Crypto Pre-drink: May 21, 2024

Crypto Pre-drink


  1. Bitcoin reaches over $71,000, driven by renewed optimism for U.S.-listed Ether ETFs, with Bloomberg analysts raising approval chances to 75%.
  2. The crypto market sees over $260 million in short liquidations, with major exchanges logging substantial losses.
  3. Ether's price rises 17% to above $3,600, fueled by favorable regulatory developments, and upcoming SEC decisions on proposed ETFs from VanEck and Ark.


In the Crypto Pre-drink, we serve up a daily shot of the hottest crypto news and market insights to fuel your investment decisions.




Bitcoin Hits New Highs


Bitcoin (BTC) has experienced a significant surge, surpassing $71,000, the highest level since early April. This surge is primarily driven by renewed hopes for the approval of U.S.-listed Ether ETFs. Bloomberg analysts have increased the probability of a spot ETH ETF approval to 75%, which has positively influenced market sentiment.


Massive Short Liquidations


The sudden upward movement in the crypto market has resulted in over $260 million in short liquidations. Ether shorts faced losses exceeding $115 million, while Bitcoin shorts saw losses just over $99 million. Major exchanges such as Binance, OKX, and Huobi reported substantial liquidations, with Binance alone logging over $130 million.


Broader Market Gains


Other major cryptocurrencies, including XRP, Cardano’s ADA, Solana’s SOL, and Dogecoin (DOGE), recorded gains ranging from 3% to 6%. The market rally commenced late Monday, following positive updates from Bloomberg analysts.


Regulatory Developments


The U.S. Securities and Exchange Commission (SEC) has requested exchanges to update 19b-4 filings for Ether ETFs ahead of a critical deadline, indicating potential imminent approval. An approved Ether ETF is expected to be a bullish event, likely to attract significant institutional capital.




Ether Price Increase


Ether (ETH) has surged by 17%, trading above $3,600, fueled by favorable regulatory developments. The CoinDesk 20 index, which tracks the largest digital assets, also rose nearly 8%.


Market and Trading Reactions


Traders have heavily invested in $4,000 Ether calls for late May, reflecting heightened confidence in further price increases. The implied volatility curve for Ether has flattened, indicating market expectations of future volatility.


Polymarket Predictions


Polymarket contracts show a significant increase in the probability of an Ether ETF approval by May 31, jumping from 10 cents to 55 cents, representing a 55% chance of approval. Another contract for approval by June 30 is currently trading at 68%.


Upcoming Decisions


Decisions on proposed Ether ETFs from VanEck and Ark are expected on May 23 and May 24, respectively. These decisions are eagerly awaited by market participants, as they could further impact Ether’s price and market dynamics.


>>> Related Article:

4 Key Factors Why Bitcoin Crosses $70K Again After Halving 2024


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