Ethereum ETFs dominated this week’s crypto market news, marking a significant milestone. However, other important developments also shaped the landscape. Notably, cryptocurrency values surged above $60,000, reaching their highest level since 2021. Meanwhile, the House passed a pivotal law aimed at reducing crypto regulation. Here’s a comprehensive roundup of this week’s most significant crypto headlines and developments.
- SEC Approves Ethereum ETFs:
The U.S. SEC officially approved eight spot Ethereum ETFs, including those from BlackRock, Fidelity, and Grayscale. The final step before trading begins is the approval of the S-1 registration statements.
- FIT21 Bill Passes House:
The U.S. House of Representatives passed the FIT21 bill, marking the first major crypto legislation to pass in Congress. It now moves to the Senate and aims to establish the CFTC as the primary crypto regulator.
- Grayscale Launches New Trusts:
Grayscale announced new trusts for Stacks (STX) and Near Protocol (NEAR), expanding investor options for crypto exposure.
- Trump Campaign Says “Yes” to Crypto Donations:
Unlike the more critical Biden campaign, the Trump campaign will start accepting cryptocurrency donations and appeal to the crypto community.
- Bitcoin and Ethereum ETPs on LSE:
Bitcoin and Ethereum exchange-traded products have been approved for listing on the London Stock Exchange, accessible only to professional and institutional investors.
- Bitcoin Spot ETF Volume Hits 7-Week High:
Sentiment data shows Bitcoin spot ETF inflows topping $303 million, driven by Fidelity and GBTC, which saw its first day of inflows in a week.
- 600+ Firms Invest in US Spot Bitcoin ETFs:
Over 600 firms have disclosed investments in U.S. spot Bitcoin ETFs, indicating strong institutional interest.
- Bitcoin Mining Costs Drop:
A JP Morgan report reveals a sharp decline in Bitcoin mining costs attributed to the exit of inefficient miners. This reduction is expected to enhance profitability for remaining miners and stabilize the market, reflecting a more efficient and streamlined mining ecosystem
The rapid evolution of the cryptocurrency landscape is reshaping the financial world in unprecedented ways. This week’s key developments, from the approval of Ethereum ETFs to significant legislative moves, highlight the industry’s potential to drive positive change. As regulatory clarity improves and new investment opportunities emerge, the crypto market is poised for a future filled with innovation and growth. Stay tuned for more groundbreaking updates in the cryptocurrency sector.
