Sharp rise in Bitcoin
Bitcoin and Ethereum showed sharp increases with the news from the USA.
Bitcoin rose to $70,206 on Monday, adding $3,931 to its previous close.
The world’s largest and best-known cryptocurrency is up 82.3 percent from its yearly low of $38,505 on Jan. 23.
Ether, the cryptocurrency connected to the Ethereum blockchain network, rose 13.3 percent to $3,500 on Monday.
Why did it rise?
A decision on Ethereum ETF (Exchange-traded fund) applications in the USA is expected this week. Expectations were that the applications would be rejected, with the decision expected to be announced by May 23. Bloomberg’s ETF analysts announced on Twitter that they renewed the approval probability to 75 percent, which they had previously announced as 25 percent.
It brought a more than 13 percent surge in Ethereum within minutes after two well-followed Bloomberg ETF analysts greatly raised the possibility that the U.S. Securities and Exchange Commission would approve spot ETH ETFs. Bitcoin also rose above 70 thousand dollars.
“James Seyffart and I are raising our odds of Ether ETF approval to 75 percent (up from 25 percent), while we’re hearing rumors this afternoon that the SEC may do a 180 on this (an increasingly political issue),” Bloomberg Senior ETF Analyst Eric Balchunas said. , so now everyone is trying (like us everyone else assumed they would be rejected),” he tweeted.