With anticipation building for the Securities and Exchange Commission's (SEC) decision on spot ether ETFs, Ether is on the verge of its largest two-day gain in almost two years. This rise comes after reports of the SEC possibly approving Ethereum's ETF this week, Reuters report.
Ether rose 8% to a two-month high of $3,775 following a 13.8% spike on Tuesday. Meanwhile, bitcoin is approaching its top, up 2.2% to $71,000, just a whisker shy from its record.
Market rumors indicate likely SEC clearance, surprising previous forecasts of rejection. The euphoria follows the roaring success of spot bitcoin ETFs, which have received billions of dollars in inflows since their approval earlier this year.
Amidst the rally, bitcoin has notched a 67% gain in 2024, with Ether hot on its trail at 60%. Ben Laidler from eToro suggests Ethereum leads the charge before the SEC's decision deadline, hinting that even a nudge towards approval would be groundbreaking.
With submissions from ARK Investment and VanEck pending, SEC decisions are due on May 23 and 24. Speculation abounds as exchanges and analysts say that the SEC's request for filing updates may indicate a good decision.
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