Bitcoin price today: rebounds to $70k on spot Ether ETF speculation

May 21, 2024 03:40 PM AEST | By Investing

Bitcoin price today: rebounds to $70k on spot Ether ETF speculation

Ether surges as report says SEC asks ETF applicants to update key filings

A report from Coindesk showed that the U.S. Securities and Exchange Commission asked applicants for spot Ether ETFs to update some key filings, ahead of a key deadline for the approval of the funds later this Thursday.

While the report said that there was still no guarantee that the regulator will approve the ETFs, it did mark some progress towards an eventual approval.

Bloomberg analysts Eric Balchunas and James Seyffart updated their expectations for a spot Ether ETF approval to a 75% probability from 25%, citing the Coindesk report and stating that the SEC could be “doing a 180” on a potential approval.

The SEC was seen largely averse towards a spot Ether ETF, especially as recent reports said the regulator was also pursuing action against the Ethereum Foundation over Ether’s potential nature as a security.

But a spot ETF approval could trigger a similar rally in Ether as it did for Bitcoin earlier in 2024, where the token surged to a record high on increased capital inflows as institutional investors piled into the ETFs.

Crypto price today: Bitcoin capital flows improve amid rate speculation

Data from digital assets manager CoinShares showed on Monday that crypto investment products saw a second straight week of capital inflows, as some soft readings on U.S. inflation ramped up bets that the Federal Reserve will cut interest rates this year.

Total capital inflows were at $932 million in the week to May 20, with Bitcoin continuing to dominate capital flows. Still, overall trading volumes remained well below peaks seen in the aftermath of the spot-Bitcoin ETF approvals in February and March.

Altcoins drifted higher, tracking gains in Ether. Solana rose 3.6%, while XRP added 3.7%.

Meme tokens Dogecoin and SHIB added 6.6% and 4.7%, respectively.

This article first appeared in Investing.com

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