On Monday, Bitcoin jumped more than 6% on international exchanges as 70k USD was breached fairly easily by the bulls only to reach the resistance of 72k USD after 40 days. However, this jump was led by ETH which rose more than 15% as ETH gains surpassed BTC by a distance after a long time.
The major reason for ETH’s rise could be attributed to the Ethereum ETF deadline of May 23. While many analysts predicted that approval is highly unlikely for ETH ETF, the probability of an ETF approval suddenly jumped from 25% to 75%, according to Bloomberg analyst Eric Balchunas. This happened as the US SEC asked aspiring ether ETF exchanges to update 19b-4 filings ahead of the deadline. However, it is unlikely that the ETH ETF will be approved this week. In fact, the SEC moving in a positive direction has triggered the market.
With Ethereum on the move, other common layer-2 protocols built on top of Ethereum saw some gains, with ARB and OP leading the pack with more than 18% gains against USDT.
