Why Bitcoin And Ethereum Are Rising Today

The two largest cryptocurrencies by market cap, Bitcoin BTC/USD and Ethereum ETH/USD, are surging higher Monday following recent news that Australian regulators have approved a spot ETF using Bitcoin and Ethereum.

The Australian Securities and Investments Commision (ASIC) approved spot exchange-traded funds (ETFs) in Bitcoin and Ethereum. The ASIC also provided best-practice guidelines and requirements for issuers.

The approval will allow investors to gain direct exposure to the underlying assets prices through funds that trade on the Australian Securities Exchange.

Spot ETFs centered around Bitcoin and Ethereum are expected to increase in prevalence following the approval of a Bitcoin futures ETF, ProShares Bitcoin Strategy ETF BITO, last month. 

The Bitcoin network is also set to implement the Taproot upgrade over the coming week, which will improve the coin's privacy, efficiency and smart contract capabilities, according to reports. 

Related Link: Bitcoin Taproot Upgrade Closes In: First Major Upgrade Since 2017 Happens This Week

BTC, ETH Price Action: Ethereum is making new all-time highs Monday. It was up 3.57% at $4,779.68 over a 24-hour period at time of publication.

Bitcoin is closing in on all-time highs of 66,974.77. It was up 6.18% at $66,067 over a 24-hour period at time of publication.

Photo: Miloslav Hamřík from Pixabay.