Ether breaks $3.8K and Bitcoin hits $71K.
The cryptocurrency market is showing a notable surge.
Ether (ETH) It has surged more than 21% in the past 24 hours, surpassing $3,800. Meanwhile, Bitcoin (BTC) It exceeded $71,000.
This rally gained momentum. Total market capitalization will increase by more than 8% Last day.
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The market’s upward trajectory appears to be driven by speculation surrounding: Potential approval of U.S. spot Ether exchange-traded fund (ETF). The U.S. Securities and Exchange Commission (SEC) We requested that companies wishing to launch an ETH ETF update their documents. This suggests that regulators may consider approving these products.
Spot Ether ETF Issuer Approval of the S-1 application must be obtained before trading commences. However, there is no specific deadline as to when this approval will be granted.
The SEC’s position on Ethereum has become more complicated since Ethereum switched to a proof-of-stake (PoS) protocol. SEC Chairman Gary Gensler suggested: Cryptocurrencies with staking capabilities can fall into the category of securities. any This may provide grounds for the SEC to reject a spot Ether ETF application.
Bitcoin surpassed $65,000 earlier this week. After the halving, the stagnation period ended, Miners’ rewards have been halved.
This bullish momentum has spread to other major cryptocurrencies as well. In the last 24 hours, Binance Coin (BNB) is up about 8%, XRP is up more than 6%, and Dogecoin (DOGE) is up about 12%.
Overall, the cryptocurrency market is benefiting significantly from speculation about regulatory approvals and surges in major cryptocurrencies such as Ethereum and Bitcoin, indicating strong investor confidence and the potential for continued growth in the sector.
In other news, a researcher from the Ethereum Foundation has become a paid advisor to EigenFoundation, raising community concerns about conflicting incentives.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
With nearly 10 years of experience in the fintech industry, Aaron understands all of the biggest issues and challenges cryptocurrency enthusiasts face. He is a passionate analyst who delivers data-driven and fact-based content as well as speaking to both Web3 natives and industry newcomers.
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