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This Week in Coins: Ethereum ETFs Get Green Light, Dogecoin Jumps Over Elon Musk Tweet
It’s been a wild week for crypto, with what many consider a complete 180-degree turn from the Securities and Exchange Commission when the regulator on Thursday approved eighth place Ethereum ETFs. The SEC said yes to companies including Grayscale, VanEck, Fidelity and BlackRock after industry observers said for months the products would not be approved.
Despite the funds now reaching the market, the currency price didn’t move much with the news. It was still a great week since the rumors of approvals received knocked down on Monday: ETH is now trading for $3,747, a jump of more than 20% in seven days.
ETFs will not be available until applicants resolve their S-1 forms with the SEC. But the approval is a huge victory for space. Traditional investors will soon be able to buy shares that track the price of the second-largest digital asset – and if the eventual launch of the products is anything like the Bitcoin ETF, capital will flood into the space.
Bitcoin surpassed ETH approval rumors on Monday and surpassed the $70,000 mark for the first time in over a month.
O price of the largest digital asset has since fallen and now stands at $68,757 per coin, according to data from CoinGecko, up 2.8% for the week.
Other coins and tokens rose last week, with Chain link, AvalancheIt is Bitcoin Money obtaining gains of 4.8%, 3.1% and 3%, respectively.
But Dogecoin It has the best performance among the main assets, having jumped 7% in one week.
Now costs $0.1656, after Tesla CEO Elon Musk posted a photo on Twitter expressing his condolences to Kabosu, the Shiba Inu behind the Doge meme, who he died Friday.
Dogecoin, the original meme coin, was created as a joke by developers who wanted to mock the seriousness of Bitcoin. But it gained almost mainstream traction in 2021, when Elon Musk – currently the third richest person on the planet –started pumping the currency on Twitter, the platform he now owns.
Since then, its market value has grown and as a result it is the ninth largest cryptocurrency.
Edited by Ryan Ozawa. Prices starting at 4:30am ET.