The crypto market was dominated in the positive zone in the last 24 hours, as Blackrock wanted to list an Ethereum ETF.
Referring to CoinMarketCap on Friday (10/11/2023) at 06.34 WIB, the majority of the crypto market strengthened. Bitcoin rose 2.34% to US$36,635.92 and on a weekly basis it is still creeping up 5.10%.
Ethereum flew 11.14% in the last 24 hours and in the last seven days it rose 17.01%. Solana strengthened 4.70% on a daily basis and on a weekly basis it still soared high by 13.44%.
Likewise with Cardano which is in positive territory 1.75% in the last 24 hours and on a weekly basis is still flying 12.81%.
The CoinDesk Market Index (CMI), which is an index for measuring the market capitalization-weighted performance of the digital asset market, rose 3.52% to 1,518.22. Open interest depreciated 1.03% to US$33.51 billion.
Meanwhile, the fear & greed index reported by coinmarketcap.com shows the number 74, which shows that the market is in the greed/optimistic phase with the current economic conditions and crypto industry.
Reporting from coindesk.com, BlackRock wants to create an ETF that holds Ethereum's ether (ETH), a plan that deepens the world's largest asset manager's commitment to cryptocurrencies.
This plan made the ETH price break through the psychological level of US$2,100.
Furthermore, the company's plans were revealed in a filing by Nasdaq, the US exchange where BlackRock will seek to list its products requiring regulatory approval. Earlier on Thursday (9/11/2023), it was discovered that the corporate entity "iShares Ethereum Trust" had been registered in the state of Delaware; iShares is the name of BlackRock's ETF division.
BlackRock has made waves in crypto by seeking to list a bitcoin ETF, a type of easy-to-trade product that could dramatically expand access to crypto for the average investor. CEO Larry Fink has become a vocal supporter of crypto, reversing previous skepticism.
According to the filing, US-based crypto exchange Coinbase will be the custodian of the ether owned by the product, while an unnamed third party will hold the cash.
BlackRock also has a market surveillance agreement with Coinbase; an oversight sharing agreement appears to be key to getting the ETF approved by the US Securities and Exchange Commission (SEC).
The filing appears to try and head off possible SEC objections to the shared oversight aspect, saying Blackrock believes CME Group's ether futures price (and the existing ETF holding it) closely matches ETH's spot price.
"CME surveillance may detect spot market fraud affecting ETF futures and exchange-traded products, or it may not do so for either type of product," the filing said.
"After approving an ETH futures ETF based in part on such oversight, the Commission has clearly determined that CME oversight could detect spot market fraud that would impact spot ETPs, and therefore sponsors believe they should also approve spot ETH ETPs on such ETFs."
