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It’s been a tough week for cryptocurrencies, with many seeing regulators taking a complete 180-degree turn away from the Securities and Exchange Commission on Thursday. Approved eight digits Ethereum ETFs. SEC After industry observers said for months that the product would not be approved, companies such as Grayscale, VanEck, Fidelity and BlackRock agreed.
Despite the current influx of funds into the market, the price of the coin did not move much on the news. It was still a good week after news of approval broke on Monday. ETH is currently trading at $3,747, up more than 20% in 7 days.
ETFs cannot be used until the applicant files Form S-1 with the SEC. But the approval is a huge win for the space. Traditional investors will soon be able to purchase stocks that track the price of the second-largest digital asset, and if the final product launch is anything like a Bitcoin ETF, capital will flood the space.
Bitcoin topped $70,000 on Monday for the first time in over a month, driven by rumors of ETH approval.
The price of the largest digital asset has since fallen, now up 2.8% for the week at $68,757 per coin, according to data from CoinGecko.
Other coins and tokens also showed gains last week, with Chainlink, Avalanche, and Bitcoin Cash up 4.8%, 3.1%, and 3%, respectively.
However, Dogecoin was the best performer among the top assets, up 7% in a week.
The current price is $0.1656 after Tesla CEO Elon Musk posted a photo on Twitter expressing condolences for Kabosu, the Shiba Inu behind the deceased Doge meme, on Friday.
Dogecoin, the first meme coin, was created as a joke by developers to mock the seriousness of Bitcoin. But it gained near-mainstream traction in 2021 when Elon Musk, currently the third-richest man on the planet, started pumping the coin on Twitter, a platform he now owns.
Since then, its market capitalization has grown and eventually it has become the 9th largest cryptocurrency.
Edited by Ryan Ozawa. Prices as of 4:30 AM ET.
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