Crypto Market Reacts to New DOGE and XRP ETFs with Indifference

As reported by Omkar Godbole, the SEC has taken a significant step forward in its pro-crypto stance by approving a spot ETF for DOGE, one of the more unconventional cryptocurrencies, alongside XRP. This development has sparked concerns among some observers, who believe that packaging such an asset in an ETF lends it an air of legitimacy it may not deserve, thereby putting investors at risk. Unlike major cryptocurrencies like bitcoin and ether, which serve as stores of value and facilitate decentralized finance, DOGE is heavily influenced by social media and fan culture. The crypto market appears unimpressed by this news, with DOGE experiencing a 2% drop in value over 24 hours. Similarly, XRP has fallen 2%, while bitcoin and ether remain under pressure. The CoinDesk 20 Index has also dipped 1.3%. In related news, Consensys CEO has announced that a Metamask token is in the works, and Ethereum's Fusaka upgrade is scheduled for December 3. This upgrade aims to enhance data availability and reduce costs for layer-2 rollups. Meanwhile, traditional markets are posing a challenge for crypto bulls, with the dollar index and Treasury yields on the rise. The Bank of Japan has opted to maintain its current rates, but with hints of potential hikes in the coming months.