The price of Ether, the cryptocurrency with the second biggest market cap after Bitcoin, saw a massive spike late Monday, boosting the price of other major crypto tokens as moves by the
U.S. Securities and Exchange Commission raised speculation that Ether exchange-traded funds may be in line for regulatory approval soon.
Jerrymusa.com reports that Ether, the native cryptocurrency of the Ethereum blockchain, surged to $3,650 early on Tuesday, gaining over 17.5% in the past 24 hours. Bitcoin, the world’s most valuable crypto token, briefly crossed the $71,000 threshold before settling at around $70,880, up over 6.1% from the previous day.
Bull Run is Eminent
Other popular tokens like Dogecoin and Binance’s BNB also saw significant gains, rising 8.5% and 7%, respectively. The boost in crypto prices comes amid speculation that Ether exchange-traded funds (ETFs) may soon receive regulatory approval.
The US Securities and Exchange Commission (SEC) has reportedly asked exchanges looking to list Ether ETFs to update or refile regulatory documents, known as Form 19b-4.
These filings typically request the SEC to amend its rules to allow a new type of exchange-traded fund. According to unnamed sources, the SEC sought these filings on an accelerated basis, and the regulator may approve these applications by Thursday.
Bloomberg analysts James Seyffart and Eric Balchunas raised their odds of a spot Ether ETF approval to 75% on Monday, up from an earlier 25%.
In a post on X, Balchunas wrote that he had heard “chatter” suggesting the SEC could be reconsidering its stance on the issue, which has become increasingly political.
Meanwhile, Bitcoin’s value has increased by 61% since the start of the year, largely driven by the SEC’s approval of spot Bitcoin ETFs.