Reasons for Ethereum cryptocurrency growth by a record 18% per day revealed

The value of the cryptocurrency Ethereum (ETH) has skyrocketed over the past 24 hours. The main altcoin managed to grow by 18.3%, reaching $ 3672.

The price spike occurred amid the publication of several important messages on social network X. Bloomberg Intelligence’s chief exchange-traded fund specialist Eric Balchunas said that the probability of approval of spot ETH-ETFs has increased from 25% to 75% this week. The expert emphasized that he and another expert, James Seyffarth, came to this conclusion. His colleague confirmed this information by retweeting it.

«This afternoon, I heard talk that the SEC may change its decision 180 degrees on this issue. This case is becoming more and more political. So now everything is not so clear. Previously, others, like us, assumed that the issuers would be denied,» the statement said.

In addition, a few hours earlier, the results of the latest US poll on presidential candidates were published. Billionaire Donald Trump is 6% ahead of the current head of state, Joe Biden.

Against this backdrop, the value of the world’s main cryptocurrency also began to rise. At the time of writing, BTC is trading for $ 71,200, up 6.2% overnight.

The deadline for the SEC to make a decision on VanEck’s application is May 23. The proposal, jointly filed by Katie Wood 's investment management company ARK Invest and ETF issuer 21Shares, will receive its verdict from the agency the next day. The list of applicants for the launch of a spot Ethereum ETF also includes such companies as BlackRock, Fidelity, Bitwise, Galaxy Digital, Franklin Templeton, and Hashdex.