Cryptocurrencies Gain As Investors Turn Optimistic On Ether ETFs 

By Kapil Rajyaguru

The top cryptocurrency Bitcoin was changing hands at $70, 300 during Wednesday Asian morning trade, down by 1 % in the last twenty-four hours, around 4% shy of its Mark peak of $73,803.25

Ether, which underpins the ethereum blockchain network, was 4% higher on the day at $3,790, its highest in two months, after jumping 20% on Tuesday. 

The U.S. markets watchdog will give its ruling on some spot ether ETF applications this week. Analysts and investors said Tuesday’s jump was a result of unconfirmed talk that the U.S. Securities and Exchange Commission might approve these products, after investors had previously thought they would be rejected.

Bitcoin rallied sharply earlier this year after the SEC gave approval to several spot bitcoin ETFs, which have seen billions of dollars in inflows. So far in 2024, bitcoin has gained 67%, but ether is now close behind, with a gain of 60%.

VanEck, ARK Investment Management and seven other issuers have filed with the SEC to list spot ether ETFs. The SEC must decide on VanEck’s and ARK’s filings, which are first in line, by May 23 and May 24 respectively

The impact of these price movements on the broader market has been profound. According to data, more than $250 million worth of short positions were liquidated as traders rushed to cover their positions amid the bullish trend. This massive liquidation has added further fuel to the rally, pushing prices even higher.

The global crypto market cap is $2.61T, a 0.13% increase over the last day. The total crypto market volume over the last 24 hours is $124.92B, which makes a 0.64% decrease. The total volume in DeFi is currently $8.48B, 6.79% of the total crypto market 24-hour volume. The volume of all stable coins is now $117.02B, which is 93.67% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 53.05%, a decrease of 0.67% over the day.

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