Expectations of U.S. interest rate cuts, rumors of Ethereum spot ETFs, and policy changes have jointly promoted significant gains in the Bitcoin and cryptocurrency markets.

1. U.S. interest rate cut expectations: As inflationary pressure weakens, market expectations for the Federal Reserve to cut interest rates have increased, which may cause a large amount of U.S. dollars to flow into the market and push up the price of high-quality assets such as Bitcoin. Bitcoin price is back above $70,000.

2. Rumors about Ethereum spot ETF: The U.S. Securities and Exchange Commission (SEC) may be about to approve a spot Ethereum ETF. The SEC requires exchanges to speed up the update of 19b-4 application documents, which is interpreted as a signal of approval. Analysts raised the chance of spot Ethereum ETF approval from 25% to 75%.

In addition, the potential repeal of SAB 121 may also promote more institutional investors to enter the cryptocurrency market. SAB 121 requires digital asset custodians to treat these assets as liabilities, limiting the ability of financial firms to custody cryptocurrencies. If this regulation is repealed, it could further boost the crypto market.