Dogecoin (CRYPTO: DOGE) is trading higher by roughly 7.3% to the $0.076-level Monday afternoon, despite a lack of clear news or events that can be directly linked to this price rise.
The broader crypto market, including Dogecoin, has seen marked strength in recent weeks due to rising optimism about a potential spot Bitcoin ETF. Major financial firms are amending their ETF applications, and the SEC may approve a spot ETF soon.
Hong Kong may also be partially responsible for crypto optimism Monday, driven by the possibility of approving exchange-traded funds (ETFs) that directly invest in cryptocurrencies.
The city is contemplating granting retail investors access to these spot ETFs, pending resolution of regulatory concerns, as mentioned by Securities and Futures Commission (SFC) CEO Julia Leung. This development coincides with an ongoing investigation into the JPEX scandal.
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