This surge is primarily attributed to the expectation of more favorable regulations in the United States and speculation about Donald Trump's potential victory in the 2024 presidential elections.
The approval of these ETFs would be a significant step towards the widespread acceptance of cryptocurrencies and could pave the way for clearer and more favorable regulation in the future.
Many see his possible return to the White House in 2024 as an opportunity for a more friendly and less restrictive regulatory environment for cryptocurrencies in the United States.
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