Investing.com | Editor Rachael Rajan
Published Nov 20, 2023 01:57PM ET
The cryptocurrency Ethereum has surged to $2,000 today, buoyed by investor enthusiasm following BlackRock (NYSE:BLK)’s recent Ethereum ETF filing. This significant milestone in ETH’s value is coupled with a notable shift of 152,583 ETH to cold storage, as reported by CryptoQuant’s Exchange Reserves metric. The move has reduced exchange reserves to a five-year low of just 14.3 million coins, a level last observed in July 2018. This dwindling supply on exchanges could signal an impending scarcity that may drive prices even higher, potentially edging closer to the all-time high of $4,891 seen back in 2021.
Earlier today, the market saw an immediate bullish reaction to BlackRock’s ETF application, with Ethereum’s price jumping and derivatives…
