The cryptocurrency market faced a sudden rise.
Bloomberg analysts Eric Balchunas and James Seyffart, who were previously extremely pessimistic about the approval of Ethereum Spot ETFs by the SEC, announced in their latest update that they had received some information and increased the probability of approval to 75%.
Analysts said that the reason they limited the approval probability to 75% was not to rush before possible filings in the coming days. So analysts' sentiments can be extremely strong.
However, after this news, the Ethereum price experienced a surge and increased by approximately 7% within minutes.
On the other hand, there were signs of increase in the price of Bitcoin, although not as much as Ethereum. The world's largest cryptocurrency has gained 2% in value in the last hour and is trading at $69,900 at the time of writing, according to CoinMarketCap data.
When the liquidation data is examined, it is seen that there has been a liquidation of 85 million dollars in the cryptocurrency market in the last hour. 80 million dollars of liquidations occurred in short positions. While Ethereum experienced a liquidation of 33 million dollars, the amount in Bitcoin was 30 million dollars.
*This is not investment advice.
