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During Tuesday's trading session, Bitcoin saw a significant surge of over 6%, reaching $71,178. This surge was driven by increased buying activity and renewed capital inflows into spot BTC ETFs.
This upward movement propelled Ethereum's market cap to $453.2 billion. The surge in the cryptocurrency comes amid speculation about the outcome of applications for US spot exchange-traded funds tracking the world's second-biggest cryptocurrency. The rise can also be attributed to rumours suggesting that the Securities and Futures Commission could approve these products. Over the past seven days, Ethereum has experienced a significant increase in value, rising by 32%.
As of 12:14 p.m., Bitcoin was trading 1% lower at $63,649, while Ethereum experienced a 3.5% drop to $3,068. Additionally, altcoins like BNB (-1.1%), Dogecoin (-4.9%), Toncoin (2.6%), Cardano (3.3%), Avalanche (-3.1%), and Shiba Inu (-5.2%) followed suit in the downward trend.
Bitcoin declined on Thursday after the US Federal Reserve decided to maintain interest rates unchanged and its indication that rate cuts might be delayed.
These debuts mark the first launch of spot cryptocurrency ETFs in Asia, coming just three months after the U.S. introduced its first ETFs to track spot bitcoin.