1min read
Published on: Feb 16, 2024
#Crypto 360
#Daily Brew
Even when pretty much everything has been red in honour of Valentine’s Day this week, the crypto markets seem to be following a different path.
From Bitcoin hitting highs not seen since 2021, to Ethereum breaking above the $2,800 level since May 2021 – it has definitely been a green week for crypto markets.
Maybe that’s crypto’s gift for us on Valentine’s? Or there is something else going on in the markets?
What’s happening, really?
The price of ether (ETH) rose through the $2,800 mark for the very first time since May 2022 as traders have been betting on the possibility of a spot ETH exchange-traded funds (ETFs) approval in the U.S.
(Who else is tired of reading about ETFs…)
It is no secret that the anticipation of a potential Ethereum ETF approval has been a major catalyst behind the recent bullish sentiment surrounding ETH.
Notable financial institutions such as BlackRock Inc (NYSE: BLK), Franklin Templeton, Grayscale Investments, and Fidelity Investments, among others, have already submitted applications for an Ethereum ETF.
Crypto Fear & Greed Index has also hit its highest point since Bitcoin’s 2021 record high.
Did you know? Ethereum’s lifetime peak was $5,000 in November 2021.
Recommended Read: Ethereum Explained
At time of writing, ETH is trading at $2,814.01.
This article is for informational purposes only and not intended as investment or financial advice. It contains opinions and speculations that are subject to change without notice.
The author and publisher disclaim any liability for decisions made based on the content of this article. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions.
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