BlackRock has raised expectations for a potential Ether spot exchange-traded fund by registering the iShares Ethereum Trust. This indicates that BlackRock’s cryptocurrency goals extend beyond Bitcoin. Market observers are hopeful that the United States Securities and Exchange Commission will approve spot Bitcoin ETFs in 2024, with a 90% likelihood according to Bloomberg Intelligence analyst James Seyffart. Mike Novogratz, founder of Galaxy Digital, believes that approval of Bitcoin and Ether ETFs in 2024 will boost institutional adoption.
As for cryptocurrency market performance, Bitcoin experienced profit-booking after shooting above the ascending channel pattern on Nov. 9, with the potential to climb back to $40,000 or dip below the 20-day exponential moving average. Ether broke through the $2,000 psychological resistance, but may experience consolidation or correction soon. BNB, XRP, Solana, Cardano, Dogecoin, Toncoin, Chainlink, and Polygon all have varying potential price movements based on recent performance.
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