The cryptocurrency market experienced a significant surge, with Ethereum leading the way by skyrocketing approximately 12% in a matter of minutes, reaching nearly $3,450. This sudden surge was attributed to positive updates regarding the potential approval of Ethereum Spot ETFs by the SEC.
Bloomberg analysts, Eric Balchunas and James Seyffart, noted that the probability of these ETFs receiving approval rose to 75% after receiving new and relevant information. While they maintained a cautious stance and refrained from prematurely predicting imminent registrations, the impact of this news on the market was undeniable. Balchunas and Seyffart commented on the strong sentiment among analysts, indicating a notable shift from their earlier pessimistic outlook.
Bitcoin also exhibited gains, albeit more modest in comparison to Ethereum. The most renowned cryptocurrency in the world witnessed a 6% increase in value within the past hour, reaching $70,400, based on verified data at the time of writing.
As for the liquidation markets, recent hours saw a total liquidation of $85 million worth of cryptocurrencies, with 80 million of those liquidations occurring on short positions. Ethereum liquidations amounted to $33 million, while Bitcoin liquidations reached $30 million. These figures highlight the intense volatility and significant movements in the market.
It’s important to note that the views and opinions expressed in this article, whether by the author or individuals mentioned, are solely for informational purposes and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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