Bitcoin's value increased by 5.3% to $45,435 following the SEC's approval of spot Bitcoin ETFs, with trading volume surpassing $1 billion.

The cryptocurrency market's upswing is linked to anticipation of Federal Reserve rate cuts, mitigating worries of a major market downturn.

Accompanying Bitcoin, other major cryptocurrencies also experienced gains: Ether (0.6%), Cardano (7%), Solana (5%), and Ripple's XRP (1%).

Crypto-related stocks responded positively, with MicroStrategy, Coinbase Global, Riot Platforms, Marathon Digital, and Hut 8 seeing increases between 7% and 15%.

Ethereum's 6% week-over-week gain was spurred by potential regulatory changes that could allow Ethereum staking as part of an ETF application by Ark Invest and 21Shares.

The overall optimism in the crypto market is fostering a sentiment that could set the stage for achieving new record highs.