As another week draws to a close in the crypto world, the market has been a hotbed of noteworthy developments. The long-awaited Spot Ethereum ETF was approved by the U.S. Securities and Exchange Commission (SEC), while the first major cryptocurrency bill, FIT21, was also approved this week. As a testament to the market volatility, Bitcoin, Ethereum, and other cryptocurrencies have experienced a variety of price fluctuations. Meanwhile, Pepecoin (PEPE) has emerged as a hot topic in the crypto community.
Here are some of the top news stories from this week that seem to have sparked waves of discussion in the cryptocurrency community around the world.
Spot Ethereum ETF Approved
In a landmark move for the U.S. cryptocurrency industry, the SEC this week gave the green light to eight spot ETH ETFs through a blanket order, including those from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy and Bitwise.
However, in contrast to the sharp rise in BTC prices following the ETF's approval, ETH's price movements have been quite turbulent, sparking speculation about its future price movements.
FIT21 Cryptocurrency Bill Approved
Additionally, the U.S. House of Representatives passed the Financial Innovation and Technology Act (FIT21) this week, taking the first step toward a nationwide digital asset regulatory framework. The cryptocurrency bill clarifies that digital assets sold pursuant to an investment contract do not necessarily classify the assets as securities simply because they are sold or transferred within that investment contract.
Notably, while this has emerged as a potential game-changer for the Ripple vs. US SEC case, the broader community continues to speculate on how the crypto bill will impact ETH’s status as a security.
Also amid this legal development, XRP whales shuffled nearly 300 million coins.
Also read: 3 Dog-Themed Meme Coins to Buy Amid Dogecoin Bullish Predictions
PEPE leads the meme coins sector
Meanwhile, Pepecoin, the popular frog-themed meme cryptocurrency, has seen a phenomenal surge amid the overall market turmoil. The frog-themed token has hit multiple new highs, leading the way in the meme coin sector that has generated profits for investors.
Notably, PEPE overtook ICP (Internet Computer Protocol) to take 20th place in the global market cap rankings this week, but then quickly dropped back to 21st place. Also, its latest ATH is $0.00001577.
Also read: Coinbase and SEC file proposed agreement and protective order
