Ethereum skyrockets 22% amid speculation of ether ETFs approval
cryptocurrency, Ethereum, surged 22% to $3,772 in the last 24 hours by 7:30 pm IST on Tuesday. This upward movement propelled Ethereum's market cap to $453.2 billion.
The surge in the cryptocurrency comes amid speculation about the outcome of applications for US spot exchange-traded funds (ETFs) tracking the world's second-biggest cryptocurrency.
This week, the U.S. markets watchdog is set to deliver its decision on several spot ether ETF applications. Analysts and investors speculate that Tuesday's surge may be attributed to rumours suggesting that the Securities and Futures Commission could approve these products, contrary to earlier expectations of rejection.
«Ethereum has surged by ~20% overnight by registering its biggest candle in 5 years after positive developments on its spot ETF decision. US SEC has requested Ethereum spot ETF applicants to update their 19b-4 filings — indicating that they are likely to be approved this week,» said Vikram Subburaj, CEO of Giottus.
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