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Bitcoin breaks above $70,000 and Ether soars on speculation of ETF approval

Bitcoin breaks above $70,000 and Ether soars on speculation of ETF approval
Analysts are optimistic that the SEC will approve spot Ether ETFs this week

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Bitcoin and Ether are experiencing a surge in value as speculation grows about the approval of spot Ethereum ETFs by the Securities and Exchange Commission (SEC). The SEC will decide on Thursday whether to approve or deny Van Eck’s spot Ethereum ETF application and on Friday for the Ark 21Shares Ethereum ETF application. Bloomberg Intelligence ETF analysts have increased the approval odds for Ethereum ETFs from 25% to 75%. This shift is attributed to increasing political pressure and the emergence of crypto as a political topic in this election year. On Tuesday, Bitcoin was trading at $70,000, with a nearly 6% jump, while Ether was hovering around $3,700, more than a 22% gain. Ether’s market capitalization of $440 billion now exceeds that of payment giant Mastercard. The approval of Ether ETFs signifies a narrative shift, providing another opportunity for digital assets to enter the market alongside major players. Ether is the native token of the Ethereum blockchain network, which is home to thousands of decentralized applications and financial services. The network has unique features that bolster its usability, making it attractive to financial giants such as BlackRock and Fidelity. Grayscale CEO Michael Sonnenshein resigned on Monday, just a few weeks after the company withdrew its application for a futures Ethereum ETF.