Ether's Bitcoin bounce
The biggest immediate winners from the SEC's Bitcoin ETFs approval were people holding its smaller rival.
After ten long years, America’s market watchdog approved Bitcoin ETFs earlier today. The biggest immediate winners were people holding Ether.
Following a stunning rally that saw its value nearly double in three months, Bitcoin’s price barely budged after the long-rumoured approval became official. Anticlimactically for such a volatile asset, Bitcoin is up about 1% in the eight hours since the SEC’s announcement.
The real action was over on the Ethereum blockchain. Ether is up over 10%, passing USD2500 — and briefly $2600 — for the first time since May 2022.
That makes sense. Euphoria around a sanctioned ETF led Bitcoin’s boom over the past few months, and thus was priced in. Now speculators are buying into Ether in the hopes it’ll also be approved for ETF packaging.
