ETH prices surpassed $3,700 early in Asia on Tuesday. This is the highest level since the asset hit similar levels in April before falling below $3,000 a week later. This massive 20 percent move was triggered by hopes of the U.S. Securities and Exchange Commission approving the first spot ETH ETF from VanEck on May 23. 📈

The total market value increased by 8.6 percent during the day, reaching $2.74 trillion. Bitcoin hit a new all-time high at $71,600 in trading in Asia on Tuesday morning. 🚀

However, crypto asset trading and custody firm Prometheum has launched a controversial Ethereum custody service that treats the asset as a security. Observers have suggested that this could be a preparation for the SEC to reject ETH ETFs on the grounds that it also considers the asset a security. However, the recent change in sentiment may suggest that the opposite could happen this week.