Bitcoin price suddenly exceeded $69,000 and Ethereum (ETH) surpassed $3,250. Everyone is curious about what is happening. The situation is clear, and if this news is confirmed by the SEC, the second leg of the crypto rally in the first quarter of the year could clearly begin. So, what is happening?
Why is Ethereum Rising?
Everyone was expecting rejection decisions for Spot Ethereum ETF applications on Thursday and Friday when something big happened. James from Bloomberg suddenly appeared and raised the approval probability to 75% based on his sources. The market‘s probability of approval was only 14%, and it was being commented that the SEC had taken a position for a definite rejection in light of its recent lawsuits.
Bloomberg ETF Expert James said:
“This week we are raising our probability for Spot ETH ETF approval to 75% (from 25%), we heard talks this afternoon that the SEC could make a 180-degree turn on this (becoming an increasingly political issue), so now everyone is scrambling. These are what we heard from multiple sources. If true, we will see a lot of applications in the coming days.”
ETH price rose to $3,350 following this development. BTC exceeded $69,140.
