It's been a wild week for crypto, with what many consider a complete 180-degree turn by the Securities and Exchange Commission when the regulator took action on Thursday. approved eight points Ethereum AND F. The second said yes to Grayscale, VanEck, Fidelity and BlackRock after industry observers said for months the products would not be approved.
Despite the funds now entering the market, the price of the part didn't move much on the news. It's been another good week since the rumors of incoming approvals abandoned Monday: ETH is now trading at $3,747, a jump of over 20% over seven days.
ETFs will not be available until applicants have cleared their S-1 forms with the SEC. But this approval is a big victory for space. Soon, traditional investors will be able to buy stocks that track the price of the second-largest digital asset — and if the eventual product launch is anything like that of the Bitcoin ETF, capital will flood the space.
Bitcoin shrugged off ETH approval rumors on Monday and surpassed the $70,000 mark for the first time in over a month.
THE price of the largest digital asset has since fallen and now stands at $68,757 per coin, according to CoinGecko data, an increase of 2.8% over the week.
Other coins and tokens have increased over the past week, with Chain link, avalancheAnd Bitcoin Cash achieving gains of 4.8%, 3.1% and 3% respectively.
But Dogecoin is the best performing asset among the major assets, having jumped 7% in a week.
Its price is now $0.1656, according to Tesla CEO Elon Musk. job a photo on Twitter expressing condolences to Kabosu, the Shiba Inu behind the Doge meme, who deceased Friday.
Dogecoin, the original piece of money, was created as a joke by developers wanting to make fun of the seriousness of Bitcoin. But it gained ground in 2021 when Elon Musk – currently the third richest person on the planet –started pumping the piece on Twitter, the platform he now owns.
Its market capitalization has since increased and it is thus the ninth largest cryptocurrency.
Edited by Ryan Ozawa. Prices starting at 4:30 a.m. ET.
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