Odaily News Min Jung, a research analyst at Presto, said: “ETH’s strength could be due to Cboe’s application to the U.S. SEC for approval to allow collateralization in the 21Shares Ethereum ETF. One of the biggest issues facing ETH ETFs is that it cannot be collateralized, so if this plan is approved, it could be a game changer.”
In addition, BNB had the highest increase among the top 30 cryptocurrencies by market capitalization, rising 12% to around $710. Rachael Lucas, a cryptocurrency analyst at BTC Markets, believes that the rise in BNB prices is a "technical rebound." "The token bottomed out after falling to $500 on February 6 due to liquidation-driven selling. Given BNB's historical price trend, traders may view the $500 level as a key accumulation area, and it will rise further once the broader market sentiment improves."
At the same time, Presto analyst Jung pointed out that Binance’s listing of meme coins such as TST and CHEEMS, coupled with CZ’s promotion of BNB Chain on social media, may be the reason for the rise in BNB prices. (The Block)