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Bitcoin and Ether Rally After Grayscale's ETH Trust Becomes SEC-Reporting
Bitcoin advanced to fresh two-month highs on Monday while ether clocked three-week highs after Grayscale reported that its Ethereum Trust has become an SEC-reporting company.
Updated Sep 14, 2021, 10:07 a.m. Published Oct 12, 2020, 2:59 p.m.
Bitcoin (BTC) advanced to fresh two-month highs on Monday while ether (ETH) clocked three-week highs after Grayscale reported that its Ethereum Trust has become an SEC reporting company.
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- BTC, the top cryptocurrency by market value, clocked a high of $11,524 at 13:45 UTC, the highest level since Sept. 2, and was trading at $11,480 at press time, gaining 0.95% over the past 24 hours, according to CoinDesk's Bitcoin Price Index.
- Meanwhile, ETH, at the same time, was traded around $383.42 at press time, up 2.17% in the past 24 hours. That’s the highest level since Sept. 20.
- The rally came as digital currency asset manager Grayscale announced that its Ethereum Trust has become a Securities and Exchange Commission (SEC)-reporting company.
- “This voluntary filing should not be confused as an effort to classify Grayscale Ethereum Trust as an exchange-traded fund (ETF),” Grayscale, which is owned by CoinDesk’s parent company Digital Currency Group, wrote in a press release on Monday.
- “The news will likely spur on another wave of Ethereum outperforming bitcoin, especially given the growing total value locked (TVL) across the DeFi universe,” Denis Vinokourov, head of research at the London-based prime brokerage Bequant told CoinDesk.
- Bitcoin has gained 59% this year while ether has rallied by nearly 200%.
- Both cryptocurrencies added more than 6% last week following payments company Square’s disclosure of a $50 million BTC investment.
Also read: First Mover: Bitcoin’s Best Week Since July Shows Limited Toll of UK Retail Crypto Futures Ban
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The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
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