Ethereum jumps 17% on increased ETF approval odds

Ethereum (ETH), the second-largest asset by market cap, has surged by 17% following news of a higher success rate for its exchange-traded fund (ETF) to be approved by the U.S. Securities and Exchange Commission (SEC). On May 20, Ethereum experienced a significant surge, currently trading at $3,658 with a 24-hour market volume of $37 billion. The rise followed after Eric Balchunas, a senior analyst at Bloomberg, raised the odds of Ethereum exchange-traded fund approval from 25% to 75%. The analyst noted that the U.S. SEC’s quickening pace to approve the ETF might be a result of the agency facing political pressure.

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