Major cryptocurrencies spiked as much as 13% as a bump in bitcoin (BTC) led to an overall rise in crypto markets, buoyed by hopes of a spot bitcoin exchange-traded fund (ETF) approval.
All major tokens reversed losses from the past week, bitcoin jumped above $30,000, and ether (ETH) crossed the $1,600 mark on Friday. XRP gained 7.2% after a key court decision favoring payments firm Ripple helped improve sentiment. Meanwhile, Solana’s SOL rose 12%, extending its weekly gains to over 25%.
Bitcoin SV (BSV), a bitcoin fork token, rose 32% as crypto exchange Binance listed perpetual futures of BSV at a 50 times leverage, which may have attracted trader interest.
Several ETF providers amended their filings over multiple days in the past week alongside pressure on the U.S. Securities and Exchange Commission (SEC) to soften its stance on a bitcoin ETF approval.
“Betting on a sustained decline on BTC here is like going against gravity,” said Jack Tan, founder of crypto exchange WOO Network, in a note to CoinDesk. “For sure the ETF anticipation will provide a strong demand, but also if people start viewing BTC as a rush to safety trade, this will usher in a new paradigm.”