U.S. stocks fall as mixed results from Alphabet, Tesla kick off earnings for big tech companies

Exchange-traded funds that hold ether (ETH-USD) began their first day of trading Tuesday after receiving final approval from regulators the day before.

But despite the start, ether prices fell 1.5% in afternoon trading.

Yahoo Finance's Jennifer Schonberger and David Hollerith report:

The Securities and Exchange Commission on Monday gave the green light to BlackRock (BLK), Fidelity, Franklin Templeton, Grayscale and 21 Shares, the companies said.

The moves could make ether, the world's second-largest cryptocurrency, a potential building block for 401(k)s, IRAs and retirement plans and give the digital asset broader acceptance.

“This exemplifies Fidelity’s rich history and commitment to meeting the evolving needs of our clients,” Cynthia Lo Bessette, Fidelity’s head of digital asset management, said in a press release.

The approvals come about six months after the SEC allowed many of the same fund managers to launch ETFs holding bitcoin (BTC), the world's largest cryptocurrency.

The new development is the latest example of the crypto industry's recent success in Washington, which is pushing for more favorable regulation and greater freedom to launch new products.

This comes just days before Republican presidential candidate Donald Trump is set to offer his seal of approval when he speaks at the Bitcoin 2024 conference in Nashville this weekend.

Trump and many in his party have embraced digital assets as they seek to draw contrast with the Biden administration, which has led a crackdown on many major players in the sector after the market crashed in 2022.

The GOP said in its 16-page platform last week that “Republicans will end the Democrats’ illegal and anti-American crackdown on cryptocurrencies.”

Trump, who has called bitcoin a “scam” in the past, called cryptocurrencies “incredible” in an interview with Bloomberg published last week.

The price of bitcoin has risen more than 6% over the past month to around $68,000, putting it near an all-time high set earlier this year.

Ether has fallen 0.5% over the past five days. It has been declining for the past few months and remains far from its all-time high set in November 2021.

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