The cryptocurrency market is on an upswing, with Bitcoin (BTC-USD) and Ethereum (ETH-USD) prices soaring on the back of the possible introduction of new cryptocurrency legislation and growing hopes surrounding the approval of a spot Ethereum ETF, boosting investor optimism towards the digital asset.
Yahoo Finance's Jared Blikre has more details.
For more expert insights and the latest market trends, click here to watch this full episode of Market Domination Overtime.
This post was written by angel smith
video transcript
Bitcoin and Ethereum are trending higher this week, and Jared Brick is on the sidelines with a close look at the latest moves in cryptocurrencies.
Jared.
That is correct.
It's been a bit quiet on our crypto heat map over the past 24 hours.
Pull it up.
We can see that Bitcoin rose 42 basis points.
Ethereum on the top right rose 33 basis points.
Let me show you a little bit about the next five days.
We witnessed an incredible explosion in the ether.
Oh, this has been happening for the last three days.
On Monday afternoon, talk emerged that spot Ethereum, Ether-Bitcoin, and a spot Ether ETF could finally hit the market.
And this will be a turning point for the SEC.
And all this happened after this fit.
The 21 bills that passed the House of Representatives will likely make it to President Biden's desk for him to sign.
Now he has come out against it.
But all this controversy has in a way cemented the fact that Republicans and Democrats alike cannot ignore cryptocurrencies.
In short, cryptocurrencies are on the agenda and we will have to wait and see how it plays out throughout the election.
But we have to think there is some favorable story, but that is just speculation.
Let's look at the price of Bitcoin.
Looking at year-to-date trends, we can see that Bitcoin is near the upper end of its recent trading range and has not recorded any new highs since March, but is showing a healthy stabilization trend.
We need to see if we can collect the steam on the next potential catalyst.
Um, I want to check out what's been going on and show you what's been going on with ETF S as well.
We have a number of spot Bitcoin ETF S as well as a few futures-based ETS including Ethereum. Here's how they performed today:
Well, I've noticed an incredible explosion in some of these personal names.
That must be BlackRock's offering and loyalty too.
