Ether, the native cryptocurrency of the Ethereum blockchain network, saw its price jump significantly on Monday, November 12, 2023. The price rose over 10% during trading hours yesterday, marking a notable single-day increase for the digital asset.
This price surge came shortly after financial services giant BlackRock took two key steps related to Ethereum. First, BlackRock registered legal paperwork with the state of Delaware to form an Ethereum Trust. This trust would allow BlackRock to buy and hold ether on behalf of institutional investors.
Later the same day, BlackRock also filed documents with Nasdaq to launch an exchange-traded fund (ETF) that would track the spot price of ether. This ETF would make it easier for mainstream investors to get exposure to ether without having to directly purchase and custody the cryptocurrency.
The market reacted positively to both pieces of news from BlackRock, a respected financial institution with over $10 trillion in assets under management. Investors viewed BlackRock's moves as further validation of Ethereum and its native crypto asset ether as institutional-grade investments.
The quick double-digit percentage gain for ether's price reflects increased optimism and bullishness among traders and investors regarding Ethereum's future outlook. Many analysts pointed to BlackRock's trust and proposed ETF as the driving catalysts behind ether's significant single-day rally yesterday.
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