Ether shoots up 10% after Blackrock’s ETF news, Bitcoin at $37k, Solana already above $50
Ether is above $2,000 again after rumors surfaced that Blackrock, the world’s largest hedge fund, plans to launch not only a Bitcoin ETF, but also one for Ether. Bitcoin meanwhile is steadily continuing its climb that it started in October. It is now trading at around $37,000, the highest price of the year
Altcoins are also following suit. Solana, the so-called Ethereum killer, has already risen about 100% in the past month and is trading above $50 again.
Delaware
The American state of Delaware is known as a tax haven for companies because they do not have to pay taxes if they are registered there, but do not trade there. In essence, they pay a one-time sum for registration, and then leave the state again.
Earlier this week it was announced that Blackrock, the largest hedge fund in the world, filed a new registration in Delaware, this time for an ‘iShares Ethereum Trust’.
They also did this a few months ago, when it was for an ‘iShares Bitcoin Trust’. A week later, they applied to the American stock market watchdog SEC for permission to start a Bitcoin ETF (exchange traded fund). It is expected that Blackrock will also submit an Ethereum ETF application next week or so.
The market responded by pushing the price of Ether above $2,000 for the first time since April.
Altseason
With the explosive price growth of Ether, and the fact that the price of Solana is also being pushed higher, some are already dreaming out loud about a new Alt season.
Dips In Crypto Are For Buying!
I have been saying this for weeks. Yesterday we had a major flush, with some alts dropping 30% in a matter of minutes. They hit support and are already back.
Incredible.
You HAVE to have your bids set. The retests that you expect to take days… pic.twitter.com/zPmBLtHWpr
— The Wolf Of All Streets (@scottmelker) November 10, 2023
However, because the price of Bitcoin is also steadily rising (Bitcoin has won 120% in 2023 already), this seems likely to take a few more weeks.
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