Unexpected news from America: Bitcoin rises above 70,000 USD thanks to news from America Some cryptocurrencies have larger increases, especially Ethereum.
Why Is Bitcoin Price Increasing?
The decision to file for a US Ethereum ETF (exchange-traded fund) is expected to come in a pivotal week for cryptocurrencies. The applications were expected to be rejected in a decision announced on May 23. Starting tonight, things have completely changed.
Bloomberg ETF analysts announced that they are adjusting their chances of approval from the previously announced 25% to 75% based on the latest developments. The news sent Ethereum up more than 10% in just a few minutes. Bitcoin was also affected by positive sentiment, rising above $70,000.
Eric Balchunas, one of the ETF's analysts, said in a personal statement that this issue will turn 180 degrees.
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