Bitcoin Tests $65K, Ether ETF Expected Next Week

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The price of Bitcoin fell slightly early Tuesday afternoon after surpassing the $65,000 level late on Monday.

US Republican presidential candidate Donald Trump has chosen Ohio Senator JD Vance, who is considered to be “pro-crypto”, as his vice president.

Spot ether ETFs are expected to launch next week, with issuers expected to submit final applications for these products.

Cryptocurrency exchange Kraken has received more than $3 billion in bitcoin from the Mt. Gox Trustee to be distributed to former customers of the failed exchange.

The price of Bitcoin (BTC) fell slightly on Tuesday afternoon after surpassing the $65,000 level late on Monday.

Bitcoin traded above $64,000 on Tuesday after cryptocurrency exchange Kraken acquired more than $3 billion worth of Bitcoin to be distributed to Mt. Gox clients over the next few weeks, The Block reported.

Two major developments in the past 24 hours — Republican presidential candidate Donald Trump’s nomination as vice president and a possible spot ether ETF approval next week — may have sent Bitcoin higher and crypto-related stocks gaining.

As of 13:15 GMT on Tuesday, Riot Platforms (RIOT) shares are up over 5%, Marathon Digital (MARA) is up 4%, MicroStrategy (MSTR) is up 2% and Coinbase (COIN) is up over 1%.

Trump Picks ‘Pro-Crypto’ Vance as Vice President

Former President Donald Trump is scrambling to capture the crypto industry’s attention. As the growing odds of his victory sent bitcoin higher yesterday, Trump announced JD Vance as his running mate for the 2024 US presidential election.

Vance, a Republican senator from Ohio, is also a bitcoin investor. He has previously disclosed that he holds between $100,000 and $250,000 worth of bitcoin in 2022, according to Politico, and more recently drafted industry-friendly crypto legislation.

And some in the crypto industry were quick to support the candidacy.

“Trump-Vance is an extraordinary ticket,” Riot Platforms Head of Public Policy Brian Morgenstern shared on X. “But it’s a dream come true for #Bitcoin and Bitcoiners and the broader crypto community.”

Spot Ether ETFs Could Begin Trading Next Week

Demand generated by spot bitcoin exchange-traded funds (ETFs) has been credited with driving a rally in bitcoin prices in the first half of the year. While spot ether ETFs have not spurred a similar rush for investment, optimism around their approval may be pushing bitcoin prices higher.

Discussions between the U.S. Securities and Exchange Commission (SEC) and potential spot ether ETF issuers regarding the relevant S-1 filings have progressed to the point where this new financial instrument is expected to be launched next week, according to Bloomberg Senior ETF Analyst Eric Balchunas.

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“The SEC hearing finally got back to the issuers today, asking them to return FINAL S-1s (including fees) on Wednesday and then request validity for the TUESDAY 7/23 LAUNCH after the close on Monday,” Balchunas shared on X. “Of course there are no unforeseen last minute issues!”

The price of ether (ETH), the underlying cryptocurrency of the Ethereum network, has remained more or less stable since Balchunas’ post, but it’s worth noting that approval for several spot ether ETFs is already expected this summer.

Read the original article on Investopedia.