The cryptocurrency market experienced a significant surge, with Ethereum leading the way by skyrocketing approximately 12% in just a matter of minutes, reaching around $3,450. This sudden surge was fueled by optimistic updates regarding the potential approval of Ethereum Spot ETFs by the SEC.
Bloomberg analysts, Eric Balchunas and James Seyffart, have stated that the probability of these ETFs getting approval has risen to 75% after receiving new and relevant information. While they remain cautious and refrain from prematurely predicting imminent registrations, the impact of this news on the market cannot be overlooked. Balchunas and Seyffart commented on the strong sentiments among analysts, indicating a notable shift from their earlier, more pessimistic outlook.
Bitcoin also experienced gains, albeit more modest compared to Ethereum. The renowned cryptocurrency witnessed a 6% increase in value within the last hour, reaching a price of $70,400, as verified at the time of writing.
Liquidation markets have revealed a total liquidation of $85 million worth of cryptocurrencies in the past few hours, with $80 million of those liquidations occurring on short positions. Notably, Ethereum liquidations accounted for $33 million, while Bitcoin accounted for $30 million. These figures highlight the intense volatility and significant movements in the market.
Disclaimer: The opinions expressed in this article, whether by the author or any mentioned individuals, are solely for informational purposes and should not be considered as financial, investment, or any other form of advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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