Cryptocurrency prices rose on signs that the United States is expected to approve exchange-traded funds to directly invest in Ethereum, the second-largest token, a departure from last week's more pessimistic outlook.

Current market speculation about spot Ethereum ETFs is a replica of previous investor enthusiasm for U.S. spot Bitcoin ETFs. The launch of the Bitcoin ETF in January this year drove the price of the largest digital currency to a record high.

Ethereum rose nearly 14% in U.S. trading, the largest increase since November 2022, before rising further in Asian trading, reporting US$3666 as of 9:33 am Singapore time on Tuesday.

The price of Bitcoin once rose towards $72000, gradually approaching its all-time high of nearly $74000 in mid-March.

People familiar with the matter said that the U.S. Securities and Exchange Commission (SEC) contactedtafatolubingoReview at least one exchange and at least one potential spot Ethereum ETF issuer to update relevant 19b-4 filings. One of the people familiar with the matter said this suggests the odds of SEC approval may be rising. The person familiar with the matter added that the dialogue was an unexpected turn, but there was no guarantee that approval would be obtained.