This Week in Coins: Ethereum ETFs Get the Green Light, Dogecoin Jumps on Elon Musk’s Tweet

It's been a wild week for crypto in what many see as a complete 180-degree turn from the Securities and Exchange Commission, the regulator said on Thursday. approved Eight place Ethereum ETFs SEC After months of industry watchers saying the products wouldn't be accepted, the likes of Greyscale, VanEyck, Fidelity and BlackRock said yes.

Even though the funds are now moving to the market, the price of the coin has not moved much on the news. Even if rumors of earnings approvals subsided on Monday, it still had a good week: ETH is now trading at $3,747, a seven-day jump of more than 20%.

EFAs are not available until applicants file their S-1 forms with the SEC. But the approval is a big win for Space. Soon, traditional investors will be able to buy shares that track the value of the second largest digital asset — and capital will flood the space if the product launches as one, such as a Bitcoin ETF.

Bitcoin rose above the $70,000 mark for the first time in over a month on the back of ETH approval rumors on Monday.

The price of the giant digital asset has since fallen and is now at $68,757 per coin, according to data from CoinGecko, up 2.8% on the week.

Other coins and tokens rose last week, with Chainlink, Avalanche and Bitcoin Cash gaining 4.8%, 3.1% and 3% respectively.

But Dogecoin is the best performer among the major assets, jumping 7% in a week.

Tesla CEO Elon Musk is now trading at $0.1656 after tweeting his condolences for the Shiba Inu behind the doge meme who died on Friday.

Dogecoin, the first meme coin, was created as a joke by developers who wanted to poke fun at the seriousness of Bitcoin. But it gained near-mainstream traction in 2021 when Elon Musk — currently the third richest man on the planet — began tweeting his coin on the platform he now owns.

Its market capitalization has grown since then and is the ninth largest cryptocurrency as a result.

Edited by Ryan Ozawa. Price as of 4:30 am ET