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Bitcoin Surges to $70,000; Ethereum ETF Approval Odds Raised to 75% by May 23rd

May 20, 2024, 07:32 PM

Bitcoin has surged past $69,000, reaching as high as $70,000, marking a significant milestone in the cryptocurrency market. Meanwhile, Ethereum has also seen substantial gains, with its price exceeding $3,400 and up 7% in the past 24 hours. This surge is largely attributed to Bloomberg analysts Eric Balchunas and James Seyffart increasing the odds of a spot Ethereum ETF approval to 75%, up from 25%, based on recent SEC commentary. The potential approval of the Ethereum ETF, with a deadline on May 23rd, has led to a significant market reaction, with Ethereum's price jumping 11% and the Grayscale Ethereum Trust surging 21%. The broader cryptocurrency market is experiencing heightened activity and optimism as a result of these developments.