The crypto market is currently experiencing a significant surge, with Ether (ETH) breaking past the $3,800 mark and Bitcoin (BTC) surpassing $71,000. This rally has led to an increase of over 8% in the total market capitalization in the past day.
The surge in the market is believed to be driven by speculation surrounding the potential approval of spot Ether exchange-traded funds (ETFs) in the United States. The Securities and Exchange Commission (SEC) has requested firms seeking to launch their ETH ETFs to update their filings, indicating a possible approval in the near future.
However, the SEC’s stance on Ether has become more complex following Ethereum’s transition to a Proof-of-Stake (PoS) protocol. SEC Chair Gary Gensler has suggested that cryptocurrencies with staking features could be classified as securities, potentially impacting the approval of spot Ether ETFs.
In addition to Ether and Bitcoin’s rally, other major cryptocurrencies like Binance Coin (BNB), XRP, and Dogecoin (DOGE) have also seen significant gains in the past 24 hours.
Overall, the crypto market is experiencing strong investor confidence and potential for continued growth, driven by regulatory speculation and surges in major cryptocurrencies. Stay tuned for more updates on this exciting market trend.
