days.
Hot Take:
The court ruling and potential approval of a Bitcoin spot ETF could have positive implications for the cryptocurrency market. If the SEC follows suit and allows an Ethereum futures ETF, it could further boost Ethereum’s growth and solidify its position as a leading cryptocurrency.
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