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Bitcoin and Ethereum Rise on Renewed Optimism Over ETH ETFs

According to data from Coinbase, Ethereum (ETH) has risen over 23% since Monday. The cryptocurrency is currently trading just below $3,800, nearly $1,000 higher than a week ago.

Bitcoin (BTC) has also been on the rise this week, with a nearly 16% increase over the past seven days. As per Coinbase, the largest cryptocurrency broke through the $70,000 mark on Monday, a first in about a month.

On Tuesday afternoon, Bloomberg analysts Eric Balchunas and James Seyffart, who have become celebrities on what’s dubbed ‘Crypto Twitter,’ announced they have raised their prediction for the approval rate of a spot Ethereum ETF from 25% to 75%.

An insider informed 0XZX on Tuesday that “conversations [with the SEC] are making progress.” The SEC has apparently instructed issuers to update their 19b-4 filings, indicating a potential approval. Due to the sensitive nature of the discussions, the individual requested anonymity.

Noelle Acheson, author of the ‘Crypto is Macro Now’ newsletter, stated: “This doesn’t mean approval is certain, but it would be quite odd for the SEC to spend extra time and administrative costs if they intended to reject.”

This Thursday and Friday, the U.S. Securities and Exchange Commission faces the final deadline to approve or reject applications for Ethereum spot ETFs. An SEC spokesperson declined to comment.

Zach Pandl, Managing Director of Research at Grayscale, said: “Signs suggest U.S. regulators might approve a spot Ethereum ETF, which sent the cryptocurrency market soaring on Monday.” Grayscale has already submitted an ETH application to the SEC. “The success of Bitcoin ETFs has proven their popularity among investors, but the impact of a potential approval goes beyond creating a new source of demand.”

Investors will also pay close attention to a series of speeches by the Federal Reserve on Tuesday and await the latest minutes from the Federal Open Market Committee meeting on Wednesday.

According to the CME’s FedWatch tool, there is still a 96% probability that the Fed will maintain stable interest rates in June.

Earlier in the trading session on Tuesday, U.S. stock markets were fairly steady, with the S&P 500 index rising about 0.01% after the opening, while the Nasdaq Composite index fell 0.2%.

Sentiment: Positive

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