Pepe Pepe/USDRepresented by the internet’s most viral frog, Memecoin has experienced an astounding 44% surge amid a renewed frenzy surrounding institutional investors. Bitcoin ETFs with frenzy bitcoin BTC/USD soaring prices.
what happened: Pepecoin’s rise comes as institutional investors flock to the specifically targeted crypto space. Bitcoin. The introduction of Bitcoin ETFs caught the attention of big financial players and may have paved the way for increased adoption and mainstream acceptance.
SEE ALSO: Bitcoin, Ether and Doge Soar: Should You Buy at Current $30,000 Levels?
Pepe Coin’s surge in value was also associated with overall positive sentiment surrounding the cryptocurrency market, which came as a welcome change after recent events that triggered FUD.
The industry witnessed a downturn as the SEC sued a major cryptocurrency exchange Coinbase Global Co., Ltd. and Binance.USCEO of the latter company Changpeng “CZ” Zhao.
Why it matters: Regulatory action and legal battles initiated by the SEC against these high-profile companies have had a significant impact on market sentiment. Investors and traders have become cautious and uncertain about the future of the cryptocurrency industry and the implications of such regulatory oversight.
The news that a major financial institution is adopting Bitcoin and applying for an ETF has brought a new wave of optimism to the market.
Bitcoin, the leading cryptocurrency, has rekindled investor confidence by crossing the key resistance level of $30,000 for the second time in 2023.
See Also: Fed Chair Powell: Cryptocurrencies Will Live, Central Banks Should Regulate Stablecoins