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Cryptocurrency News:Â Cryptocurrency prices leapt Monday after Bloomberg increased its odds that the Securities and Exchange Commission will approve spot ethereum ETFs. Elsewhere, bitcoin spiked back to $70,000 and could test its record highs this week, one analyst says.
Bloomberg ETF analysts Eric Balchunas and James Seyffart on Monday increased their odds that the SEC will approve VanEck’s spot ethereum application to 75% from 25%. Nine issuers, including VanEck and ARK Investment Management, have filed with the SEC to list spot bitcoin ETFs. The SEC will approve or deny the first round 19b-4s this week, with votes on VanEck and ARK’s filings on Wednesday and Thursday, respectively. The 19b-4 forms and S-1 registration statements must both be approved for ETFs to launch.
“Hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue),” Balchunas posted on social media platform X. “So now everyone scrambling (like us everyone else assumed they’d be denied).
“We also need S-1 approvals,” Seyffart said online. He noted that it could be weeks to months before S-1 filings are actually approved.
“That said, if we’re correct and see these theoretical approvals later this week. It should mean that S-1 approvals are a matter of ‘when’ not ‘if’,” Seyffart added.
Recent Headlines
Bitcoin on April 19 completed its fourth halving event, which slashed the rewards doled out to miners. Bitcoin’s price has historically risen in the months following previous halvings, but analysts are divided on the impact this year’s event will have.
Elsewhere, Sam Bankman-Fried on March 28 was sentenced to 25 years in prison for his role in the 2022 collapse of crypto exchange FTX.
The strong of new highs is rooted in the industry’s historic step forward on Jan. 11. That was the first trading day after the SEC approved 11 bitcoin ETF applications, which included issuers ARK Invest (ARKK), BlackRock (BLK), Grayscale, VanEck and more. Coinbase serves as the custodian for a majority of the new ETF issuers. How are crypto custodians keeping digital assets secure?
The Best Bitcoin, Cryptocurrency ETFs To Watch And Buy
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Cryptocurrency Price Action
Bitcoin on Monday jumped to $69,500, marking a 5% gain over the last 24 hours. Bitcoin peaked at $70,399 intraday Monday before easing. On March 14 bitcoin hit a new all-time high of $73,798. The cryptocurrency is below its prior peak of $68,990 set in November 2021.
Bitcoin had spiked to $49,000 January 11 on the ETF launch day but then fell back into its early December 2023 level prior to the SEC announcement. The world’s largest cryptocurrency rebounded about 157% in 2023. Bitcoin is now up about 65% so far this year.
Ethereum spiked to $3,500 late Monday, rallying nearly 14% over the last 24 hours. Ethereum is trending back toward its March 12, 52-week high of $4,092. The No. 2 crypto well below its November 2021 peak above $4,800.
Ethereum on March 8 crossed its $4,000 level for the first time in 26 months. Still, ETH soared 53% in 2024.
Cryptocurrency Prices Heatmap:
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Digital asset investments are extremely volatile. While cryptocurrency’s fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.
Despite their original promise, cryptocurrencies haven’t acted as hedges against inflation. Instead, they’ve trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.
View IBD’s Best Cryptocurrencies And Crypto Stocks To Buy And Watch page to help navigate the world of digital asset investments.
Want a deeper dive into crypto? Check out the What Is Cryptocurrency? explainer page.
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