Bitcoin takes off

Following reports that exchange-traded fund (ETF) applications for the cryptocurrency Ethereum are set to be approved, the price of Bitcoin has approached 71 thousand dollars, while the price of Ethereum has risen by more than 18 percent, surpassing 3 thousand 600 dollars.

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According to data from the analysis firm Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, has increased by approximately 7.7 percent in 24 hours, reaching 2 trillion 600 billion dollars.

The price of Bitcoin, the largest cryptocurrency, is trading at 70 thousand 975 dollars, an increase of 6 percent over the last 24 hours, due to news flow suggesting that ETF applications for Ethereum will be approved.

Ethereum, which ranks second in terms of market capitalization, also gained more than 18 percent in value over the last 24 hours, exceeding the 3 thousand 600 dollar level.

Some reports in the international press had suggested that the U.S. Securities and Exchange Commission (SEC) had accelerated its work regarding the approval of applications for Ethereum ETFs.

Ethereum had become popular for providing decentralized financial services through automated software protocols.

The U.S. Securities and Exchange Commission (SEC) had approved 11 different spot Bitcoin ETF applications on January 11.

News Source: AA