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Ether leads crypto rally as ETF approval outlook brightens
The Straits Times
|May 22, 2024
Ether rises almost I4 per cent in US trading in steepest advance since November 2022
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Crypto prices have surged on signs of momentum towards US approval of exchange traded funds (ETFs) investing directly in second-largest token Ether, a shift from a more downbeat outlook as recently as last week.
The market-moving speculation about spot-Ether ETFs is something of a redux of the investor enthusiasm that greeted comparable US Bitcoin funds, whose January listing spurred a rally in the biggest digital asset to a record high.
Ether rose almost 14 per cent in US trading on May 20 - the steepest advance since November 2022 - before adding to the gains in Asia to change hands at US$3,666 as at 9.33am in Singapore on May 21. Bitcoin, at one point, climbed towards US$72,000, in sight of its midMarch all-time peak of nearly US$74,000.
This story is from the May 22, 2024 edition of The Straits Times.
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