Crypto News Today:Ethereum Surges 20% Amid ETF Approval hope

Crypto cap rises 8.40% to $2.74T, indicating increased value

• Bitcoin surpassed the $71,000 mark, marking its highest level in over five weeks, driven by growing inflows into Bitcoin spot ETFs.

• Ethereum prices surged by 19%, fueled by speculation surrounding the potential approval of ETH spot ETFs by the US SEC, as reported by the media.

Major Events To Watch

Crypto Fear and Greed Index:

The Fear and Greed Index rose by 6 points to 76 out of 100, indicating extreme greed and continued strong buying activity in the cryptocurrency market.

Crypto surged in the past day, indicating significant growth

TOP 5 Gainers Coins

Latest Market Update: 

• #Bitcoin ($BTC) neared its all-time high of $73,000, surging past the $71,000 mark early Tuesday.

•  #Ethereum ($ETH), #Dogecoin ($DOGE), #Ripple ($XRP), #Solana ($SOL), and #Litecoin ($LTC) all saw positive gains.

• #Lido DAO, emerged as the top performer with a 24-hour increase of almost 28.40%.

• On the downside, #Worldcoin ($WLD) experienced the largest decline, dropping nearly 10% over the same period.

• Total crypto market volume over the last 24 hours surged by 142.82%, reaching $131.7 billion.

• DeFi volume stands at $10.03 billion, constituting 7.61% of the total crypto market's 24-hour volume.

• Stable coins dominate the market with a volume of $121 billion, comprising 91.88% of the total crypto market 24-hour volume.

• Bitcoin's dominance decreased by 0.79% over the day, currently at 53.68%.

Major Worldwide News Update:

• On May 20, Ethereum surged 20% amid reports hinting at SEC approval of ETH spot ETFs, as the SEC pushed issuers to update their filings. Prior to this, analysts were pessimistic due to lack of communication. Yet, recent developments have raised approval odds from 25% to over 75%. The initial decision on VanEck's spot Ethereum ETF is expected by May 23, fueling ongoing price volatility.

• Gala Games urgently calls for token holders to migrate to V2 contract due to a security breach resulting in 5 billion GALA tokens being minted and sold, causing a 15% value drop. Failure to migrate risks serious financial losses, emphasizing the platform's ongoing security enhancements and recovery efforts.

• The SEC opposes Ripple's motion to seal and redact evidence, arguing public interest in disclosing Ripple's business details for remedies briefing. They claim concealing financial and sales data is unlawful and crucial for determining penalties. Analysts foresee Ethereum ETF approval, but predict prices to trade lower pending a breakout.

• U.S. senators passed H.J. Res. 109, nullifying SEC's rule on banks and digital assets. Despite bipartisan support, President Biden plans to veto, citing investor protection. With backing from 21 Democratic senators, pressure mounts. Crypto community and American Bankers Association urge swift action. Wisconsin's SWIB reveals substantial Bitcoin investments. Venezuela to disconnect crypto mining farms for stable power.

• Crypto investment products saw significant inflows for the second straight week, totaling $932 million, driven by the CPI report indicating easing inflation. Despite this, weekly volumes remained low compared to March. Bitcoin prices reacted to interest rate expectations, with Grayscale's Bitcoin ETF seeing minor inflows. Altcoin funds also experienced inflows.

• Former Finiko executive Lilian Nurieva sentenced to three years for involvement in $55 million Ponzi scheme. The fund, masquerading as a crypto investment scheme, defrauded over 10,000 investors. Nurieva cooperated with prosecutors, receiving a reduced sentence. Other defendants, including main organizer Kirill Doronin, await trial.

COIN GABBAR Views: Is Ethereum poised for a surge of over 20% amidst looming rounds of Spot ETF approvals? Could a new all-time high be on the horizon if BTC closes above $70K? Is an Ethereum (ETH) price breakout expected to spark an AltSeason soon? To get latest news Stay tuned us at coingabbar

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