Bitcoin Dips, Then Bounces After ETF Approval While Ethereum Tops $2,500

The United States Securities and Exchange Commission (SEC) officially approved the trading of spot Bitcoin exchange-traded funds (ETFs) Wednesday, as expected—but the price of Bitcoin itself has been choppy since, though it's currently sitting about where it was when the news hit.

Bitcoin (BTC) is currently trading for $45,814 according to CoinGecko. It was around $45,840 when the news leaked via an order on the SEC website that was posted and then removed, and the price jumped as high as $46,263 soon after. It's mostly down since, however, albeit not significantly.

Ethereum (ETH), on the other hand, rose above $2,500 for the first time since May 2022 on Wednesday afternoon, and has continued climbing while Bitcoin pops up and down. Ethereum is currently trading for about $2,550, up about 11% over the past day.

On top of that, native tokens for Ethereum scaling networks have also been hot on Wednesday. Arbitrum (ARB) is up 26% over the last 24 hours to a current price of $2.18, while Optimism (OP) is up 11% today to $3.92. Arbitrum set an all-time high price Wednesday afternoon, following the Bitcoin ETF approval.

Broadly, the cryptocurrency market is up about 2% over the past 24 hours.

Editor's note: This story was updated after publication with additional information.

SHOW ALERT: Tune in to Rug Radio’s FOMO Hour at 10:30am ET Thursday to hear Decrypt’s Stacy Elliott and Fox Business’s Eleanor Terrett chat all things Bitcoin ETF with Farokh Sarmad, Michael Anderson, and Ovie Faruq.