Shiba inu

Why Are Ethereum, Shiba Inu, and Bitcoin Cash Soaring Today?

What happened

Most cryptocurrencies are higher today as more mainstream financial institutions apply for launch spots Bitcoin Exchange-traded funds (ETFs) and altcoins rallied.

The price of the world’s second largest cryptocurrency since yesterday afternoon, Ethereum (ETH 0.06%), was trading up 3.4% as of 10:35 ET this morning. Meanwhile, the price of Mem Token Shiba Inu (SHIB 0.82%) traded higher by 4.5%, while the price bitcoin cash (BCH 18.33%) had jumped almost 26%.

So what

Since then the world’s largest asset manager, black RockWith the US Securities and Exchange Commission (SEC) filing to launch a spot bitcoin ETF, cryptocurrencies are rallying on the belief that more interest in the sector from mainstream financial giants will eventually increase risk.

Image Source: Getty Images.

While other spot bitcoin ETFs have been rejected by the SEC, BlackRock’s filing changes the game as it proposes a watch-sharing agreement with Nasdaq, where it intends to list the ETF. The settlement will share information about trading activity and customer identities that the SEC deems necessary to prevent market manipulation.

After BlackRock, a Swarm of Other Players Have Proposed Bitcoin ETFs With the SEC and the Latest devotion to truth, which has also proposed a surveillance-sharing agreement. These ETFs will eventually make it easier for investors to gain access to bitcoin without having to purchase the cryptocurrency.

In other news, Bitcoin Cash has been surging throughout the week, most recently due to a ton of trading volume from investors in South Korea. Excitement continues to grow over the news that bitcoin cash is one of four cryptocurrencies being listed by a new exchange called EDX Markets, which is backed by Fidelity. charles schwaband the Citadel.

Interestingly, the exchange decided to list Bitcoin Cash because it believes that regulators may determine that the cryptocurrency is a commodity and not a security. Whether or not cryptocurrencies are commodities or securities is a huge point of contention in the crypto ecosystem right now. Commodities will be regulated by the Commodity Futures Trading Commission, while securities will be overseen by the much stricter SEC.

In more regulatory news today, a new bill that formally recognizes cryptocurrencies as a regulated financial instrument and investment officially became law in the United Kingdom today. Many believe that regulatory clarity is a necessity for crypto to be able to move forward.

now what

News about the Spot Bitcoin ETF has been one of the biggest moves for cryptocurrencies in recent weeks, so it makes sense that news about Fidelity is boosting the sector even more today.

But the fact that investors are pouring into Bitcoin Cash because they perceive the token to be a commodity rather than a security is interesting and may represent a new trend in the industry.

With the SEC becoming more aggressive in its efforts to bring more cryptocurrencies under its purview, investors may begin to favor those they view as commodities. Although I still like Ethereum to be the best of this group of cryptocurrencies, this is definitely a trend to keep an eye on.

Charles Schwab is an advertising partner for The Motley Fool Company The Ascent. Bram Berkowitz has positions in Bitcoin, Bitcoin Cash and Ethereum. The Motley Fool has posts on bitcoin and ethereum and recommends it. The Motley Fool recommends Charles Schwab and the Nasdaq and recommends the following options: SHORT The Sep 2023 Charles Schwab investment at $47.50. The Motley Fool has a disclosure policy.

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