Bitcoin Rebounds to $71,987 as Ethereum ETF Speculation Intensifies
While Bitcoin rallied nearly 6% to over $70K earlier today, it was Ethereum that stole the show soaring as much as 17%.
Bitcoin (BTCUSD), the largest cryptocurrency with a market cap of $1.38 trillion, rallied 5.8% early this morning, hitting a high of $70,987.10. However, it was Ethereum (ETHUSD), the second-largest cryptocurrency with a market cap of $458 million, that stole the spotlight, soaring as much as 17% to $3,656.01.
As reported by Coindesk, the U.S. Securities and Exchange Commission (SEC) asked the exchanges seeking to list and trade shares of Ethereum ETFs to update their Form 19b-4 filings ahead of the crucial approval deadline this Thursday.
The Spot Ethereum ETFs, which were previously expected to be rejected by the SEC, could receive the green light on Thursday. According to a new report from Barron’s, staff members from the SEC told the exchanges that the regulatory agency is leaning towards approving the Ethereum ETFs.
While there’s no guarantee that the Ethereum ETFs will be approved, this new information has dramatically increased investor optimism. It’s being speculated by many that an Ethereum ETF approval could ignite a major crypto rally driven by institutional buying.
Data from CoinShares indicated a second consecutive week of capital inflows into crypto investment products, totaling $932 million. Bitcoin remained the dominant asset in capital flows, though overall trading volumes were below the levels seen following the Bitcoin ETF approvals in February and March.
Altcoins and memecoins also benefited from the Ethereum ETF speculation with Solana (SOLUSD) and XRP (XRPUSD) rising as much as 3.6% and 3.7%, respectively, in earlier trading. Dogecoin (DOGEUSD) and Shiba Inu (SHIBUSD) received an even bigger boost, jumping as much as 6.6% and 4.7%, respectively.
Bitcoin last traded at $70,288.90, down 1.49% today, while Ethereum is currently changing hands at $3,803.17, up 3.59% on the day.
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Disclaimer: Wealthy VC does not hold a position in any of the stocks, ETFs or cryptocurrencies mentioned in this article.
