Cryptocurrency prices rose Monday as bitcoin climbed above $69,600 while ethereum trended toward $3,850.
The Securities and Exchange Commission on May 23 approved 19b-4 forms for eight ether ETF applications, paving the way for spot ethereum ETFs to launch later this year. The S-1 registration statements still need to be approved before the ETFs can officially debut. The SEC did not provide a timetable for a judgement on the S-1 filings.
Bitcoin on April 19 completed its fourth halving event, which slashed the rewards doled out to miners. Bitcoin’s price has historically risen in the months following previous halvings, but analysts are divided on the impact this year’s event will have.
Elsewhere, Sam Bankman-Fried on March 28 was sentenced to 25 years in prison for his role in the 2022 collapse of crypto exchange FTX.
The strong of new highs is rooted in the industry’s historic step forward on Jan. 11. That was the first trading day after the SEC approved 11 bitcoin ETF applications, which included issuers ARK Invest (ARKK), BlackRock (BLK), Grayscale, VanEck and more. Coinbase serves as the custodian for a majority of the new ETF issuers.
Cryptocurrency Price Action
Bitcoin rose to $69,650 early Monday, surging 2.3% over the last 24 hours. Bitcoin peaked at $70,399 on May 20 before easing. On March 14 bitcoin hit a new all-time high of $73,798, surpassing its prior record of $68,990 set in November 2021.
Bitcoin had spiked to $49,000 January 11 on the ETF launch day but then fell back into its early December 2023 level prior to the SEC announcement. The world’s largest cryptocurrency rebounded about 157% in 2023. Bitcoin is now up about 66% so far this year.
Ethereum traded near $3,840 Monday morning, climbing more than 1% over the last 24 hours. Ethereum is trending back toward its March 12, 52-week high of $4,092. The No. 2 crypto is still well below its November 2021 peak above $4,800.
Ethereum on March 8 crossed its $4,000 level for the first time in 26 months. Still, ETH soared nearly 68% in 2024.
