EthereumEthereum, the second-largest cryptocurrencycryptocurrency by market cap and primary competitor to BitcoinBitcoin, has surged in price by nearly 7% since this morning. ETH is now trading right around $240.

Ethereum
ETH
+0.27%$2,530.43
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ETH price

This marks the highest price for Ethereum in nearly two weeks. The last time ETH was trading beyond the $240 price point was June 24. Since then, ETH bears have largely been behind the wheel, driving the cryptocurrency down to a monthly low of $220 last week.

Ethereum has since recovered $20 to its price since then, a 10% jump.

The price pump follows news that a new, Ethereum-based investment fund has just been cleared to launch by the SEC. The new fund, a product of the LA-based Arca, allows investors to buy digital shares in the Arca US Treasury Fund in the form of the firm’s Ethereum-based token, ArCoin.

What’s more, a new survey of blockchain companies in Europe shows growing interest in Ethereum as well. A new report released by London and Paris-based venture capital fund LeadBlock Partners suggests that roughly one-third (about 27%) of blockchain startups in the European Union are using Ethereum for their projects.

SEC is keeping a close watch on crypto. Image: Shutterstock

A new type of SEC-regulated crypto fund just launched

A Los Angeles crypto investment fund today announced that its SEC-registered fund is open for business. The Arca US Treasury Fund is the first SEC registered product to offer shares in the form of digital securities under the Investment Company Act of 1940. The shares take the form of the fund’s Ethereum-based token, ArCoin.  "It is truly exciting to be pioneering new digital investment products,” said Rayne Steinberg, chief executive officer of Arca. The token takes the form of an ERC-1404, an...

NewsBusiness
2 min read
Robert Stevens

As it stands, ETH is much more popular among blockchain startups in Europe than Bitcoin, which only accounts for roughly 8% of EU-based blockchain startup projects.

Meanwhile, the rest of the crypto market is having a much better day than it did at the end of last week. Bitcoin is up almost 4%, while XRP and Bitcoin Cash are up 6% and 8%, respectively, on the day.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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