According to CoinDesk, the price of Ether saw a significant increase of over 10% during U.S. trading hours on Monday. This surge followed an announcement by two prominent Bloomberg ETF analysts, who significantly increased their predictions for the approval of spot Ether ETFs by the U.S. Securities and Exchange Commission (SEC).
Bloomberg Senior ETF Analyst Eric Balchunas tweeted that he and his colleague, James Seyffart, had raised their odds of spot Ether ETF approval from 25% to 75%. This change was based on recent discussions suggesting that the SEC might be reversing its stance on this increasingly political issue. This unexpected shift has caused a scramble, as many had assumed these ETFs would be denied.
The SEC is facing several final deadlines this week for spot ETF approvals or denials, after having postponed decisions on these funds multiple times. Alongside Ether's rise, Bitcoin also experienced an increase, with gains of over 5% and nearing the $70,000 mark.
This story is still developing and further updates will be provided as they become available.