Omar Marques | Missile | beautiful images
Cryptocurrencies rose Tuesday amid soaring optimism surrounding the U.S. Securities and Exchange Commission’s decisions on spot ether exchange-traded fund applications, which will take place for the first time. in this week.
Ether led the rally, up 9% to $3,680.98, according to Coin Metrics. On Monday, it jumped 20%.
Meanwhile, bitcoin rose another 2% and is trading at around $71,350, extending an 8% gain from the previous day, when it reclaimed $70,000.
Cryptocurrency-related stocks ride the wave. Coinbase And Micro strategy each rose about 2% in extended trading and Robin Hood hero add 3%. Several bitcoin mining stocks rose 3%, including Digital Marathon, Riot platform, Iren (formerly known as Iris Energy) and CleanSpark.
Investors are reconsidering the possibility of the SEC green-lighting ether ETF applications amid reports that the SEC has requested updated documents from potential ETF issuers and exchanges. The previous consensus that such funds may not be approved.
“ETH jumped shortly after rumors that the SEC could approve spot ETH ETFs this week,” said Bartosz Lipiński, CEO of Cube Exchange.
“Like with Previously approved spot bitcoin ETF However, for the year, this looks to me like a ‘buy the rumor, sell the news’ type situation and I would imagine a run up until this Thursday… and then at least a run short sell-off regardless of whether the fund is approved or not,” he added.
Final decisions on VanEck and Ark Invest’s applications will be made this Thursday and Friday, respectively.
BlackRock, Fidelity, Invesco, Grayscale and Bitwise Asset Management also have applications pending this year.
