Crypto News: Crypto Prices are UP after SEC Approval of Valkyrie Funds?

Crypto news: In a significant move that has sent positive ripples through the cryptocurrency market, investment manager Valkyrie Funds LLC is now adding Ethereum futures to its existing Bitcoin futures exchange-traded fund. This comes in the wake of a nod of approval from the U.S. Securities and Exchange Commission (SEC). The implications of this are wide-ranging and have led to a notable boost in cryptocurrency prices.

Valkyrie Crypto: SEC Approval to Valkyrie Crypto Funds

Valkyrie’s recent foray into Ethereum futures was cemented after the SEC gave its stamp of approval. This green light led to the renaming of the fund to Valkyrie Bitcoin and Ether Strategy ETF (BTF.O), which is slated to launch this Monday, as revealed by Valkyrie’s Chief Investment Officer, Steven McClurg, in a conversation with Reuters.

This launch marks a pioneering step in the crypto domain, as it is the first instance where futures rooted in Ethereum or “ether” contracts will be accessible to investors through an exchange-traded fund. This monumental move is undoubtedly a feather in the cap for the crypto sphere, indicating growing institutional acceptance and opening doors for more mainstream investors.

Crypto News: Crypto Prices UP?

Following the revelation of Valkyrie’s strategic addition and the SEC’s approval, the crypto market witnessed an encouraging uptick. The past 24 hours post the announcement saw a surge in the prices of cryptocurrencies, with an average increase of over 2%. A breakdown of the performance of the top ten cryptocurrencies is as follows:

• Bitcoin: Recorded an increase of 1.97%
• Ethereum: Experienced a significant uptick, with a 2.89% rise
• BNB: Grew by 1.22%
• XRP: Rose by 1.93%
• Cardano: Marked an increase of 1.98%
• Dogecoin: Went up by 1.20%
• Solana: Saw a notable growth, jumping by 4.76%
• Tron: Increased by a commendable 4.49%
• Toncoin: Rose by 1.56%
• Polkadot: Experienced a bump of 1.15%