Last night we witnessed the total fiasco from the SEC regarding the Spot Bitcoin ETF. Thus, the Official SEC X account announced approval before it was overturned by Gary Gensler announcing that the SEC account had been hacked. While everyone’s eyes are on Bitcoin, Ethereum benefits.
Ethereum passes the $2,400 mark
Following the SEC’s announcement, Bitcoin has witnessed significant volatility. Within a few minutes, the BTC price rose from $46 to nearly $48,000 before falling back to around $45,500 at the time of writing.
A volatility which, it seems, has not impacted Ethereum. Indeed, at the same time, ETH for its part saw its price increased by more than 4%, from $2,235 to $2,406.
In parallel with many tokens linked to the Ethereum ecosystem have also seen their prices increase. Thus, the LDO from Lido recorded a increase of almost 19%L’ARB of Arbitrum a increase of 12% and theOP of OP Mainnet (formerly Optimism) witnessed a increase of 9.9%.
Traders bet on an Ethereum ETF
With the SEC due to deliver its verdict on the Bitcoin ETF today, it appears that many traders are already positioning themselves towards an Ethereum ETF.
Indeed, last November, the giant BlackRock also filed to create an Ethereum Spot ETF.
So, it seems that many traders are betting on the Ethereum ETF being next in line once the Bitcoin ETF is accepted.
Either way, traders around the world have their eyes on the SEC and Bitcoin. Indeed, January 10 marks the deadline for SEC to rule on Bitcoin ETF. Whatever the decision, there is a good chance that it will cause a significant wave of volatility in the markets.