Tuesday saw ether positioned for its highest two-day climb in over two years, amidst concern about the results of applications for U.S. spot exchange-traded funds that track the second-biggest crypto currency internationally. In the meantime, bitcoin was about to reach a record high.
Amid speculation regarding the outcome of applications for U.S. spot exchange-traded funds that track the second-biggest cryptocurrency globally, ether was poised for its best two-day rise in nearly two years on Tuesday. Meanwhile, bitcoin was getting close to a new high.
After rising 13.8% on Monday, ether, the currency that powers the ethereum blockchain network, was up 8% for the day to $3,775, its highest level in two months.
The leading cryptocurrency, bitcoin, was up 2.2% at $71,000 as of late, some 4% behind its top of $73,803.25, which it reached in March.
This week, the U.S. markets watchdog will rule on a few spot ETF applications. Investors and analysts claimed that the spike on Tuesday was caused by unsubstantiated rumors that the Securities and Exchange Commission of the United States could approve these products.
Following the SEC’s approval of many spot bitcoin ETFs, which have attracted inflows totaling billions of dollars, the price of bitcoin spiked earlier this year.
Bitcoin has increased in value by 67% so far in 2024, but ether has now climbed by 60%.
Ben Laidler, global markets strategist at eToro, stated, using ether’s market ticker, “Ethereum has taken pole position in the latest crypto rally ahead of Thursday’s first final SEC deadline to decide on an ETH ETF.”
“Outright approval is a long shot, but any guidance on a pathway to eventual acceptance would be a big step forward.”
The SEC has received applications to offer spot ether ETFs from VanEck, ARK Investment Management, and seven additional issuers. VanEck’s and ARK’s cases must be decided by the SEC.
The SEC had requested that exchanges that would offer the ether ETF revise their files, according to reports quoted by Joseph Edwards, head of research at Enigma Securities. Separate ETF research also revealed that experts had increased their informal probability of approval.
According to an SEC spokesman, the agency does not comment on specific filings.
“Opposing the ETH ETF after the BTC one was approved always seemed like an odd case for the SEC to try to push, unless they were willing to open up questions on Ethereum’s securities status more broadly, and it’s likely that the call has come in somewhere to not take that fight,” Edwards stated.
Last week, cryptocurrency markets saw another uptick in value based on data that indicated a decrease in US inflation in risky assets.
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