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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.
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.
STORY CONTINUES BELOW
- 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
Muyao Shen
Muyao was a markets reporter at CoinDesk based in Brooklyn, New York. She interned at CoinDesk in 2018 after the initial coin offering (ICO) craze before she moved to Euromoney Institutional Investor, one of Europe's largest business and financial information companies. She graduated from Columbia University Graduate School of Journalism with a focus in business journalism.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
