Dramatic Surge with Bitcoins; amounting at up to $71,000/-
The crypto market is experiencing a significant surge in response to positive developments. Ethereum (ETH) has surged by 19% in just 24 hours, surpassing $3,700, while Bitcoin (BTC) has crossed the $71,000 mark, marking an almost 8% increase. This rally comes as Bloomberg analysts raised the likelihood of a spot Ethereum exchange-traded fund (ETF) being approved in the U.S. to 75%. Consequently, Bitcoin ETFs saw a net inflow exceeding $241 million on May 20, with BlackRock’s Bitcoin ETF, IBIT, attracting over $66 million and Fidelity’s Bitcoin ETF, FBTC, registering net inflows of $64 million. Rajagopal Menon, VP of WazirX, noted that the approval chatter surrounding the ETF appears to be the catalyst for the market surge, with speculation suggesting a potential state change by the SEC on this contentious issue. The global cryptocurrency market cap has surged 7.9% to approximately $2.61 trillion in the past 24 hours. Major cryptocurrencies such as BNB, Solana, XRP, Dogecoin, Toncoin, Shiba Inu, Avalanche, and Cardano also saw significant gains.
The rally gained momentum after Bloomberg analysts increased the likelihood of a spot Ethereum ETF being approved from 20% to 75%. CoinDesk reported that the SEC requested exchanges seeking to list ether ETFs to update their filings ahead of an important deadline. Although it’s unlikely that the ETH ETF will be approved immediately, the SEC’s positive indications have triggered optimism in the market. Ethereum hit 19.2%, priced at $3,667 exclusively in the recent trading session. Avinash Shekhar, Co-founder and CEO of Pi42, emphasized the significance of the increased ETF approval odds for Ethereum, suggesting it may soon follow Bitcoin’s path. Consequently, the market is witnessing substantial movement and is expected to gain further traction. Bitcoin’s market capitalization surged to $1.402 trillion, with its dominance now at 53.79%. Additionally, Bitcoin’s trading volume in the last 24 hours saw a significant uptick, soaring by 135% to $52.07 billion.
