Bitcoin
Recovers to $70K as Ether ETF Speculation in Spot By Investing.com
Investing.com – The price of Bitcoin rose sharply on Tuesday, tracking a rally in Ether after a media report signaled some progress toward approving spot Ether exchange-traded funds for U.S. markets.
The value rose 5.8% in the last 24 hours to $70,987.1 at 01:08 ET (05:08 GMT).
But the world’s No. 2 token was the best performer on Tuesday, rising 17% to a 1 1/2-month high of $3,656.01.
Ether Rises as Report Says SEC Asks ETF Applicants to Update Key Filings
A report from Coindesk showed that the US Securities and Exchange Commission has asked applicants for spot Ether ETFs to update some important filings, ahead of a key deadline for approving the funds later this Thursday.
Although the report stated that there was still no guarantee that the regulator would approve ETFs, it marked some progress towards eventual approval.
Bloomberg analysts Eric Balchunas and James Seyffart upgraded their expectations for a spot Ether ETF approval to a 75% probability from 25%, citing the Coindesk report and stating that the SEC could be “doing a 180” on an approval potential.
The SEC was seen as largely averse to a spot Ether ETF, especially as recent reports said the regulator was also taking action against the Foundation over the potential nature of Ether as a security.
But the approval of a spot ETF could trigger a similar rally in Ether as happened with Bitcoin in early 2024, where the token reached a record high as capital flows surged as institutional investors piled into ETFs. .
Crypto Price Today: Bitcoin Capital Flows Improve Amid Rate Speculation
Data from digital asset manager CoinShares on Monday showed that crypto investment products saw a second consecutive week of capital inflows, as some soft readings on US inflation raised bets that the Federal Reserve will cut interest rates this year.
Total capital inflows were $932 million in the week to May 20, with Bitcoin continuing to dominate capital flows. Still, global trading volumes remained well below the peaks seen following Bitcoin spot ETF approvals in February and March.
Altcoins rose, tracking gains in Ether. rose 3.6%, while it added 3.7%.
Meme tokens and added 6.6% and 4.7% respectively.