As a seasoned crypto investor with several years of experience in this volatile market, I’ve seen my fair share of price swings and regulatory news that can make or break a digital asset’s value. The recent surge in Bitcoin’s price past $71,000 and the double-digit percentage gains for Ethereum, Binance’s BNB, XRP, DOGE, and other major cryptocurrencies have left me both exhilarated and cautious.
The cost of the leading digital currency, Bitcoin ($BTC), has soared above $71,000 in a robust cryptocurrency market surge. During this period, Ethereum’s Ether, the second most significant digital coin, experienced a remarkable increase of almost 20%. Additionally, the cumulative value of the entire crypto market expanded by more than $200 billion.
Bitcoin surpassed the $65,000 threshold unexpectedly this week, breaking free from its price range following the halving event where the reward given to miners for discovering a new block was reduced by half.
Several prominent cryptocurrencies joined the rally, with Binance Coin (BNB) experiencing a 7.7% increase within the last 24 hours, XRP advancing by 5.5%, and Dogecoin (DOGE) surging almost 8% during the same timeframe.
The broader market rally seems to be driven by reports suggesting imminent approval of spot Ether ETFs in the US. The SEC’s recent demand for updated filings from exponents planning to list and trade these funds has stoked anticipation that regulatory clearance is on the horizon.
Prior to initiating any Ether spot ETF trades, the filing issuers require approval from the SEC on their S-1 registration statements. The Securities and Exchange Commission does not have a fixed timeline for evaluating these applications.
The investigation by the Securities and Exchange Commission (SEC) regarding Ether, the cryptocurrency tied to the Ethereum blockchain, has gained more significance in recent months following the network’s shift to a Proof-of-Stake consensus mechanism.
If Ether is categorized as a security by the SEC, they may have justification for rejecting the proposed spot Ether ETFs’ applications.
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2024-05-21 16:04