Summary
Bitcoin and ether saw a rally after a quiet weekend, with Bitcoin reaching $70,000 and ether trading around $3,640. Traders buying ether in hopes of an ETF approval may face challenges. Crypto-related equities like Coinbase and MicroStrategy also surged. Outflows from digital asset investment products were reported last week after a 7-week run of inflows.
Key Points
1. Bitcoin and ether both rallied on Monday, with Bitcoin reaching $70,000 and gaining 8%, while ether gained 7.5% to trade around $3,640.
2. Analysts warn that the approval of a spot ETH ETF by the US Securities and Exchange Commission is facing challenges and may not happen soon, despite social media speculation.
3. Crypto-related stocks, including Coinbase and MicroStrategy, saw significant spikes on Monday, with Bitcoin mining operations also experiencing gains. This comes after a week of outflows from digital asset investment products following a record 7-week run of inflows.