The recent crypto rally has shaken the market. Almost $200 million was wiped out of the market in the last 24 hours, and Bitcoin accounts for $96.94 million in that time frame.
In the past 24 hours, the crypto market has experienced a notable revival, with Bitcoin and Ethereum leading a bullish rally. Bitcoin (BTC) reached a new high of over $71,000 on Tuesday, marking its highest value since early April.ย
Meanwhile, Ether experienced a significant surge of over 19%, reaching $3,700. The global cryptocurrency market cap currently stands at $2.74 trillion, reflecting an 8.23% change in the past 24 hours and a significant 135.07% change compared to one year ago.
Bitcoin Breaks the $70K Barrier
Bitcoin experienced a significant surge today following Bloomberg analystsโ optimistic analysis, which increased the likelihood of approving a spot Ether ETF in the U.S. to 75%.
Other major altcoins and memecoins saw modest increases, with gains ranging from 3% to 6% for XRP, Cardanoโs ADA, Solanaโs SOL, and Dogecoin (DOGE).
Over the last four hours,ย BTCย has experienced significant liquidations, amounting to $2M. On the other hand, ETH has $4.94 in liquidations. In the past 24 hours, 76,947 traders were liquidated for $325.63 million. The largest single liquidation order happened on HuobiโETH-USDT, valued at $3.11M.
Within 24 hours, Binance liquidated a staggering $126M, closely followed by OKX at $110M, Huobi at $50M, and Bybit at $23M.ย
Ether ETF Hopes to Lead the Bull Market Rally
Ether (ETH) started the Asia business day with a trading price above $3,600, showing a 17% increase. This surge in value is attributed to positive regulatory developments that raise the possibility of an Ether exchange-traded fund (ETF) receiving approval soon.
According to Bloomberg analysts Eric Balchunas and James Seyffart, the chances of a spot Ether ETF have significantly increased from the initial estimate. Additionally, the U.S. Securities and Exchange Commission (SEC) has requested aspiring Ether ETF exchanges to update their 19b-4 filings before this weekโs important deadline.
Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied). Seeโฆ https://t.co/gcxgYHz3om
— Eric Balchunas (@EricBalchunas) May 20, 2024
The SECโs request for exchanges to update their 19b-4 filings, which outline proposed rule changes, indicates a possible step forward in the approval process for spot Ether ETFs.ย
Although there has been progress with 19b-4 filings, the SEC may still reject the Ether ETFโs S-1 registration statement. This could potentially delay its approval and the commencement of trading.
Also Read: Experts Raise Their Expectations for Approval of Spot Ethereum ETF by 50%
The decision regarding VanEckโs proposed Ether ETF is expected to be announced on May 23, while Arkโs decision is scheduled for May 24. Market participants view the approval of an Ether ETF as a positive development that could attract significant institutional investment.
Is the Bull Market Here?
According to an analytical assessment from last week, Bitcoin allegedly entered the pre-halving risk zone. The asset fell by more than 15 percent, reaching a low of $61,800.
Nevertheless, the market has rebounded and is on the verge of setting new records. It is speculated that the London Stock Exchange would begin trading exchange-traded notes (ETNs) for Bitcoin and Ethereum in May, prompting a market rebound.
Also Read: Predicting the Next Crypto Bull Run
As of press time, Bitcoinโs market capitalization is $1.4 trillion. The spot Bitcoin ETF, which began trading in January, has attracted $12 billion in inflows for BTC, with top trading firms and state funds among its investors.
Cryptopolitan Reporting by Florence Muchai
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