look news india
Mumbai: The Ethereum-led cryptocurrency witnessed a significant correction in the last twenty-four hours following reports that a spot Ethereum exchange traded fund (ETF) is more likely to get approval from the US Securities and Exchange Commission (SEC).
The major crypto Bitcoin once again touched the level of $ 71,000 in the last twenty-four hours. Which has been seen for the first time since April. The price of Ethereum increased by 19 percent to $3700.
Bitcoin touched a low of $66,898 and a high of $71,632 at $71,155 late in the evening. Ethereum rose by $617 to $3730. The global market cap of cryptocurrencies increased to $2.61 trillion.
Other cryptos XRP, Solana, ADA also saw a rise of 3 to 6 percent. The sudden market surge forced the liquidation of short positions worth approximately $260 million. When a player is forced to close out his vertical position it is called liquidation.
A report by a research firm has claimed that the chances of spot ether ETF getting approved have fallen to 75 percent, creating a bullish atmosphere in the crypto market. The SEC has requested applicants for Ethereum spot ETFs to update their 19b-4 filings, increasing the chances of an Ethereum ETF also getting approval, a report said.
The market expects that the approval of the Ether ETF will increase institutional investment inflows. Spot Bitcoin ETFs have seen total investments of $12 billion in early January.