Top Highlights in the Crypto Space This Week: BlackRock and Ethereum ETF Developments Take Center Stage.

Highlights

• Ethereum (ETH) surged to $2,100 following the announcement of a BlackRock ETH-spot ETF filing.
• Bitcoin (BTC) reached $38,000, marking its first ascent to this level since May 2022, coinciding with the SEC’s window for considering approval of 12 BTC-spot ETFs.
• FTT experienced a dramatic 283% surge after Gary Gensler spoke about an FTX reboot.

ETH Surges as BlackRock Files for ETH-Spot ETF Ethereum (ETH) experienced a surge to $2,100 after news spread about BlackRock (BLK) seeking an ETH-spot ETF with the Nasdaq. This move set off excitement in the crypto market. BlackRock initiated the process by submitting a 19b-4 filing for the iShares Ethereum Trust.

BTC-Spot ETF Approval Window Opens The window for the SEC to greenlight 12 BTC-spot ETF applications opened, as announced by Bloomberg Intelligence Analyst James Seyffart. This window is active until November 17. Despite pending approvals, analysts foresee a 90% possibility of BTC-spot ETF approval by January 10, 2024.

SEC v Ripple Jitters Impact XRP Performance Uncertainty stemming from the SEC v Ripple case hampered XRP performance for the week. The SEC and Ripple filed a briefing schedule, and investors await a court scheduling order to initiate remedies-related discovery. The unresolved charges relate to the sale of XRP to institutional investors.

FTT Surges on FTX Reboot Speculation Following a jury's guilty verdict, FTT Token surged by 283% to $4.3590 this week. Investors reacted to SEC Chair Gary Gensler's CNBC interview where he mentioned the potential for an FTX reboot if it complies with regulations.

Circle Consider 2024 IPO Circle Internet Financial Ltd. (Circle) revealed considerations for a 2024 initial public offering (IPO). Circle is the issuer of USD Coin (USDC), the second largest stablecoin by market cap. This announcement followed earlier rumors of Ripple planning for a 2024 IPO.