Ethereum Surges 18% on SEC Spot ETF Approval Rumors
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, surged nearly 18% against the U.S. dollar amidst speculations of potential approval for spot ether exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
This surge propelled ETH to an intraday peak of $3,691 per coin on Monday, driven by social media and forum rumors about accelerated SEC filings for spot ETH ETFs. Analysts from Bloomberg also revised their approval predictions from 25% to 75%, further boosting ETH’s value. The cryptocurrency gained $551 in value within hours, appreciating 17.96% against the U.S. dollar, with a market dominance of 17% and a total market valuation of $436 billion.
Trading volumes surged to $26.99 billion in the last 24 hours, with ETH/USDT leading as the most traded pair amidst rapid market growth and liquidation of $302.52 million in derivatives positions.
Clever Robot News Desk 22nd May 2024
