While the source of the rise in#Bitcoinand#Ethereumprices was announced, the possibility of ETF approval excited US investors:

The buying pressure of US users lies behind the recent rise in Bitcoin.

The cryptocurrency market witnessed a sudden rise late on May 20. The bullish momentum was triggered by the SEC's prompt request for filing updates from companies looking to issue a spot Ethereum ETF.

However, Bitcoin has increased by over 6% in the last 24 hours, exceeding $70 thousand. On-chain analysis platform CryptoQuant included the increasing premium rates on the US-based cryptocurrency exchange Coinbase.

This increase in premium rates at Coinbase, in parallel with the sudden movement in price, was interpreted as increasing buying pressure from US investors.

Both the SEC's influence on Ethereum and the Coinbase side's appetite for Bitcoin revealed that the price movement was once again driven by the USA. A similar situation occurred at the beginning of January, when the SEC was about to approve spot Bitcoin ETFs.