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- 1 ETH is trading at $2108 witnessing an 18% hike in the past seven days.
- 2 The transaction fees on Ethereum and Bitcoin blockchains reportedly saw a hike.
Crypto Exchange-Traded Funds (ETFs) are gaining industry-wide interest with the involvement of some big names in the finance sector. Even a slight development pushes the crypto market up. Recently, BlackRock reported filing iShares Ethereum Trust, an Ethereum (ETH) based ETF, with the Delaware Department of State Division of Corporation.
After the filing, the corporation’s website started reflecting the Ethereum ETF filing from the biggest asset management firm.
As seen in the past, the cryptocurrency’s price shot up after the news surfaced in the market. Ethereum price saw an immediate jump of 8% and later continued the surge. According to the CoinMarketCap data, ETH is currently trading at $2,108 witnessing an increase of nearly 18% in the past seven days.
Ethereum ETF filing from BlackRock intensifies the firm’s commitment toward crypto assets. The asset management giant was seen as bullish for Bitcoin (BTC) in the past several months, and now it’s going after Ethereum.
BlackRock filed for a Bitcoin exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC) in June this year. The firm made this surprise foray in the decentralized cryptocurrency market and the latter attracted attention from other players in the traditional finance industry.
The company inspired Ivesco, Valkyrie, Fidelity, WisdomTree, and several other firms to file for their own Bitcoin ETF products with the SEC.
Last month, iShares Bitcoin Trust (IBTC) was rumored to be listed on the website of Depository Trust & Clearing Corporation (DTCC). Following the news, Bitcoin price shot up and other cryptocurrencies followed.
However, DTCC clarified that IBTC was listed on the website for the past months. Also, it added that it has nothing to do with the surety of the ETF application getting approval from the financial regulator.
Ethereum, Bitcoin Gas Fees Surge
The transaction fees on Ethereum and Bitcoin blockchains reportedly saw an uptick. Users shared snapshots on social media platform X and claimed the gas fees going double, or even triple in some cases, than the usual fees. The discussions on the utility of Layer 2 solutions, which boasted to resolve scalability issues for blockchains, started surfacing.
Some people use Ethereum and Bitcoin to send money online. They have to pay a fee for each transaction. The fee depends on how fast they want the transaction to be done. The fee is called gas for Ethereum and just a fee for Bitcoin. The text shows some pictures of how high the fees were for some transactions.
The fees were very high for Ethereum, more than $100. The fees were also high for Bitcoin, around $10. This is more than usual. The text says that some other online money systems have lower fees than Ethereum and Bitcoin. They are trying to get more people to use them.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
