- Ether and Bitcoin prices have jumped to multi-month highs, boosted by optimism around potential regulatory approval of crypto ETFs and rising institutional interest.
- Ether topped $2,000 for the first time since April, spurred by BlackRock taking steps toward a spot Ether ETF filing. Bitcoin reached an 18-month peak around $37,970.
- The price increases seem driven by anticipation of SEC approval for Bitcoin and Ethereum ETFs proposed by BlackRock and others, though trading volumes and short liquidations have also pushed crypto prices up.
The prices of major cryptocurrencies like Ethereum and Bitcoin have jumped to their highest levels in months, boosted by optimism around potential regulatory approval of crypto ETFs. Institutional interest seems to be rising at a pivotal time for the crypto industry.
Ether Price Tops $2,000
Ether, the native cryptocurrency of the Ethereum blockchain, surpassed the key $2,000 level on Thursday for the first time since April. This comes after BlackRock took initial steps toward filing for a spot Ether ETF. Ether was trading around $2,047 at its peak, up nearly 8% on the day.
Bitcoin Reaches 18-Month High
Bitcoin, the largest cryptocurrency by market value, climbed as high as $37,970 on Thursday. This is its highest level since May 2022. Bitcoin was trading around $36,500, up about 2% on the day.
The price jumps seem to be driven by optimism around potential regulatory approval of Bitcoin and Ethereum ETFs. BlackRock registered an Ethereum Trust, signaling plans to file for an Ether ETF. This comes after they filed for a Bitcoin ETF in June. An SEC Bitcoin ETF approval could propel prices higher.
Beyond ETF Hopes
The ETF catalyst aside, short liquidations have also pushed crypto prices higher. With Bitcoin already up over 120% in 2022, other coins are turning bullish again as well. Trading volumes are picking back up across crypto markets.
In addition to Ether, other major altcoins like Solana and Polygon have posted strong gains. Crypto equities like Coinbase and Marathon Digital are rising too. Even FTT, the token of the now-shuttered FTX exchange, spiked 45% on revival hopes.
While the rally looks promising, it remains to be seen whether it has legs. Crypto markets have desperately sought a positive catalyst in 2022. For now, the ETF developments seem to be providing that boost. But if an actual ETF approval comes, it could spur an even more significant surge.