Recently, cryptocurrency markets have experienced great activity in the evening hours. Bitcoin exceeded the 70 thousand dollar level again after a long time. Serious increases were also observed in many cryptocurrencies, especially Ethereum. So, why are coins rising?
Why are coins rising?
In a critical week for cryptocurrencies, the decision on Ethereum ETF (exchange-traded fund) applications in the US was expected. Expected to be announced by May 23, many thought that the applications would be rejected. However, last-minute developments have completely changed these expectations.
Increased possibility of ETF approval
Bloomberg ETF analysts announced that they increased the Ethereum ETF approval probability, which they previously stated as 25 percent, to 75 percent on the latest developments.
This news caused an increase of more than 10 percent in Ethereum within minutes. This positive atmosphere also affected Bitcoin, pushing its price above $ 70,000.
Analysts’ views
Eric Balchunas, a Bloomberg analyst, said in a statement on his personal X account, “James and I have increased our spot Ether ETF approval probability from 25 percent to 75 percent.
This afternoon we received information that the SEC could go in a completely different direction on this issue.” This positive news encouraged investors to buy fast.
Current situation in the market
Bloomberg analysts are known for their accurate predictions on Bitcoin ETF applications. The SEC is expected to announce its final decision on Thursday at the latest.
As of now, Bitcoin is trading at $71,300 at the time of writing. Ether is hovering above $3,770.
Other cryptocurrencies
Lido DAO (LDO) surged 38.73% to $2.33. Bonk (BONK) is trading at $0.00003149, up 19.08%.
Uniswap (UNI) is up 19.08% to $9.26. Ethereum (ETH) is up 17.62% at $3,682.68.
Arbitrum (ARB) is up 17.62% to $1.15 and Pendle (PENDLE) is trading at $6.23, up 17.25%.
In conclusion, the positive news from the US has created a great movement in the cryptocurrency markets. The increased likelihood of Ethereum ETF approval has rapidly increased the value of many cryptocurrencies, especially Ethereum. While the markets are eagerly awaiting the SEC’s final decision, investors are closely following these developments.