This Week in Crypto – ApeFest, Bitcoin, and an Ethereum ETF

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This week in the crypto world we saw ApeFest attendees coming away with more than they bargained for, Bitcoin erase 18 months worth of losses and an Ethereum ETF.

Are we actually back?

ApeFest Attendees Blinded by Potential (and UV Lights)

Some attendees of the recent ApeFest got more than they bargained for when a handful left with both the burning desire for their JPEGs to increase in value and a burning sensation in their eyes.

Organizers have since admitted that the use of UV-A emitting lights was “likely the cause” of the suffering experienced by a handful of Bored Apoe fans who showed symptoms of photokeratitis, an ailment resulting from UV light exposure, after last weekend’s event.

One victim has even taken steps towards suing the company due to his need to be hospitalized over the issue, which isn’t a surprise; prolonged exposure can lead to skin cancer.

Bitcoin Goes Green

Bitcoin holders have enjoyed a very profitable week as the price of one whole bitcoin rose from $34,500 to $38,000 based on continued ETF hype. $120 billion flowed into the ecosystem as a whole this week, taking out a crucial level of resistance in the process and suggesting that even greater price gains could be on the horizon.

$47,000 is not off the table as long as the ETF froth keeps bubbling, although the higher it goes the more chance there is that the news is priced in and confirmation will result in a dump.

Blackrock Fires the Starter Pistol on Ethereum ETF

Ethereum holders weren’t to be denied their moment under the glow of a rasping green candle, however, when Blackrock filed for an Ethereum ETF. The resultant news resulted in an 11% swing in ETH’s favor and immediately prompted calls for an alt season. While this may be premature, given that Bitcoin still seems to be running the show, the suggestion that there might also be an Ethereum ETF in this mix next year adds another dimension to the scale of the next bull run.

While Blackrock isn’t the first company to file for an Ethereum ETF it is by far the largest, and a successful Bitcoin ETF application will surely set it in good stead for the next one down on the market cap (and maybe user in a monster alt season too, who knows).