The cryptocurrency market recorded a significant increase, especially evident in the rapid appreciation of Ethereum, which rose around 12% in just a few minutes near $3,450. This abrupt move was driven by optimistic updates regarding the possible approval of Ethereum Spot ETFs by the SEC.

According to Bloomberg analysts, Eric Balchunas and James Seyffart, the probability of approval for these ETFs rose to 75%, after receiving new relevant information.

Despite adopting a cautious stance, keeping the probability at 75% so as not to anticipate imminent registrations, the news had a direct impact on the market. “Analyst sentiments can be extremely strong,” commented Balchunas and Seyffart, reflecting a considerable shift in their earlier, more pessimistic outlook.

Meanwhile, Bitcoin also showed gains, albeit more modest compared to Ethereum. The world’s best-known cryptocurrency saw a 6% increase in its value in the last hour, reaching the US$70,400 mark, according to data verified at the time of writing this article.

Liquidation markets have revealed that there has been a total liquidation of $85 million worth of cryptocurrencies in the last few hours, with 80 million of those liquidations occurring on short positions. Specifically, liquidations for Ethereum reached $33 million and Bitcoin $30 million, showing intense volatility and large-scale market movements.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


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