Hassan Maishera
TL;DR
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The SEC finalized registration statements for spot Ethereum ETFs and they are set to start trading today.
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However, the news didn’t spark a rally for Ether as it is down by 1% in the last 24 hours.
Ether Stays Below $3,500 Despite Ethereum ETFs Receiving Final Approval
Ether, the second-largest cryptocurrency by market cap, has underperformed over the last 24 hours. It is down by 1% over the past few hours and is currently trading at $3,444 per coin.
The poor performance comes despite the US SEC allowing registration forms from 21Shares, Bitwise, BlackRock, Fidelity, Franklin Templeton, VanEck and Invesco Galaxy to go effective as of Monday afternoon. Registration forms for the Grayscale Ethereum Trust and the Grayscale Ethereum Mini Trust also went effective on Monday.
The approvals meant that the spot Ethereum ETFs can begin trading today, July 23rd. This latest development comes following weeks of back-and-forth on edits to registration statements.
This latest development comes a week after Bitwise's chief compliance officer Katherine Dowling revealed that Ethereum ETFs were close to the finish line.
However, the news didn’t spark a rally for Ether, as its performance mirrored that of the broader cryptocurrency market. Bitcoin, the leading cryptocurrency by market cap, has lost 2% of its value in the last 24 hours and is currently trading at $66,500 per coin.
The total cryptocurrency market cap remains above $2.4 trillion despite losing 1% of its value.
