Crypto Headlines of The Week: Ethereum ETF & FIT21 Gets Greenlight, PEPE Leads Meme Coins

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As a seasoned crypto investor with a keen eye for market trends and a knack for spotting potential opportunities, I’ve been following the latest developments in the cryptocurrency sphere with great interest. This week has been particularly noteworthy, with several major milestones reached and intriguing price action observed across various coins.

As another week comes to an end in the ever-exciting world of cryptocurrency, I’ve found myself once again on the edge of my seat, taking in the latest developments. The long-awaited approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) has finally arrived, and the first significant crypto legislation, FIT21, also made its way through this week. The market’s volatility was on full display as Bitcoin, Ethereum, and other digital assets saw a varied price performance. Amidst all the excitement, Pepe coin (PEPE) has unexpectedly taken center stage in the crypto community.

Here is a curated selection of this week’s most debated news stories from the cryptocurrency world, sparking conversations among global enthusiasts.

Spot Ethereum ETF Approval

As a crypto investor, I’m thrilled to report that the SEC made history this week by approving eight Ethereum-based ETFs through an omnibus order. Some of the big names in the industry, like VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise, are now part of this landmark event in the US crypto landscape.

Despite the significant increase in Bitcoin’s price following the ETF approval, Ethereum’s price behavior was quite volatile. This has sparked much debate and uncertainty regarding Ethereum’s future pricing trends.

FIT21 Crypto Bill Gets Clearance

Additionally, the US House recently approved the FIT21 Act (Financial Innovation and Technology for the 21st Century Act) bill. This is a significant milestone towards establishing a unified regulatory system for digital assets across the country. The crypto legislation makes it clear that digital assets sold under an investment contract do not automatically fall under the category of securities just because they are transacted within that investment contract.

Significantly, this development is generating considerable buzz in the Ripple versus SEC legal battle, with observers also debating how the crypto bill might influence Ethereum’s classification in the ongoing securities lawsuit.

Also, XRP whales shuffled nearly 300 million coins amid this legal development.

PEPE Leads The Meme Coin Sector

In contrast to other cryptocurrencies experiencing market instability, Pepe Coin, a popular meme currency represented by a frog, has experienced remarkable growth. Reaching multiple new all-time highs (ATHs), this frog-themed token stands out as the leader in the meme coin segment, providing substantial returns for investors.

Significantly, PEPE surpassed ICP (Internet Computer Protocol) this week to claim the 20th position in global market capitalization rankings. However, it subsequently dropped back to the 21st spot. The most recent all-time high price for PEPE was $0.00001577.

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2024-05-26 08:35