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Bitcoin, the world’s largest crypto asset, broke through the key $70,000 level last night.
Yesterday, the cryptocurrency market was excited by the news that the Ethereum exchange-traded fund (ETF) application would be approved. The continued optimism about the Federal Reserve’s first interest rate cut this year was another factor supporting prices.
Following the news, Bitcoin closed the day at $70,00421, up more than 5%, and continued to rise today, trading at $71,00350, up 6.8%.
While Ethereum rose 14% to $3,670 yesterday, it found buyers at $3,650 today, a gain of 18%. As a result, Ethereum recorded its highest daily gain since November 2022.
Possibility of “ETF Approval” Drives Market
“We are increasing the probability of Ethereum getting an ETF approved from 25% to 75%,” Bloomberg senior ETF analyst Eric Balchunas said in an analysis on social media platform X.
Tony Sycamore, market analyst at financial firm IG, said: “With the approval of the ETF in January and the subsequent halving, the next major push for cryptocurrencies is lacking a catalyst.”
“I think some of this rally has to do with that speculation,” Sycamore said in an analysis. “But it also has to do with last week’s core (U.S.) inflation data, which increased risk sentiment and clearly reintroduced the possibility of a rate cut.”
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