From Nasdaq, Inc.:

Last week brought excitement and speculation to the cryptocurrency market, with news hitting the mainstream that the SEC had approved Bitcoin ETFs. This led to a surge in prices for major cryptocurrencies, including Bitcoin which soared past $47,500, sparking a rally in other altcoins.

However, this news was met with suspicion, as the SEC confirmed that their official Twitter account had been hacked and false information had been spread about the approval of Bitcoin ETFs.

Despite this, enthusiast Elon Musk expressed interest in using Bitcoin on his X projects and Cathie Wood, the CEO of ARK Investment Management, revealed that she has a significant portion of her personal net worth invested in Bitcoin.

Meanwhile, the self-proclaimed ‘Dogecoin killer’ Shiba Inu experienced a significant increase in its token burn rate, effectively removing billions of Shiba Inu tokens from circulation.

In conclusion, it’s been an eventful week for the crypto market, with the approval of Bitcoin ETFs sparking a surge in prices and inspiring enthusiasm from industry figures, despite concerns over the security of information.



Read more: Weekly Crypto Recap: Bitcoin Etfs, SEC Twitter Hack, And Holdings Of Big Names