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The world's no.2 cryptocurrency Ether steadied at a more than two-month high after a report this week showed some progress toward approval of a spot ETF by the Securities and Exchange Commission. Regulators will make a highly anticipated decision on the possibility of approving the ETF later this week.

But warnings about high US inflation and high interest rates for longer are making traders cautious of the crypto market, and also pulling Bitcoin back from its recent gains.

Bitcoin fell 1.5% over the past 24 hours to $69,880.1 as of 12:33 EDT.