Nvidia leads the way to a new high, Bitcoin surpasses 71K, cryptocurrencies celebrate a collective surge.

The Nasdaq, representing US tech stocks, hit a historic high yesterday, driven by optimism surrounding the potential approval of an Ethereum spot ETF. ETH surged nearly 20% to $3,681, while BTC also rose over 7%, surpassing $71K. The top ten cryptocurrencies by market value celebrated simultaneous gains.

Ethereum spot ETF on the horizon? Expected to be approved by 5/23? ETH surged 18% to $3,640.

Nasdaq Hits Record High, Market Awaits Nvidia Earnings on Wednesday

The Nasdaq, representing US tech stocks, hit a historic high yesterday. Nvidia, the AI giant set to announce earnings early Thursday Taiwan time, rose 2.5%, marking a 90% increase year-to-date. Optimistic expectations for Nvidia have driven up US tech stocks, with the Philadelphia Semiconductor Index surging 2.2% to its highest close since early March.

BTC Surpasses 71K

Bitcoin ETF saw capital inflows of $1.3 billion for two consecutive weeks, completely offsetting the outflows in April. Bitcoin rebounded from its low above 56K in early May, breaking through the $70,000 mark yesterday to reach $71,082 at the time of writing.

10x Research's trading model based on Bitcoin ETF GBTC showed a buy signal again over the weekend. Will Bitcoin have a chance to challenge the historical high of $73,777 in the near future?

Bitcoin ETF sees net inflows for two consecutive weeks, with a buy signal from 10x Research reappearing

Ethereum Spot ETF Likely to Be Approved? ETH Surges Nearly 20%

With optimism surrounding the potential approval of an Ethereum Spot ETF, ETH surged nearly 20% to above $3,600, breaking through the quarterly line of resistance. The next target is the high of $4,093 in mid-March.

However, this latest ETH surge is driven by news, and with the Ethereum Spot ETF approval deadline of 5/23 approaching, caution is advised against potential selling pressure from unmet expectations or a "sell the news" scenario.

Top 10 Cryptocurrency Performances

Yesterday, the top 10 cryptocurrencies by market value celebrated collective gains, with ETH being the top performer.