Cardano

Spot

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<p class="has-drop-cap">Ethereum (ETH), the world’s second-largest cryptocurrency, experienced a significant price surge, reaching a two-month high of $3,824, following rumors that the U.S. Securities and Exchange Commission (SEC) may soon approve spot <a aria-label="Ether exchange-traded funds (ETFs) (opens in a new tab)" href="https://www.theblock.co/post/295524/us-sec-is-asking-for-amended-19b-4-filings-for-spot-ethereum-etfs-reports" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Ether exchange-traded funds (ETFs)</a>.<br><br>The news sparked a bullish sentiment in the cryptocurrency market, with Ethereum’s price increasing by over 22% within a few hours and the overall digital asset market gaining 7.5%, reaching a market cap of $2.6 trillion with a 130% increase in trading volumes.</p> 
<h3 id="ether-hits-2-week-high-amid-spot-etf-speculation">Ether Hits 2-Week High Amid Spot ETF Speculation</h3> 
<p>The cryptocurrency market showed significant gains, with Ethereum’s price surging by 21.93% to $3,796.83, <a href="https://tokenist.com/investing/how-to-invest-in-bitcoin/" rel="dofollow" class="deco-link">Bitcoin (BTC)</a> hitting $70,338.38, and other altcoins like Dogecoin (DOGE) and Cardano (ADA) also rising. <br><br>Reports suggesting the SEC might approve Ether ETFs soon contributed to the price surge, with Ether’s price rising by 24.50% to around $3,790, the highest level in two months. </p> 
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<h3 id="why-is-the-ether-price-soaring">Why is the Ether Price Soaring?</h3> 
<p>The primary reason behind Ethereum’s significant price increase is the growing speculation about the SEC nearing approval for spot Ether ETFs. </p> 
<p>Two main factors drove Ether’s recent price surge: increasing chances of U.S. approval for a spot Ethereum ETF and a DOJ indictment reducing the likelihood of ETH being classified as a security. The SEC’s reported engagement with cryptocurrency exchanges and ETF issuers to update their filings has significantly raised investor confidence. <br><br>At the same time, a sharp increase in Ether Futures <a href="https://tokenist.com/investing/open-interest-options/" rel="dofollow" class="deco-link">open interest</a> and funding rates indicated growing investor interest and bullish sentiment towards Ethereum.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><strong><em><strong><em>Do you think we could see a Bitcoin-like rally with Ethereum if spot ETFs are approved? Let us know in the comments below.</em></strong></em></strong></p> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/ether-soars-to-two-month-high-amid-etf-approval-rumors/">Ether Soars to Two-Month High Amid ETF Approval Rumors</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Ether Soars to Two-Month High Amid ETF Approval Rumors

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