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Crypto Market Rally: Ether Breaks Past $3.8K, Bitcoin Hits $71K

Key Takeaways

  • Ether has surged over 21%, breaking the $3,800 mark, while Bitcoin has surpassed $71,000;
  • The overall cryptocurrency market capitalization has increased by more than 8% in the past day, driven by speculation about potential SEC approval of spot Ether ETFs;
  • The SEC's complicated stance on Ether, particularly concerning its potential classification as a security, affects the approval process for spot Ether ETFs.
Crypto Market Rally: Ether Breaks Past $3.8K, Bitcoin Hits $71K

The crypto market is in the middle of a remarkable surge.

Ether (ETH) soared over 21% in the past 24 hours to break the $3,800 mark. Meanwhile, Bitcoin (BTC) has climbed past $71,000.

This rally has propelled the total market capitalization to increase by over 8% in the past day.

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The market's upward trajectory appears 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, suggesting that the regulator may be considering approving these products.

Issuers of spot Ether ETFs must obtain approval for their S-1 filings before trading can start, yet, there is no specific deadline for when this approval will be granted.

The SEC's stance on Ether has become more complicated since Ethereum's move to a Proof-of-Stake (PoS) protocol. SEC Chair Gary Gensler has suggested that cryptocurrencies with staking features might fall under the category of securities, which could provide grounds for the SEC to deny the spot Ether ETF applications.

As for Bitcoin, its recent breakthrough beyond $65,000 earlier this week ended its period of stagnation following its halving event, which reduced miners' rewards by half.

This bullish momentum has spread across other major cryptocurrencies as well. Binance Coin (BNB) has risen by nearly 8%, XRP by over 6%, and Dogecoin (DOGE) by nearly 12% in the past 24 hours.

Overall, the crypto market is experiencing significant gains, driven by speculation on regulatory approvals and surges in major crypto like Ether and Bitcoin, indicating strong investor confidence and potential for continued growth in the sector.

In other news, a researcher at the Ethereum Foundation has become a paid advisor for EigenFoundation, raising community concerns over conflicting incentives.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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