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Ether Extends Its Recovery After 20% Rise on Renewed ETF Optimism
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Cryptocurrencies rose on Tuesday amid a late surge in optimism surrounding the U.S. Securities and Exchange Commission’s rulings on spot ether exchange-traded fund applications, the first of which will be released this week.
Ether led the rally, rising 8.5% to $3,661.12, according to Coin Metrics. On Monday, it shot up 20%.
About that, Bitcoin it added 2% and traded at around $71,350, extending an 8% gain from the previous day when it reclaimed the $70,000 level.
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Ether continues to rise after 20% rise on Monday
Crypto-related stocks rode the wave. Coin base It is Robinhood each rose about 2% in premarket trading, adding to Monday’s gains of 8% and 9%, respectively. Microstrategy, a proxy for the price of bitcoin, added 1%. Bitcoin miners also gained slightly, with Riot Platforms It is Irene (formerly known as Iris Energy), each advancing 2%, and Digital Marathon It is CleanSpark each increasing by 1%.
Investors are reconsidering the likelihood of the SEC giving the green light to identify ether ETF applications amid reports that the SEC has requested updates to key documents from potential ETF issuers and exchanges. O previous consensus was that such funds were unlikely to be approved.
“ETH soared shortly after rumors began circulating that the SEC might approve spot ETH ETFs this week after all,” said Bartosz Lipiński, CEO of Cube Exchange.
“Just as with spot bitcoin ETFs being approved earlier For the year though, this strikes me as a ‘buy the rumor, sell the news’ situation and I imagine a recovery by this Thursday… and then at least a brief sell-off, regardless of whether the funds are approved or not, ” he added.
Final decisions on VanEck and Ark Invest’s applications will be released this Thursday and Friday, respectively.
BlackRock, Fidelity, Invesco, Grayscale and Bitwise Asset Management also have applications awaiting decision this year.