The value of cryptocurrencies has been affected by the approval of spot exchange-traded funds (ETFs) for ether in the US, according to experts at CoinGlass.

In early May 2024, the bitcoin rate fell below the $57,000 mark amid the US Federal Reserve's interest rate decision. However, the cryptocurrency's value then showed growth above $61,000 - after data on unemployment in the US emerged. After the publication of fresh US inflation figures, bitcoin broke above the $67,700 level, while ether surged to $3800.

Earlier, analysts at Grayscale announced that bitcoin's relevance is increasing due to changing macroeconomic conditions and the political situation in the US ahead of the presidential election.