Cryptocurrencies gain as investors turn optimistic on ether ETFs

FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON (Reuters) - Ether was set for its largest two-day gain in nearly two years on Tuesday amid speculation about the outcome of applications for U.S. spot exchange-traded funds that track the world's second-biggest cryptocurrency, while bitcoin also approached a record high.

Ether, which underpins the ethereum blockchain network, was 8% higher on the day at $3,775, its highest in two months, after jumping 13.8% on Monday.