Bitcoin Bitcoin , ethereum and the wider crypto market have been on a Washington roller coaster this weekwith a "crucial" vote still to come.

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The bitcoin price has been boosted by a Democratic vibe shift that's been credited with potentially helping to change the U.S. Securities and Exchange Commission's (SEC) stance on the approval of a number of spot ethereum exchange-traded funds (ETFs) ahead of an expected decision this week.

Now, Galaxy Digital chief executive Mike Novogratz, a former Goldman Sachs partner and crypto stalwart, has predicted bitcoin, ethereum and crypto prices "are going to be much higher than here" due to the political sea-change.

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U.S. president Joe Biden has been cast as the anti-crypto candidate as former president Donald Trump ... [+] embraces bitcoin, ethereum and crypto.

A "widespread shift amongst Democrats" over the last 24 hours has led the SEC to reverse course on its planned rejection of spot ethereum ETFs this week, according to Novogratz, who told CNBC: "It feels like someone at the Biden White House made a call and said Guys, we cant be the party against crypto anymore.'"

The crypto divide between Trump and president Joe Biden has "set off a firestorm" in Washington D.C., according to Novogratz. "It almost became a purity testRepublican good for crypto, Democrat bad for crypto. And the Democratic regime woke up and said 'This is crazy.'"

The ethereum price rocketed around 30% this week after Barron's reported the SEC had notified the exchanges on which the ethereum ETFs would possibly trade that it's leaning toward approval. Earlier this week, Bloomberg Intelligence ETF analysts James Seyffart and Eric Balchunas suggested the SEC's u-turn on whether to approve the ethereum ETFs was due to the changing political winds.

Elsewhere, the U.S. House of Representatives is expected on Wednesday to vote on the Financial Innovation and Technology for the 21st Century Act known as Fit21 which would split up responsibility for cryptocurrency regulation between the SEC and the Commodities Futures Trading Commission (CFTC).

Nancy Pelosi, California Democrat and speaker emerita, is considering voting for the Republican-backed crypto bill, it was reported by The American Prospect, citing anonymous sources.

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The bitcoin price has rocketed higher this year, climbing along with the ethereum price and wider ... [+] crypto market.

At least eight House Democrats are vocally supporting the bill, according to a memo shared with Coindesk by a congressional aide. Senior Democrats have said they "strongly oppose" the bill but are not whipping their members against it, Politico reported.

Last week, 60 crypto companies and organizations including Gemini, Kraken, Coinbase and the Digital Currency Group (DCG) signed a letter in support of the bill.

Meanwhile, a high profile crypto executive who met with former president Donald Trump earlier this month, said he expects president Joe Biden to drop his threatened veto of a motion to repeal SAB 121, a controversial crypto accounting rule that locks the biggest Wall Street giants out of crypto custody services.

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Biden's 'Seismic Shift' Could Be About To Trigger A Huge Bitcoin Price Earthquake After Ethereum 'Firestorm' - Forbes