Another week is ending in the world of cryptocurrencies, and the market has seen several noteworthy occurrences. This week, the U.S. Securities and Exchange Commission (SEC) approved the eagerly anticipated spot Ethereum ETFs, and FIT21, the first significant cryptocurrency bill, was also passed. The price movement of Bitcoin, Ethereum, and other cryptocurrencies was uneven, evidencing the market’s instability. In the meantime, the cryptocurrency community has noticed that Pepe coin (PEPE) is trending.
Here is a roundup of some of this week’s most talked-about stories, which seem to have sparked conversations among cryptocurrency enthusiasts worldwide.
Approval of Spot Ethereum ETF
In a significant development for the U.S. cryptocurrency market, the SEC has approved eight top ETH ETFs this week through an omnibus order. VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise were among several ETFs that incorporated ether.
However, in contrast to the spike in BTC prices following the approval of the ETF, ETH’s price behavior saw significant volatility. This has sparked a flurry of conjecture over ETH’s future price movement.
The FIT21 Crypto Bill is approved
Also, last week saw the passage of the FIT21 (Financial Innovation and Technology for the 21st Century Act) bill by the U.S. House, which is the initial move toward a national regulatory framework for digital assets. The crypto bill clarifies that just because digital assets are being sold or transferred within an investment contract, that does not mean they are automatically classified as securities.
Notably, the community is still speculating how the crypto bill would affect ETH’s classification as a security lawsuit, even if this has emerged as a potential game changer for the Ripple v. U.S. SEC lawsuit.
Around 300 million coins were also shuffled by XRP whales during this legal development.
In The Meme Coin Sector, PEPE Leads
On the other hand, amidst the volatility of the wider market, Pepe Coin, a well-known cryptocurrency with a frog theme, has experienced a remarkable rise. The frog-themed token has dominated the meme coin industry in providing gains for investors and scaling many new ATHs.
Notably, this week, PEPE surpassed ICP (Internet Computer Protocol) to take the 20th position in the global market capitalization rankings, although it quickly dropped back to the 21st position. Its latest ATH is also $0.00001577.
