Ethereum (ETH) experienced a modest price increase over the past 24 hours, following the SEC’s approval of spot Ethereum exchange-traded funds (ETFs). As of 4 p.m. ET (20:00 UTC) on Friday, Ethereum traded at $3,740, marking a 1.76% rise in the past day. In comparison, Bitcoin saw a 3.33% increase, trading at $69,062 during the same period, after a 2.35% decline the previous day, according to The Block Prices.
The approval of spot Ethereum ETFs has contributed to a positive sentiment surrounding Ethereum, helping it defy the broader crypto market downturn observed the previous day. Traders have capitalized on the enthusiasm, resulting in $80.3 million in long liquidations for Ethereum, as reported by crypto data tracker Coinglass. Purchasing an asset with the anticipation of selling it at a higher price in the future makes it a long position.
Ethereum’s regulatory win has had positive ripple effects across the crypto space. Uniswap, a leading decentralized exchange, reported a significant increase in trading volume. Over the past 24 hours, Uniswap saw $5.52 billion in daily trading volume, representing a 94.91% uptick following the SEC’s decision, according to data from DeFiLlama.