Ether (ETH) surged 10% on Monday in the span of a few minutes following credible rumors that the asset could receive its own spot ETF in the United States within days.
ETH traded for $3150 on Monday at 17:44 UTC, before surging to $3450 within 25 minutes.
This followed a tweet from Bloomberg ETF analyst Eric Balchunas at 17:20 UTC that he and his partner, James Seyffart, were upping their odds of ETH ETH approval this month from 25% to 75%.
“Hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they’d be denied),” he explained.
Earlier this month, the US House and Senate passed H.J.Res.109 – a resolution to scrap an anti-crypto banking rule previously established by the Securities and Exchange Commission (SEC).
The resolution passed both chambers with bipartisan support despite a promise from President Joe Biden to veto the act if it reached his desk, showing that many Democrats don’t respect the anti-crypto position adopted by their party’s leadership.
Seyffart confirmed that his and Balchunas’ accounts were not hacked and that their odds changes were based on input from multiple sources. “Should see a bunch of filings over coming days if we’re correct,” he added.
Fox Business reporter Eleanor Terret also said on Wednesday that she’d received input from a prospective ETF issuer that things are “evolving in real time” regarding the approval of their application.
Bitcoin also pumped on the news, rising 5% to $69,850 on Monday. According to Coinglass, the crypto market has experienced $226 million in liquidations within the past 24 hours.
The post Here’s Why ETH Just Exploded 10% Back To $3400 appeared first on CryptoPotato.
