Bitcoin (BTC) experienced a surge, rising 8.5% within 24 hours to reach $71,926 on May 21. This price is just 2.5% off its all-time high. Bitcoin. Furthermore, BTC derivatives are showing favorable conditions to reach new ATHs in the coming weeks.
The recent price rally appears to be driven by growing optimism surrounding the approval rate of a spot Ethereum ETF in the United States and the general market trend of seeking inflation protection. This trend also pushed gold and the S&P 500 to new all-time highs on May 20.
Many traders wonder if Bitcoin's recent price surge is due to the excessive use of leveraged long positions and what is the significance of a spot Ether ETF?
The regulator's stance changed after the US Senate rejected SAB 121
Bloomberg senior ETF analyst Eric Balchunas raised the approval rating for the Ethereum spot ETF from 25% to 75% on May 20, due to political pressure. This adjustment comes after the US Senate rejected SEC policy SAB 121 on May 16, which would have imposed strict capital requirements on banks holding digital assets. of cutomer.
