Bitcoin prices surged on Tuesday, following the trend of Ether. This rise was due to media reports that the approval of a spot Ether exchange-traded fund (ETF) in the US market made some progress.
The world's largest cryptocurrency, Bitcoin, rose by 5.8% in the past 24 hours, reaching $70,987.1 as of 01:08 Eastern Time (05:08 GMT).
However, the star on Tuesday was Ether, the world's second-largest cryptocurrency, which soared 17% to a six-week high of $3,656.01.
According to Coindesk, the US Securities and Exchange Commission (SEC) has asked spot Ether ETF applicants to update some key documents, as the approval deadline for these funds is approaching this Thursday.
Although it remains uncertain whether the regulator will approve these ETFs, it indeed marks a step forward towards final approval.
Bloomberg analysts Eric Balchunas and James Seyffart, based on Coindesk's report, raised their expectations for the approval of a spot Ether ETF from 25% to 75%, stating that the SEC might make a "180-degree turn" on potential approval.
Previously, the SEC's attitude towards a spot Ether ETF was considered negative, especially in light of recent reports that the regulator was still taking action against the Ethereum Foundation, investigating whether Ether has the nature of securities.
However, the approval of a spot ETF could trigger a surge in Ether similar to Bitcoin in early 2024, when institutional investors flocked to ETNs, driving Bitcoin prices to historic highs.
