HomeBitcoinBitcoin and Ether prices rise as speculation grows over ETF approval.

Bitcoin and Ether prices rise as speculation grows over ETF approval.

-


Cryptocurrency Market Soars as Hopes Rise for Approval of Ether ETFs

Bitcoin and other cryptocurrencies were on the rise on Tuesday, with hopes soaring for the approval of a new class of exchange-traded funds tied to Ether. Bitcoin saw a 6.2% increase over the last 24 hours, reaching $70,964, while Ether, the second-largest crypto, surged by 19% to $3,667.

The surge in prices came as traders speculated on the potential approval of a spot Ether exchange-traded fund by the U.S. Securities and Exchange Commission (SEC). Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, raised the odds of the SEC approving the ETF to 75% from 25%. The agency faces a final deadline on May 23 to make a decision on an application by VanEck for changes that would allow the launch of an ETF holding spot Ether.

Despite the progress, there is no guarantee that the ETFs will launch on May 23 or soon after, as S-1 registration statements also need approval for an Ethereum spot ETF to launch, which could take weeks or months. It remains to be seen whether the rise in prices will be sustained, as Bitcoin hit a record high near $74,000 in mid-March but has since dropped in price.

In addition to Bitcoin and Ether, smaller cryptocurrencies like Cardano, Polygon, and Dogecoin were also on the rise, with gains ranging from 7.5% to 8.0%. The cryptocurrency market continues to be volatile, with investors closely watching for any developments related to ETF approvals and regulatory changes.

For more updates on the cryptocurrency market, readers can contact Adam Clark at adam.clark@barrons.com.

LATEST POSTS

Chainwire announces official launch of PLYR Gaming Blockchain

PLYR Gaming Blockchain Mainnet Launches on July 1st, 2024, Revolutionizing Crypto Gaming The PLYR Gaming Blockchain mainnet is set to launch as a Subnet today...

Test Results Denied: Binance Gambaryan’s Health at Risk

Binance’s Tigran Gambaryan’s Medical Fitness Still in Doubt Tigran Gambaryan’s Health in Doubt as Nigerian Correctional Service Officials Fail to Comply with Court Directives In a...

Circle, a cryptocurrency company, receives regulatory approval in France for its stablecoin.

Circle Receives E-Money License in France for Compliance with EU Crypto Laws Cryptocurrency firm Circle has achieved a significant milestone in the world of digital...

Experts have postponed their July 4 target for the launch of Ethereum ETFs – DL News

Experts Predict Delay in Launch of Ethereum ETFs amid SEC Review Crypto pundits are changing their bets on when Ethereum ETFs will launch, causing uncertainty...

Most Popular