Bitcoin (BTC) soared above $71,000 early Tuesday, reaching its highest level since early April, while Ether jumped more than 19% to $3,700. This surge followed Bloomberg analysts increasing the likelihood of a spot ETH exchange-traded fund (ETF) being approved in the U.S. to 75%. <\/p>\n
According to the latest data from SoSoValue, as quoted by The Economic Times, Bitcoin ETFs saw total net inflows surpassing $241 million on May 20. Notably, BlackRocks Bitcoin ETF, IBIT, drew in over $66 million in net inflows, while Fidelitys Bitcoin ETF, FBTC, registered net inflows of $64 million. <\/p>\n
Also read: SEBI recommends regulators to oversee crypto trade, RBI still sees macro risk <\/p>\n
The crypto market is surging as investors react to a torrent of good news. ETH has skyrocketed 19% in 24 hours to surpass $3,700, while Bitcoin has crossed $71,000, up nearly 8%. The catalyst for this surge appears to be the ETF approval, with chatter suggesting the SEC could be doing a 180 on this increasingly polarizing issue,\" said Rajagopal Menon, VP, WazirX. <\/p>\n
The global cryptocurrency market cap jumped by 7.9% to approximately $2.61 trillion in the past 24 hours. <\/p>\n
Other major cryptocurrencies also saw significant gains: BNB (5.1%), Solana (3.5%), XRP (5.7%), Dogecoin (8.6%), Toncoin (5%), Shiba Inu (6.8%), Avalanche (14%), and Cardano (7.8%). <\/p>\n
Markets began to rally late Monday after Bloomberg analysts Eric Balchunas and James Seyffart increased the likelihood of a spot ether ETF from around 20% to 75%. Subsequently, CoinDesk reported that the U.S. Securities and Exchange Commission (SEC) requested that exchanges seeking to list ether exchange-traded funds update their 19b-4 filings ahead of an important deadline this week. <\/p>\n
This happened as SEC asked aspiring ether ETF exchanges to update 19b-4 filings ahead of the 23rd May deadline. However it is still unlikely that the ETH ETF will be approved this week itself - the SEC seems to be moving in a positive direction, and that is what has triggered the market. <\/p>\n
In the meantime, Ethereum, the second-largest cryptocurrency in terms of value, surged by 19.2% to reach $3,667 in today's trading session. <\/p>\n
Also read: Stage set for return of Binance, Kucoin to India <\/p>\n
Spot Ethereum #ETF approval odds have surged to 75% from 25%, as the #SEC asks exchanges to update 19B-4 filings on an accelerated basis for Spot Ethereum ETFs. This is huge news for the future of Ethereum, indicating it may soon follow in the footsteps of #Bitcoin. Owing to this, the market is witnessing significant movement and is expected to gain further traction,\" said Avinash Shekhar, Co-founder and CEO of Pi42. <\/p>\n
Over the past day, the market capitalization of Bitcoin, the leading cryptocurrency globally, surged to $1.402 trillion. As per CoinMarketCap, Bitcoin's dominance now stands at 53.79%. Additionally, Bitcoin's trading volume in the last 24 hours saw a significant uptick, soaring by 135% to reach $52.07 billion. <\/p>\n
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Published: 21 May 2024, 04:51 PM IST <\/p>\n
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Read more from the original source: Bitcoin (BTC) soared above $71,000 early Tuesday, reaching its highest level since early April, while Ether jumped more than 19% to $3,700. This surge followed Bloomberg analysts increasing the likelihood of a spot ETH exchange-traded fund (ETF) being approved in the U.S. to 75%. Continue reading
\nBitcoin surges to $71000 level today; what's driving the rally? - Mint<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"