$Marathon Digital Holdings Inc(MARA)$ “Bitcoin on Monday jumped more than 6 per cent on international exchanges as $70,000 was breached fairly easily by the bulls only to reach the resistance of $72,000 after 40 days. This jump, however, was led by ETH which jumped more than 15 per cent as ETH gains surpassed BTC by distance after a really long time," CoinSwitch Markets Desk said in a statement.
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Cryptocurrencies like Bitcoin and Ether jumped on Tuesday after the US SEC asked exchanges that want to trade ether exchange-traded funds (ETFs) to update regulatory filing. Bitcoin jumped as high as $71,957 and ether hit $3,720.80, the high levels last seen on April 9.
As on 12:42 pm on Tuesday, Bitcoin (BTC) prices stood at $71,334.89, which is about 6.5 per cent higher as compared to Tuesday. The current market cap of bitcoin currently stands at $1,405.39 billion. The 24-hour trading volume is $52.06 billion. Bitcoin is nearly 6.45 per cent up in the last 24 hours with a circulating supply of 19.70 million, according to Binance’s real-time data.
Ethereum (ETH) is currently trading at $3,684.90 with a current market cap of $442.66 billion. The 24-hour trading volume is $36.30 billion. Ethereum is about 19.30 per cent in the last 24 hours with a circulating supply of 120.13 million. While Bitcoin is the world’s biggest and best-known cryptocurrency, Ether is the coin linked to the ethereum blockchain network.
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“The major reason for ETH’s rise could be attributed to the Ethereum ETF deadline, which is May 23. While many analysts were predicting that it is highly unlikely for an ETH ETF to be approved, the probability of an ETF approval suddenly jumped from 25 per cent to 75 per cent by Bloomberg analyst Eric Balchunas.
Cryptocurrencies are back in rally mode as traders increasingly bet on the approval of the first spot ether ETF. While the industry previously did not expect the SEC to give the green light, the regulator has reportedly requested that ETF issuers update 19b-4 filings on an accelerated basis.
The development signals some progress, but it doesn't mean it's a done deal. The SEC's decision on VanEck's spot ether ETF application is expected on Thursday, and one from ARK Invest is due on Friday.
The SEC seems to be moving in a positive direction, and that is what has triggered the market, it added. A rejection by the SEC could potentially lead to lawsuits. Recall that Grayscale Investments' legal win last August paved the way for the approval of spot Bitcoin ETFs.
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