Cryptocurrency Price Movements Today: Bitcoin Tests $65K, Ether ETF Expected Next Week

The value of bitcoin (BTC) turned somewhat little early Tuesday day aft crossing nan $65,000 level successful precocious trading Monday.

Bitcoin was trading supra $64,000 Tuesday aft crypto speech Kraken received much than $3 cardinal worthy of bitcoin for distribution complete nan adjacent fewer weeks to Mt. Gox customers, according to a study successful The Block.

Two awesome developments successful nan past 24 hours—Republican statesmanlike nominee Donald Trump's prime to beryllium his moving mate and a imaginable spot ether ETF support adjacent week—may person driven bitcoin higher and brought gains to cryto-related stocks arsenic well.

Shares of Riot Platforms (RIOT) gained much than 5%, Marathon Digital (MARA) was up 4%, MicroStrategy (MSTR) added 2%, and Coinbase (COIN) was up much than 1% arsenic of 1:15 p.m. ET Tuesday.

Trump Picks 'Pro-Crypto' Vance As Running Mate

Former President Donald Trump is making efforts to get nan attraction of crypto industry. Even arsenic nan rising likelihood of his triumph sent bitcoin higher yesterday, Trump announced J.D. Vance arsenic his moving mate for nan 2024 U.S. statesmanlike election.

A Republican legislator from Ohio, Vance is besides a bitcoin investor. He antecedently disclosed holding up betwixt $100,000-$250,000 worthy of bitcoin successful 2022, and much recently, drafted industry-friendly crypto legislation, according to Politico.

And immoderate successful nan crypto manufacture were speedy to propulsion their weight down that nomination.

"Trump - Vance is simply a phenomenal summons period," Riot Platforms' Head of Public Policy Brian Morgenstern posted connected X. "But it’s an absolute dream travel existent for #Bitcoin & Bitcoiners, and nan broader crypto community."

Spot Ether ETFs May Begin Trading Next Week

The request created by spot bitcoin exchange-traded costs (ETFs) is credited for fueling a rally successful bitcoin prices successful nan first half of nan year. While spot ether ETFs whitethorn not animate a akin unreserved to invest, nan optimism astir their support whitethorn beryllium pushing bitcoin prices higher.

According to Bloomberg Senior ETF Analyst Eric Balchunas, discussions betwixt nan U.S. Securities and Exchange Commission (SEC) and prospective spot ether ETF issuers regarding nan related S-1 filings person progressed to nan constituent wherever nan motorboat of this caller financial instrumentality is now expected adjacent week.

"Hearing SEC yet gotten backmost to issuers today, asking them to return FINAL S-1s connected Wed (incl fees) and past petition effectiveness connected Monday aft adjacent for a TUESDAY 7/23 LAUNCH," Balchunas posted connected X. "This is provided nary unforeseeable past min issues of course!"

The value of ether (ETH), which is nan underlying cryptocurrency of nan Ethereum network, is astir level since Balchunas's post. However, it's worthy noting that nan support of various spot ether ETFs this summertime was already expected.