ETH/USD: Ethereum Soars 22% on Rumors SEC Might Greenlight Spot Ether ETFs

Bitcoin powered higher to crack $72,000 after floating near $66,000 on Monday. Rally mode initiated!

• Ethereum ETHUSD soared to a fresh two-week high of $3,700 after rumors ran rampant that the Securities and Exchange Commission is drawing closer to greenlighting a list of spot Ether exchange-traded funds (ETFs). Those are investment vehicles that hold the actual asset, unlike the futures-based ETFs that hold futures contracts. Presently, only Bitcoin has genuine spot ETFs after an 11-year wait.
• The news reverberated across crypto corners globally, sending Ethereum prices skyrocketing more than 22% in the span of a few hours. According to a report by crypto media outlet Coindesk, exchanges are preparing to welcome the new crypto product and have been asked to update their 19b-4 filings which must be refreshed every time a rule change is about to take place. Still, approval is not guaranteed, the sources say.
• Nevertheless, the price appreciation appeared guaranteed. Bitcoin took off by about 9% to crack the $72,000 threshold after floating near the $66,000 level to start the trading week. And the entire digital asset market had a day of celebration. The novel yet volatile market added 7.5% to its market cap, topping $2.6 trillion. Trading volumes picked up big time with a 130% increase to $133 billion in value exchanged in 24 hours.