It's been a tumultuous week for cryptocurrencies, with many seeing the Securities and Exchange Commission make a 180-degree turn on its regulatory stance on Thursday. approved 8 Spot Ethereum ETFs.SEC The firm approved products from Grayscale, VanEck, Fidelity, BlackRock and others, even though industry observers had said for months that these products would not be approved.
Despite funds flooding into the market, the coin's price did not fluctuate much on the news. The coin has had a strong week since rumors of approval died down on Monday. ETH is currently trading at $3,747, up more than 20% in seven days.
The ETF won't be available until the applicant sorts out its S-1 form, which it files with the SEC. But approval is a big win for the industry. Soon, traditional investors will be able to buy shares that track the price of the second-largest digital asset. And if the product eventually launches and is anything like a Bitcoin ETF, it could see a flood of money into the industry.
Bitcoin rose above the $70,000 mark for the first time in over a month on Monday, riding on rumors of ETH being approved.
Prices for the largest digital asset have since fallen and are now trading at $68,757 per coin, up 2.8% over the week, according to data from CoinGecko.
Other coins and tokens have also seen gains over the past week, with Chainlink, Avalanche and Bitcoin Cash up 4.8%, 3.1% and 3%, respectively.
However, Dogecoin was the best performing of the top assets, gaining 7% over the week.
Doge is currently priced at $0.1656 after Tesla CEO Elon Musk posted a photo on Twitter paying tribute to Kabosu, the Shiba Inu behind the Doge meme, who passed away on Friday.
Dogecoin, the original meme coin, was created as a joke by developers poking fun at the seriousness of bitcoin, but it gained near-mainstream acceptance in 2021 when Elon Musk, currently the third-richest person in the world, began promoting the coin on his personal platform, Twitter.
Since then, its market capitalization has grown, resulting in it becoming the ninth largest cryptocurrency.
Edited by Ryan Ozawa. Prices accurate as of 4:30am ET.
