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Ether Extends Rally After 20% Surge Amid New Ether ETF Optimism
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Cryptocurrencies rose Tuesday amid a late wave of optimism surrounding the U.S. Securities and Exchange Commission’s decisions on spot ether exchange-traded fund filings, the first of which is expected this week.
Ether led the rally, rising 9% to $3,680.98, according to Coin Metrics. It rose 20% on Monday.
In the meantime, bitcoin gained 2% and traded at around $71,350, extending an 8% gain from the previous day, when it reclaimed the $70,000 level.
Cryptocurrency-related stocks rode the wave. Coinbase AND Microstrategy each gained about 2% in extended trading and Robin Hood added 3%. Several bitcoin mining stocks posted gains of 3%, including Digital marathon, Riot control platforms, Iren (formerly known as Iris Energy) e CleanSpark.
Investors are reconsidering the likelihood of the SEC greenlighting ether ETF applications following reports that the SEC has requested filing updates from potential ETF issuers and exchanges. THE previous consent was that such funds would likely not be approved.
“ETH surged shortly after rumors started circulating that the SEC might approve spot ETH ETFs this week after all,” said Bartosz Lipiński, CEO of Cube Exchange.
“Just like with Previously approved spot bitcoin ETFs over the course of the year though, it looks like a “buy the rumor, sell the news” situation to me and I imagine a rally through this Thursday… and then at least a brief sell-off regardless of whether the funds are approved or not , ” He added.
Final decisions on VanEck and Ark Invest’s applications are expected Thursday and Friday, respectively.
BlackRock, Fidelity, Invesco, Grayscale and Bitwise Asset Management also have applications pending this year.