Bitcoin cracks US$70,000, Ethereum nears US$4,000; JENNER, PEPE and memecoins drive markets

Bitcoin broke $70,000 on Monday as Ether approached $4,000 for the first time since March, according to CoinGecko data.

The market was still on the move after the U.S. Securities and Exchange Commission (SEC) granted provisional approval to identify Ethereum exchange-traded funds (ETFs) last week.

But memcoins were thrust into the spotlight on Monday when media star Caitlyn Jenner recorded over US$200 million in 24-hour trading volume since the launch of the new cryptocurrency.

The adoption of the industry by a mainstream celebrity sparked the memecoin rally. That sent Pepe up another 5.5% on Monday, adding to a 77% seven-day rally, according to CoinGecko data.

Jenner’s cryptocurrency launch is rife with controversy, causing market observers to question the project’s legitimacy.

Social media users debated whether Jenner’s video endorsements were generated by artificial intelligence.

The project appears to be supported by Jenner.

Jenner’s manager Sophia Hutchins attended the X Spaces speaking session to confirm their involvement in the project.

However, social media users brought to light that the project may be linked to Sahil Arora, an alleged fraudster known for his activities in the Avalanche chain.

Arora, whom Hutchins follows on Instagram, boasts of his connections by frequently sharing photos with celebrities on social media.

So far, Jenner has neither confirmed nor denied Arora’s involvement in the project; It was reported that Arora took over the project.