As the week comes to an end, the cryptocurrency world has been bustling with significant news. The highly anticipated spot Ethereum ETFs have finally been approved by the U.S. Securities and Exchange Commission (SEC), and the FIT21 bill has also been passed, marking major milestones in the crypto regulatory landscape. Bitcoin, Ethereum, and other cryptocurrencies have shown varied price movements, while Pepe coin (PEPE) has become a hot topic among crypto enthusiasts.

Spot Ethereum ETF Gets Approval

A major development in the U.S. crypto scene occurred this week as the SEC approved eight spot Ethereum ETFs through a comprehensive order. These ETFs include offerings from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise.

Interestingly, unlike Bitcoin's price surge following its ETF approval, Ethereum's price has been quite volatile, leading to much speculation about its future price trajectory.

FIT21 Crypto Bill Passed

The U.S. House also passed the FIT21 (Financial Innovation and Technology for the 21st Century Act) bill this week, paving the way for a national regulatory framework for digital assets. The bill clarifies that digital assets sold under an investment contract are not automatically considered securities simply because they are sold or transferred within that contract.

This development is seen as a potential game-changer in the ongoing Ripple vs. U.S. SEC lawsuit, with the wider community pondering the bill's impact on Ethereum's status in securities regulations. In light of this legal shift, XRP whales moved nearly 300 million coins.

PEPE Coin Tops Meme Coin Sector

Meanwhile, Pepe coin, a frog-themed meme cryptocurrency, has seen remarkable growth amid the broader market's fluctuations. Reaching multiple new all-time highs, PEPE has led the meme coin sector, providing significant returns to investors.

PEPE also briefly climbed to the 20th spot in global market cap rankings, surpassing Internet Computer Protocol (ICP), before slipping back to the 21st rank. Its latest all-time high was recorded at $0.00001577.

Conclusion

This week has been a whirlwind of notable events in the crypto world, with the approval of spot Ethereum ETFs and the passing of the FIT21 bill setting new precedents. The market's dynamic nature continues to offer opportunities and challenges, as seen with the rise of PEPE coin. As these developments unfold, the global crypto community remains highly engaged and speculative about the future.