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Bloomberg analyst boosts Ethereum ETF odds, sending crypto prices skyrocketing

moomoo News ·  May 21 02:16

The cryptocurrency market experienced a remarkable rally on Monday, fueled by growing expectations for the approval of spot Ethereum ETFs. This surge pushed Bitcoin back above $71,000, close to its all-time highs. Ethereum, the second-largest cryptocurrency by market cap, saw gains exceeding 20%, pushing its price above $3,700 for the first time in over two months.

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Bloomberg ETF analyst Eric Balchunas posted on X, increasing his estimated likelihood of a spot Ethereum ETF approval from 25% to 75%. The post received over one million views within an hour. Balchunas is considered a highly trusted source in the crypto ETF space, having been integral to news coverage of the spot Bitcoin ETFs released in January 2024.

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