Crypto bulls are speculating a spot Ether exchange-traded fund approval after reports emerged that the Securities and Exchange Commission allegedly U-turned on the spot Ether ETFs possibly due to political pressure with reports stating it has asked ETF exchanges to update their 19b-4 filings.

Ether’s price has pumped 19.4% over the last 24 hours and now trading at $3,685 — its highest price since April 9, according to CoinGecko. While it isn’t clear what caused the sudden shift, Bloomberg ETF analyst Eric Balchunas and other industry pundits speculate that it could be due to a "turning tide" in Capitol Hill regarding crypto.

Bitcoin Surges Over $71K as Ether ETF Hopes Lead to $260M in Short Liquidations. Some traders expect ether prices to reach as high as $4,000 in the coming days, with odds of an ether ETF approval raised to 75%. Bitcoin surged over $71,000 early Tuesday, its highest since early April, as ether surged over 19% to $3,700 after Bloomberg analysts raised the probability that spot ETH exchange-traded fund (ETF) gets approved in the U.S. to 75%.

The sudden move up caused over $260 million in market-wide short liquidations, the biggest since Feb.28. Ether shorts lost over $115 million, followed by bitcoin shorts at just over $99 million, Coinglass data shows. Crypto exchange Binance logged over $130 million in liquidations, the largest among counterparts, followed by OKX at $118 million and Huobi at $51 million.

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