The cryptocurrency market is rallying, with the prices of bitcoin (BTC-USD) and ethereum (ETH-USD) soaring amid the potential introduction of new crypto legislation. Anticipation is also building around the approval of spot ether ETFs, fueling investor optimism for the digital assets.

Yahoo Finance's Jared Blikre breaks down the details.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Angel Smith

Video Transcript

Bitcoin and Ethereum trending higher this week, Jared Blick standing by with a deeper look at the latest moves in crypto.

Jared.

That's right.

It's been kind of quiet over the last 24 hours on our crypto heat map behind me.

We'll pull that up.

You can see Bitcoin up 42 basis points.

Ethereum in the upper right up 33 basis points.

Let me just show you the trailing five days.

We saw an incredible explosion in Ether.

Uh This is over the last three days.

It was Monday afternoon, a word that those Ethereum the spot, Ether Bitcoin, the spot Ether ETF finally coming to market potentially.

And this would mark an about face for the sec.

And this all came after this fit.

21 bill flew through the House of Representatives looks like it might get to President Biden's desk, looks like he might sign it.

Now he come out against it.

But all this controversy has just kind of cemented the fact that the parties, two of them Republican and Democrats alike cannot ignore crypto.

So crypto is on the agenda and we'll have to see how that plays throughout the election.

But you got to think that there's going to be some favorable talk, but that's just speculation.

Let's take a look at Bitcoin prices.

If we show the year to date, we can see that Bitcoin is now right up against the upper end of its most recent trading range, hasn't made any new highs since March, but this looks like a healthy consolidation.

We'll have to see we can gather any steam on the next potential catalyst.

Um I do want to check out what's been and show what's been happening with the ETF S as well.

We have a plethora of Spot Bitcoin ETF S and also some futures based ETS including Ethereum and here's a performance today.

Uh I just note that we have seen an incredible explosion into uh some of these uh individual names.

I bet that's Blackrock offering and fidelity as well.