Investors confused Ethereum with shares in the furniture company Ethan Allen, which caused the latter to rise in price more than 50% compared to 2020. The company itself did not even consider cryptocurrencies as a means of payment.
ETH was listed on the stock exchange a little earlier than even its creator expected. The network began to actively disseminate information about the interest of investors in ETH on the New York Stock Exchange. But it was about a company that has been on the market for about 90 years. Yes, Ethereum is definitely one of the most trusted assets on the cryptocurrency market, but definitely not that old.
The problem was the identical ticker. Why people were not confused by the difference in the price of an asset nobody understands yet except for the buyers of “pseudo-ETH”. ETH is now worth $29.92 on the NYSE, while one of the top crypto assets on the market is trading at $3,470 on Binance. Agree, the difference is very significant. In addition, the stock exchange has not seen a 56% rise in ETH shares in a month on the stock exchange over the past 5 years, according to the head of the StockTwits platform, which monitors exchanges.
The community received this news with a positive, starting to joke that "Ethereum has never been so convenient" and "to get to the moon, you must first sit." While the mockery was largely irrelevant, the commentators are right about one thing. If a retail investor has enough identical tickers to mindlessly invest in an asset, then maybe he shouldn't trade at all?