Bitcoin inches higher, ether rallies after SEC greenlights launch of U.S. bitcoin ETFs

Bitcoin experienced a slight increase in price after the Securities and Exchange Commission (SEC) approved the trading of spot bitcoin ETFs in the U.S. The cryptocurrency’s price rose by over 1% and reached $47,352.72, while ether’s price surged by 15.5% to $2,606.00, its highest level since May 2022. Other coins within the Ethereum ecosystem, such as Polygon, Chainlink, and Uniswap, also saw gains. The approval of the ETFs is seen as a significant moment for the crypto industry, with expectations that it will drive the demand and price of bitcoin higher. SEC is set to make decisions on spot ETH ETF applications starting in May. Ether rallied less compared to bitcoin in 2023, rising by just 90% while bitcoin increased by 157%. However, ether rallies usually follow bitcoin in crypto bull markets and precede altcoin rallies.