Ethereum Surges Amid ETF Hopes: Market Eyes SEC Decision
The crypto market is buzzing as Ethereum (ETH) sees a significant price surge following renewed optimism around the potential approval of a spot ETH exchange-traded fund (ETF) in the U.S. ETH jumped over 15% in the past 48 hours, breaching the $3,200 mark, as investors grow hopeful ahead of the SEC's decision expected next week.
Market analysts suggest that the positive momentum is largely driven by institutional demand and increasing clarity around crypto regulation. BlackRock and Fidelity are among the major financial firms awaiting a verdict on their ETH ETF applications.
Meanwhile, Bitcoin (BTC) remains stable around $66,000, while altcoins like Solana (SOL) and Chainlink (LINK) have also posted modest gains. The total crypto market cap has climbed back above $2.5 trillion.
This week also saw a major announcement from Hong Kong regulators, who approved spot Bitcoin and Ethereum ETFs, making it the first in Asia to offer these products to retail investors.
