Cryptocurrencies rose on Tuesday amid late-game optimism over the U.S. Securities and Exchange Commission’s decision on the Spot Ether ETF application, with the first filing expected this week.
ether The cryptocurrency led the rally with an 8.5% rise to $3,661.12, according to Coin Metrics, after surging 20% on Monday.
meanwhile, Bitcoin added 2% to trade at around $71,350, up 8% from the previous day. The rally pushed the leading cryptocurrency above 70,000% for the first time in more than a month.
Cryptocurrency-related stocks also rode the wave. coinbase and robin hood They each rose about 2% in premarket trading, adding to Monday’s gains of 8% and 9%, respectively. micro strategy, Bitcoin price agency, added 1%. Bitcoin miners also rose slightly, Riot Platform and Airen (formerly Iris Energy) each advanced by 2%; marathon digital and clean spark Each is 1% higher.
Investors are reconsidering the SEC’s chances of green-lighting Ether ETF applications following reports that the SEC has required potential ETF issuers and exchanges to update key documents. The previous consensus was that such a fund would likely not be approved.
“After all, ETH spiked as soon as rumors started circulating that the SEC might approve a spot ETH ETF this week,” said Bartosz Lipinski, CEO of Cube Exchange.
“But similar to the approval of the Spot Bitcoin ETF earlier this year, this feels to me like a ‘buy on the rumor, sell on the news’ situation, and up until Thursday this week, We expect there to be at least a temporary decline thereafter, “regardless of whether funding is approved,” he added.
Final decisions on the applications by VanEck and Ark Invest are expected this Thursday and Friday, respectively.
BlackRock, Fidelity, Invesco, Grayscale and Bitwise Asset Management also have applications awaiting decisions this year.