- The cryptocurrency realm concludes another week, with spot Ethereum ETF, FIT21 crypto bill, and Pepe coin stealing the spotlight.
- Spot Ethereum ETF approval causes a stir in the crypto community.
- First major crypto bill, FIT21, gets clearance.
- Pepe coin emerged as the hot topic from the meme coin sector.
This week in crypto: Ethereum ETF approval, FIT21 bill clearance, and Pepe coin’s rise. Stay updated with the latest developments in the cryptocurrency market.
Spot Ethereum ETF Approval
Marking a landmark event within the United States’ crypto landscape, the SEC gave eight spot ETH ETFs a green light via an omnibus order this week. These ETH ETFs included VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise.
However, contrary to the surge in BTC price post-ETF approval, ETH’s price action witnessed quite the turbulence. This has stirred a whirlpool of speculation on ETH’s price action ahead.
Market Reactions and Speculations
The approval of the spot Ethereum ETFs has led to mixed reactions within the market. While some investors are optimistic about the long-term potential of ETH, others remain cautious due to the recent price volatility. Analysts suggest that the market is still digesting the implications of this approval, and it may take some time before a clear trend emerges.
FIT21 Crypto Bill Gets Clearance
Moreover, the U.S. House passed the FIT21 (Financial Innovation and Technology for the 21st Century Act) bill this week, marking the first step towards a regulatory framework for digital assets nationwide. The crypto bill clarifies that digital assets sold under an investment contract do not necessarily classify the asset as a security solely because it’s being sold or transferred within that investment contract.
Implications for the Crypto Market
This development has emerged as a potential game-changer for the Ripple vs. U.S. SEC lawsuit, while the broader community continues to speculate over the crypto bill’s impact on ETH’s status as a security lawsuit. Additionally, XRP whales shuffled nearly 300 million coins amid this legal development, indicating significant market movements in response to regulatory changes.
PEPE Leads The Meme Coin Sector
Whereas Pepe coin, a renowned frog-themed meme cryptocurrency, has surged phenomenally amid the broader market’s turbulence. Scaling multiple new ATHs, the frog-themed token has led the meme coin sector in offering investors gains.
Notably, PEPE also overtook ICP (Internet Computer Protocol) to secure the 20th spot in global rankings by market cap this week, although it slipped back to the 21st rank shortly after. Also, its most recent ATH is $0.00001577.
Future Outlook for Meme Coins
The rise of Pepe coin highlights the growing interest and investment in meme coins. As these tokens continue to capture the imagination of the crypto community, it remains to be seen how sustainable their growth will be. Investors are advised to stay informed and cautious, given the volatile nature of meme coins.
Conclusion
This week has been eventful in the cryptocurrency market, with significant developments such as the approval of spot Ethereum ETFs, the clearance of the FIT21 crypto bill, and the rise of Pepe coin. These events underscore the dynamic and rapidly evolving nature of the crypto landscape. Investors and enthusiasts should stay vigilant and informed as the market continues to navigate through these transformative changes.
