PEPE PEPE/USD, the meme coin represented by the most viral frog on the internet, experienced a remarkable surge of 44% amidst the renewed enthusiasm surrounding the institutional Bitcoin ETF frenzy and Bitcoin's BTC/USD price rally.
What Happened: The Pepe Coin rally came as institutional investors flock to the crypto space, specifically targeting Bitcoin. The introduction of the Bitcoin ETF captured the attention of major financial players, possibly paving the way for increased adoption and mainstream acceptance.
See Also: Bitcoin, Ether, Doge Skyrocket: Should You Be Buying At Current $30K Levels?
The surge in Pepe Coin's value is also linked to the overall positive sentiment surrounding the crypto market, which came as a welcome change after recent events that generated FUD.
The industry witnessed a downturn when the SEC sued major cryptocurrency exchanges Coinbase Global Inc and Binance.US, as well as the latter company's CEO Changpeng "CZ" Zhao.
Why It Matters: The regulatory actions and legal battles initiated by the SEC against these prominent players had a significant impact on market sentiment. Investors and traders became cautious, unsure about the future of the crypto industry and the implications of such regulatory scrutiny.
The news of major financial institutions embracing Bitcoin and applying for ETFs has injected a fresh wave of optimism into the market.
Bitcoin, the bellwether cryptocurrency, crossed the crucial $30,000 resistance level for the second time in 2023, reigniting investor confidence.
See Also: Fed Chair Powell: Cryptocurrencies Here To Stay, Central Banks Should Regulate Stablecoins
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