Bitcoin Surges Over $71K as Ether ETF Hopes Lead to $260M in Short Liquidations
Some traders expect ether prices to reach as high as $4,000 in the coming days, with odds of an ether ETF approval raised to 75%.
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Some traders expect ether prices to reach as high as $4,000 in the coming days, with odds of an ether ETF approval raised to 75%.
SEC headquarters (Nikhilesh De/CoinDesk)
Markets previously had mostly priced in SEC rejections of the proposed funds beginning this week.
The market has priced in a rejection for the first set of Ethereum ETFs, but there are reasons to be optimistic about an approval next year, says one fund manager.
The CoinDesk 20 Index is higher by more than 4% over the past 24 hours as crypto’s big rally this week continues.
The latest price moves in bitcoin (BTC) and crypto markets in context for May 17, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Ether’s sell-off has stalled at an upward-sloping trendline, characterizing the rally from October lows.
The cryptocurrency does not have major supply-side overhangs such as token unlocks or miner sell pressure, the report said.
The latest price moves in bitcoin (BTC) and crypto markets in context for May 16, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
The ether-bitcoin ratio slides to a three-year low, extending year-to-date losses to nearly 16%.