Just how much is .01 ETH to USD? Here’s why Bitcoin is still on top
It’s been quite the rollercoaster! Bitcoin just bumped up by 2.4%, driving its price over a whopping $27,000. And Ethereum? It didn’t lag behind, surging by 3.3% and comfortably sitting above $1,650 again. So what does that mean for the answers to questions like “what is .01 ETH to USD? Let’s take a deep dive.
But, what’s been lighting this crypto fire? Analysts from Bitfinex spilled the tea to Decrypt. Firstly, VanEck is soon dropping an Ethereum futures ETF, and the market is all here for it. Then there’s that juicy 2% rise in the S&P 500 index. And, can’t miss the approximately $80 million in short liquidations within a single day!
What’s Going On with the Dollar?
Dollar drama! The dollar index, which shows the greenback’s strength against other global reserve currencies, has dipped for two days straight, sliding 1.13% from its yearly peak. For those keeping score, there’s been a trend: when the dollar goes down, stocks and cryptos go up.
Bitcoin and Ethereum might be the talk of the town, but they’re not alone. The entire crypto market’s vibe has been lifted. With a 2.2% bump in the crypto market cap, nearly $25 billion is added to the mix. Notably, cryptocurrencies like Sui Network and PepeCoin showed off with gains of 12.6% and 10.8%. ApeCoin, Thorchain, and Arbitrum weren’t far behind.
The New Gamechanger
Hold up! Did someone say the first Ethereum exchange-traded fund in the U.S? You bet. This has been on everyone’s radar, and it’s inching closer. VanEck, with its $80 billion assets, dropped the big news. Their Ethereum Strategy ETF, called EFUT, is on its way and will deal with ETH futures contracts.
All eyes are on the Chicago Board Options Exchange (CBOE) where it will be listed. While the exact date is under wraps, whispers suggest we might see something by October 2nd or 3rd.
Getting a crypto ETF in the U.S. hasn’t been a walk in the park. VanEck has been on this trail for a while, with the SEC playing hard to get.
While we’ve seen Bitcoin futures ETFs get the nod, the Ethereum ETF might give VanEck its breakout moment. Though their Bitcoin Strategy ETF, which launched in November 2021, earned a modest $43.4 million, they hope for a big win with their Ethereum ETF, leading a slew of fourteen proposals to the SEC.
So, what’s the final word to the question, “What is .01 ETH to USD”? While crypto spot ETFs, backed directly by crypto assets rather than futures contracts, still remain off the table for American investors, there’s still a lot of movement and excitement in the crypto world. With VanEck in the lead, who knows what’s next?
And while we’re looking ahead, isn’t the burning question – what’s the next big thing in crypto?