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Bitwise has launched a Solana Staking ETP in Germany, offering an annual percentage yield of 6.48%, surpassing competitors like 21Shares. While U.S. regulatory challenges persist, optimism grows for future spot ETF approvals as demand for Solana-based products increases in Europe. The Solana blockchain continues to gain traction for its efficiency in DeFi and gaming, positioning it as a strong alternative to Ethereum.
Bitcoin spot ETFs experienced record outflows of $671.9 million, with Grayscale Bitcoin Trust losing the most at $208.6 million, amid a price drop to under $93,000. This decline coincided with market volatility and profit-taking ahead of anticipated Federal Reserve rate cuts, which may impact future investor sentiment. Grayscale's holdings have plummeted by 55% in 2024, as investors shift to lower-fee alternatives, raising concerns about potential selloffs due to regulatory scrutiny.
Cathie Wood, founder of ARK Investment Management, predicts a surge in mergers and acquisitions following Donald Trump's election, driven by anticipated regulatory rollbacks. She also forecasts Bitcoin could exceed $1 million by 2030, citing its fixed supply and growing institutional interest. Wood emphasizes that the crypto market is still in its early stages, with significant growth potential compared to gold.
Mark Yusko claims Donald Trump and his son Eric are investing heavily in cryptocurrencies like Bitcoin, XRP, and Hedera, potentially influencing U.S. crypto policies and ETF approvals. Speculation arises about classifying XRP and HBAR as national assets, while Charles Hoskinson refutes these claims, asserting Bitcoin is the only contender for a national reserve. Yusko remains optimistic about a shift in U.S. leadership towards a more crypto-friendly environment, reflecting global trends in innovation and competitiveness.
Bitcoin (BTC) plummeted 14% in three days, dropping from over $108,000 to around $93,200, influenced by the Federal Reserve's inflation concerns. The meme coin market suffered a 20% decline, with major assets like DOGE and SHIB facing significant losses, while XRP hit a multi-day low of under $2, though optimism remains for a potential rally driven by key developments.
A shift in the US's stance on digital assets is anticipated under the upcoming Trump presidency, potentially leading major banks to adopt crypto custody services as a first step toward deeper involvement in the sector. Trump has nominated crypto advocate Paul Atkins to head the SEC, replacing skeptic Gary Gensler, and appointed David Sacks as the White House's lead on artificial intelligence and cryptocurrency.
The SEC has approved the first dual Bitcoin and Ethereum ETFs, introduced by Hashdex and Franklin Templeton, marking a significant step in crypto adoption. The ETFs, set to launch in January 2024, will provide institutional investors with simplified access to these major cryptocurrencies, despite ongoing market volatility. This approval reflects a potential shift in the SEC's regulatory stance towards digital assets, following recent leadership changes.
The SEC has approved combined Bitcoin and Ethereum ETFs from Hashdex and Franklin Templeton, enhancing institutional access to these cryptocurrencies. The Hashdex Nasdaq Crypto Index US ETF and Franklin Templeton Crypto Index ETF received regulatory clearance, with the latter benefiting from an expedited review.Analysts suggest that upcoming leadership changes in Washington may have influenced these approvals, with a launch expected in January. Meanwhile, predictions indicate that Litecoin ETFs could be next, although demand among institutional investors remains uncertain.
Institutional players are reshaping the Bitcoin market, potentially leading to reduced volatility and a more stable environment. The Bitcoin Reserve Act could trigger a global race for Bitcoin accumulation among nations, fundamentally altering market dynamics and investor behavior. As institutional adoption grows, the influence of external factors may overshadow traditional cycles, challenging the notion of predictable price movements.
The Digital Chamber is calling for the SEC to "reset" its relationship with the crypto sector as Donald Trump prepares to return to the presidency. The advocacy group argues that Trump's crypto-friendly policies could foster transparency and cooperation, addressing regulatory concerns in his first 90 days. They also criticized the SEC's previous regulatory approach under Gary Gensler, advocating for clearer guidelines to help market participants comply with regulations.
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