Ethereum surges 20% as market speculates spot ETF will be approved

Ethereum has seen its biggest gain in 18 months, leading the rise in digital currencies. Ethereum rose as much as 16.8% to $3,589 at the end of the U.S. session. Bitcoin also briefly broke through the $70,000 mark.

The cryptocurrency market began to rise after ETF analyst Eric Balchunas said he and his colleague James Seyffart raised the estimated probability of spot Ethereum ETF approval from 25% to 75%. People familiar with the matter said the U.S. Securities and Exchange Commission (SEC) on Monday asked the issuer of a potential spot Ethereum ETF to update its 19b-4 filing documents. ETF issuers need to obtain SEC-approved documents and S-1 registration statements before the product is officially launched.