The U.S. Securities and Exchange Commission (SEC) formally approved trading in spot Bitcoin exchange-traded funds (ETFs) on Wednesday, as expected – but the price of Bitcoin itself has been choppy ever since, despite currently hovering around where it was where he was a news hit.
According to CoinGecko, Bitcoin (BTC) is currently trading for $45,814. When the news broke through an order on the SEC website that was posted and then removed, it was around $45,840, and the price jumped to as high as $46,263 shortly thereafter. However, it has mostly fallen since then, although not significantly.
Ethereum (ETH), on the other hand, rose above $2,500 on Wednesday afternoon for the first time since May 2022 and continued to climb while Bitcoin oscillated up and down. Ethereum is currently trading at around $2,550, up around 11% from the last day.
Additionally, native tokens for Ethereum scaling networks were also in high demand on Wednesday. Arbitrum (ARB) is up 26% in the last 24 hours to a current price of $2.18, while Optimism (OP) is up 11% to $3.92 today. Following the approval of the Bitcoin ETF, Arbitrum set an all-time high price on Wednesday afternoon.
Broadly speaking, the cryptocurrency market is up about 2% in the last 24 hours.
Editor's note: This story was updated with additional information after publication.
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