Crypto Market Flips Green Amid Ethereum Futures ETF Approval, Dollar Weakness

By Nivesh Rustgi

It’s been a heady Friday morning for the crypto market.

Bitcoin (BTC) experienced a 2.4% gain in the past 24 hours, pushing its price above $27,000.

Ethereum (ETH) also saw a 3.3% increase, reclaiming support above $1,650.

A Bitfinex analyst told Decrypt that several factors contributed to this bullish price spike, including news of the Ethereum futures ETF, a 2% rise in the S&P 500 index, and approximately $80 million in short liquidations within the last 24 hours.

On Thursday, VanEck announced the upcoming launch of an Ethereum futures ETF, fueling bullish sentiments in the market.

The U.S. stock market has also flipped green, “giving hope for a market bottom” after a slump since mid-September, Bitfinex analysts told Decrypt.

Moreover, weakness in the dollar’s value may have also added to the bullish sentiments.

The dollar index (DXY) against other global reserve currencies fell for a second consecutive day, losing 1.13% from its yearly peak of 106.8 points.

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