Bitcoin Smashes $70K, Ethereum Pumps 12% On ETF Approval Bombshell: 'Odds Of Approval 75%,' Tweets ETF Analyst from point 75 124 los angeles Watch Video

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✓ Published: 21-May-2024
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Global crypto market capitalization is 5.6% higher as Bitcoin open interest peaks to one month highest and Ether ETF approval odds at 75%. One trader notes Bitcoin’s current consolidation setting the stage for another peak, while another notes even $72,000 as a very low target.

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Approval of an Ethereum ETF in the US could lead to a 60% price rally for Ether over the coming months, according to predictions from QCP Capital. Bitcoin saw a similar price surge after the launch of its first US spot ETF in January, rising from around $42,000 to over $73,000 in two weeks. The SEC is expected to make a decision on an Ether ETF application soon, with analysts bumping the odds of approval to over 75%. On-chain data shows significant buying activity on both centralized and decentralized exchanges in recent days.
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