Crypto Surged by Ether’s Biggest Jump on ETF Outlook
Traders pivoted to betting on SEC approval of spot-Ether ETFs
Signs emerge of paperwork signaling a possible green light
Tweet on Ether’s ETF’s gaining momentum
Ethereum rose 15% as Bitcoin surged too on signs of momentum toward US approval of exchange-traded funds investing directly in the second-largest token Ether.#ether #btc #etfs pic.twitter.com/V0vBIf6vpB
— The_Journalbiz (@the_journalbiz) May 21, 2024
The Bloomberg chart on Crypto
US Securities and Exchange Commission is poised to announce a decision on at least one application for an ETF that invests in Ether by May 23.
Crypto prices have surged on signs of momentum toward US approval of exchange-traded funds investing directly in the second-largest token Ether, a shift from a more downbeat outlook as recently as last week.
The market-moving ETF speculation is something of a redux of the investor enthusiasm that greeted comparable US Bitcoin funds, whose January listing spurred a rally in the biggest digital asset to a record high.
Ether rose almost 14% on Monday — the steepest advance since November 2022 — before adding to the gains to change hands at $3,675 as of 7:31 a.m. in London on Tuesday. Bitcoin at one point climbed toward $72,000, in sight of its mid-March all-time peak of nearly $74,000.
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