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An illustrative photo taken in London in May 2022 shows a gold-plated Tether (USDT) cryptocurrency coin next to the US dollar.

AFP/JUSTIN TALLIS

An illustrative photo taken in London in May 2022 shows a gold-plated Tether (USDT) cryptocurrency coin next to the US dollar.

A number of large companies, including multinational investment firms BlackRock, Bitwise, and Grayscale Securities & The Exchange Commission (SEC), submitted a revision to the issuance of the ETF ETH Spot product to the US financial regulatory agency on Wednesday (22/5). If the revised document is approved, spot ETH ETFs will allow investors to invest in Ethereum currency without having to buy and hold crypto assets directly.

In addition, the performance of the US economy, which is marked by an improvement in economic data, will also support investors' optimism in the crypto market. One of the data points, the Purchasing Managers Index (PMI), which was released on Thursday (23/5), showed an increase in purchasing activity in the manufacturing sector above 50, namely 50.9. The index rose from its position in the same period last month, which was at 49.9.

This sector usually thrives in markets with low interest rates and high liquidity.

The potential for cryptocurrency asset price rallies can be seen in trends such as Bitcoin prices. Earlier this week, the price of Bitcoin rose 51% since the beginning of the year and approached the record high price of Bitcoin at $73,000 USD.