Speculation on Ether ETF approval drives crypto prices higher

Top line

The price of Ether, the cryptocurrency with the second-largest market capitalization after Bitcoin, saw a massive surge Monday evening, boosting the price of other major crypto tokens as moves by the Securities and Exchange Commission United States has sparked speculation that Ether exchange-traded funds could be in line for regulatory approval soon.

The Ether token surged on Monday amid speculation of an imminent ETF approval.

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Highlights

Ether, the native cryptocurrency of the Ethereum blockchain, hit $3,650 early Tuesday, up more than 17.5% in the past 24 hours.

Bitcoin, the world’s most valuable crypto token, briefly crossed the $71,000 threshold before settling at around $70,880, up more than 6.1% from the previous day.

Other popular tokens like Dogecoin and Binance’s BNB also rose by 8.5% and 7%, respectively.

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News

The price increase for Ether and other cryptocurrencies comes amid speculation that Ether exchange-traded funds could soon receive regulatory approval. The SEC has reportedly required exchanges wishing to list Ether ETFs to update or refile regulatory documents called Form 19b-4. These filings generally seek to ask the SEC to change its rules to allow a new type of exchange-traded fund. Citing anonymous sources, CoinDesk reported that the SEC had requested that these filings be made “on an expedited basis” and that the regulator could approve these requests by Thursday.

Surprising fact

Bloomberg analysts James Seyffart and Eric Balchunas increased their odds of spot approval of the Ether ETF to 75% on Monday, up from 25% previously. In an article on

Large number

61%. This is the increase in the value of Bitcoin since the beginning of this year, largely due to the SEC’s approval of spot Bitcoin ETFs.

Further reading

SEC Approves Spot Bitcoin ETFs – First Crypto Funds of Their Kind (Forbes)

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