Chair (CHAIR) news

Solana ETF Applications Reach Next Stage in SEC Review

Another day, another once unthinkable crypto exchange traded fund filing. Several Solana ETF applications have become the latest such proposed investment vehicles to reach the starting gate. In a regulatory filing Tuesday the Securities and Exchange Commission (SEC) opened up public comment on the "Canary Solana Trust," a proposed ETF from Canary Capital that would bring SOL investing into mainstream finance. The SEC acknowledged similar filings from VanEck, 21Shares and Bitwise later in the day. The filing amounts to a clock-setting for these companies' proposed investment vehicle. In 21 days the SEC will render a verdict (approval or denial) or, perhaps more likely, kick the decision can with deadline extensions. Market observers are broadly bullish that SOL and other altcoins will win their own ETFs this year, but the exact timing and order is unclear. What's more seemingly apparent is the SEC's newfound willingness to look favorably upon the industry, and past the regulator's old misgivings under former Chair Gary Gensler. Donald Trump's return to the White House created an opening for Canary to act aggressively. The firm's looking to list altcoin ETFs for assets like Solana that would have been nonstarters under the old regime. Grayscale's prospective Solana ETF reached this starting gate last week, meaning its 21-day fate will come a few days before Canary's – and likely be a "canary in the coal mine" for both. Source: CoinDesk Futures Market Updates ETH is reaching an oversold level. Bitcoin Futures Updates Total BTC Open Interest: $60.88B (+1.78%) BTC Volume (24H): $69.27B (+17.24%) BTC Liquidations (24H): $36.16M (Long)/$7.95M (Short) Long/Short Ratio: 49.57%/50.43% Funding Rate: 0.0073% Ether Futures Updates Total ETH Open Interest: $22.23B (-1.50%) ETH Volume (24H): $32.49B (+14.07%) ETH Liquidations (24H): $23.57M (Long)/$6.81M (Short) Long/Short Ratio: 48.91%/51.09% Funding Rate: 0.0059% Top 3 OI Surges SYN: $17.72M (+301.06%) IDEX: $1.56M (+269.72%) AXL: $7.11M (+77.39%)

SEC Forms New Crypto Task Force Spearheaded by Hester Peirce

Gary Gensler only officially stepped down as chairman of the U.S. Securities and Exchange Commission (SEC) yesterday, but the federal agency’s approach to crypto is already getting an overhaul. Acting Chair Mark Uyeda announced Tuesday that the agency has created a crypto task force dedicated to “developing a comprehensive and clear regulatory framework for crypto assets.” The task force will be led by Commissioner Hester Peirce, a long-time advocate for the crypto industry, and will work closely with the crypto industry to develop regulations. The task force will also work with Congress, providing “technical assistance” as it crafts crypto regulations. Both the tone and content of the SEC’s Tuesday announcement indicate a radical shift in the agency’s approach to crypto regulation under the new Trump administration. “To date, the SEC has relied primarily on enforcement actions to regulate crypto retroactively and reactively, often adopting novel and untested legal interpretations along the way,” the statement said. “Clarity regarding who must register, and practical solutions for those seeking to register, have been elusive. The result has been confusion about what is legal, which creates an environment hostile to innovation and conducive to fraud. The SEC can do better.” The SEC’s new crypto task force will also coordinate with the Commodity Futures Trading Commission (CFTC) – which, under the leadership of former Chair Gensler and former CFTC Chairman Rostin Behnam, has been locked in competition with the SEC over which agency should be the primary regulator of the crypto industry. “This undertaking will take time, patience, and much hard work. It will succeed only if the Task Force has input from a wide range of investors, industry participants, academics, and other interested parties. We look forward to working hand-in-hand with the public to foster a regulatory environment that protects investors, facilitates capital formation, fosters market integrity, and supports innovation,” said Commissioner Peirce in a statement. Source: CoinDesk Futures Market Updates Funding rates are no longer over-bullish, and the Long/Short ratio is now at more balanced levels. Bitcoin Futures Updates Total BTC Open Interest: $69.02B (+2.05%) BTC Volume (24H): $106.50B (-50.97%) BTC Liquidations (24H): $23.24M (Long)/$42.45M (Short) Long/Short Ratio: 50.57%/49.43% Funding Rate: 0.0069% Ether Futures Updates Total ETH Open Interest: $31.25B (+1.62%) ETH Volume (24H): $35.51B (-55.78%) ETH Liquidations (24H): $13.56M (Long)/$10.58M (Short) Long/Short Ratio: 49.60%/50.40% Funding Rate: 0.0098% Top 3 OI Surges VTHO: $18.47M (+3,927.40%) KDOGS: $704.09K (+361.98%) DBR: $14.10M (+214.19%)

Bitcoin's Nosedive to Under $100K Shaves $700M Crypto Longs, XRP Drops 5%

BTC fell under $100,000 in late U.S. hours before slightly recovering during early Asian hours Thursday, as the Federal Reserve hinted at a few rate cuts in 2025. Fed chair Jerome Powell then said at a post-FOMC press conference that the central bank wasn’t allowed to own bitcoin under current regulations — in response to a question about President-elect Donald Trump’s strategic reserve promises. "That's the kind of thing that Congress should consider, but we are not looking for a law change," Powell said. In a July campaign, Trump said the government would keep 100% of all the bitcoin it currently holds or acquires in the future under his administration — referring to the stockpile of seized BTC held by the country. BTC fell 3% after Powell’s comments, causing a dive across majors. XRP, dogecoin (DOGE) and Solana’s SOL fell as much as 5.5%, with BNB Chain’s BNB and ether (ETH) down 2.5%. Chainlink’s LINK fared the worst with a 10% drop — erasing some gains from earlier in the week as Trump-backed World Liberty Financial purchased $2 million worth of the tokens. The market slide led to over $700 million in bullish bets liquidated, with futures tracking smaller altcoins and meme tokens recording higher losses than BTC or ETH futures in an unusual move, data shows. Source: Coinglass Some traders say Powell’s comment may mark a local top, dampening expectations of a continued rally toward the end of the month. Source: CoinDesk Futures Market Updates FED's hawkish tone sent Bitcoin below $100K, thus erasing long positions. Bitcoin Futures Updates Total BTC Open Interest: $67.73B (-1.19%) BTC Volume (24H): $151.22B (+41.86%) BTC Liquidations (24H): $112.65M (Long)/$33.90M (Short) Long/Short Ratio: 48.55%/51.45% Funding Rate: 0.0076% Ether Futures Updates Total ETH Open Interest: $27.13B (-3.97%) ETH Volume (24H): $74.62B (+33.37%) ETH Liquidations (24H): $111.96M (Long)/$15.59M (Short) Long/Short Ratio: 47.85%/52.15% Funding Rate: 0.0094% Top 3 OI Surges USUAL: $92.20M (+758,574,971.63%) APU: $35.60K (+936.22%) UXLINK: $166.51M (+70.13%)

Bitcoin Soars to Record High Above $106K, Then Retreats as Hawkish Fed Rate Cut Looms

Bitcoin (BTC) surged to over $106,000 in early Asian hours, setting new all-time highs before quickly retreating to $104,500 amid concerns about the upcoming U.S. Federal Reserve (Fed) rate cut. The U.S. central bank is expected to reduce the benchmark borrowing cost by 25 basis points to the 4.25% to 4.5% range, marking a total easing of 100 basis points since September. However, there are concerns that the accompanying Fed commentary will seek to temper expectations for further easing, potentially diminishing the bullish impact of the rate cut. The Fed will announce its rate decision, the dot plot, comprising interest rate projections, and economic forecasts on Dec. 18 at 14:00 ET. A press conference by the Fed Chair Jerome Powell will occur a half hour later. The previous dot plot released on Sept. 18 showed 2.5 points of rate cuts by the end of 2026, pushing the borrowing cost below 3%. Some observers believe the Fed will trim these forecasts on Wednesday. "We suggest the risk of a 'hawkish' cut with less rate hikes next year than anticipated in September in the Summary of Economic Projections (dot plot), recognition that economy is stronger than it had expected previously, and inflation is on a bumpy path that allows the Fed to be patient," Marc Chandler, chief market strategist at Bannockburn Global Forex, said in Sunday's edition of the newsletter. If the projections reflect slower or fewer rate cuts, Treasury yields and the dollar will likely extend their recent run higher, potentially making it harder for risk assets, including BTC, to stay as strongly bid as they have been of late. That said, seasonality is quite bullish for BTC, and with President-elect Trump sending positive regulatory vibes to crypto, a potential hawkish Fed may not have a long-lasting impact on the cryptocurrency. Besides, the Fed rate cuts will still remain on the table alongside an expected easing from China, keeping BTC's bull case intact. Later this week, markets will get the latest core PCE reading, the Fed's preferred inflation gauge, which will reveal whether the recent upticks in consumer price inflation are a fluke or hints of a genuine inflation rebound. Source: CoinDesk Futures Market Updates Although BTC prices were going up, long liquidations still hit more than $100M. Bitcoin Futures Updates Total BTC Open Interest: $67.22B (+6.47%) BTC Volume (24H): $84.06B (+77.32%) BTC Liquidations (24H): $16.15M (Long)/$103.75M (Short) Long/Short Ratio: 52.05%/47.95% Funding Rate: 0.132% Ether Futures Updates Total ETH Open Interest: $28.06B (+3.95%) ETH Volume (24H): $37.37B (+37.47%) ETH Liquidations (24H): $25.38M (Long)/$24.01M (Short) Long/Short Ratio: 50.01%/49.99% Funding Rate: 0.0147% Top 3 OI Surges MOCA: $34.90M (+1,297.14%) PIRATE: $4.50M (+147.99%) COW: $102.02M (+132.99%)

Bitcoin's $100K Milestone: A Season Of Growth And Optimism

As the festive season fills the air with anticipation and cheer, Bitcoin's market narrative mirrors the spirit of the holidays: brimming with hope, tempered by uncertainty, and fuelled by the unexpected. With the cryptocurrency crossing the historic $100,000 mark this year, its journey toward uncharted territories feels as electrifying as a countdown to midnight on New Year’s Eve. But amid the lights and festivities, this is not just about numbers—it’s about the story Bitcoin tells as it dances to the rhythm of a changing financial landscape. A Year To Remember 2024 has been a landmark year for Bitcoin. From the launch of long-awaited spot Bitcoin ETFs in January and its fourth halving in April to Trump's re-election in November, the cryptocurrency has evolved from a niche investment to a trendy addition institutional portfolios. Wall Street's embrace of Bitcoin has been particularly striking, with $3.85 billion flowing into digital asset funds just last week. BlackRock’s iShares ETFs accounted for a staggering $3.2 billion of this, underscoring the growing demand for exposure to Bitcoin’s potential. Source: CoinShares These numbers are significant, but they also carry a note of caution. Despite the inflows, Bitcoin has found itself grappling with sell-side pressure from long-term holders, who have offloaded 827,783 BTC over the past month. This duality—intense demand on one side, steady liquidation on the other—paints a complex picture of Bitcoin’s journey into the festive season. In many ways, Bitcoin's narrative reflects the festive spirit. The holidays bring a sense of collective optimism, much like the crypto market’s shared hope for a brighter future. Yet, this time of year also invites reflection, i.e. a moment to pause and assess where we've been and where we're headed. For Bitcoin, this moment is significant. The cryptocurrency’s rally past $100,000 was not simply a triumph of price but a milestone in its maturation. As Steven McClurg, CEO of Canary Capital, suggests, Bitcoin is entering a phase where it will align more closely with macroeconomic cycles. This shift represents a departure from its earlier, more speculative days. Events like the upcoming Federal Reserve meeting and the release of November's Consumer Price Index (CPI) data will likely have a significant impact on Bitcoin's short-term prices. These developments show how deeply entwined Bitcoin has become with traditional financial systems despite its revolutionary nature. A Festive Balancing Act The festive season is traditionally a time for indulgence, celebration, and also for balance and moderation. Analysts note that realised profits have dropped by 76% since Bitcoin's climb toward $100,000 began, signalling a significant cooling of sell-side pressure. This easing could pave the way for more stable price movements as we approach the end of the year. Source: Glassnode At the same time, the market's volatility remains a key feature of its identity. Glassnode’s James Check points out that existing holders continue to exert immense sell-side pressure, creating a delicate balancing act between new demand from ETFs and persistent profit-taking by long-term investors. Yet, much like the holidays, where moments of chaos often give way to magic, Bitcoin's volatility holds the promise of surprises. Whether it’s a surge driven by institutional momentum or a stabilisation as the market digests recent gains, the festive season is poised to be another pivotal chapter in Bitcoin’s story. We are also expecting a time of transformation with endings and new beginnings. This is particularly true for Bitcoin in 2024. The cryptocurrency has not only broken price records but also reshaped its role in the global financial ecosystem. Donald Trump's victory in the U.S. presidential election and his appointment of Paul Atkins as the incoming SEC Chair have sparked renewed optimism for the industry. Atkins' pro-crypto stance is expected to bring regulatory clarity and potentially pave the way for more innovation and adoption. For an asset that began as a decentralised experiment, this institutional embrace marks a profound evolution. The Gift Of Perspective Whether Bitcoin surges to new heights or consolidates around $100,000 as the year comes to a close, its story is far from over. The festive season invites us to celebrate progress while preparing for what's ahead. For Bitcoin, as for the holidays, this is a reminder that the best gifts are often those that unfold over time. As we toast to the season, Bitcoin’s journey serves as a fitting metaphor for the spirit of possibility: unpredictable, exhilarating, and ultimately transformative. In the world of finance and beyond, this holiday season, Bitcoin stands not just as an asset but as a manifestation of the power of innovation and belief. Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

From $100K to $146K? Bitcoin’s Ceiling Price Potential

Bitcoin recently surged past the $100,000 milestone, hitting a new all-time high of $104,630 on December 5, 2024. This 9% rally was fueled by multiple factors, including the appointment of former SEC commissioner Paul Atkins as SEC chair and significant inflows into spot Bitcoin ETFs, totaling $556.8 million. Retail investor activity has also played a key role, with 30-day demand hitting its highest level since 2020. Analyst insights suggest this heightened engagement, combined with institutional interest, could drive sustained momentum. U.S. demand is particularly strong, evidenced by consistent buying pressure on Coinbase, marking its longest streak since March 2024. CryptoQuant's CEO, Ki-Young Ju, highlighted Bitcoin’s "ceiling price," which has risen from $129,000 to $146,000, reflecting increased market demand. However, analysts warn of potential corrections to flush out overleveraged trades, advising investors to prepare for dips. Immediate price targets are set at $105,000 and $111,000, with the Relative Strength Index (RSI) indicating room for a slight push before a potential correction. Despite breaching six figures, Bitcoin remains in a price discovery phase, signaling both opportunities and risks for traders. Source: Cointelegraph Futures Market Updates In the past 24 hours, BTC futures experienced a decline in open interest (-5.38%) but saw a sharp increase in trading volume (+19.34%), indicating heightened market activity despite reduced positions. ETH futures, in contrast, showed a modest rise in open interest (+1.44%) but a notable drop in trading volume (-9.54%), suggesting slower trading activity but increased commitment to positions. BTC liquidations were significantly higher than ETH, particularly on the long side ($420.88M vs. $67.42M), reflecting greater volatility. Both markets had similar long/short ratios, with slightly more short positions, but ETH's funding rate (0.0380%) was higher than BTC's (0.0113%), signaling stronger demand for leveraged ETH longs. BTC Futures Updates Total BTC Open Interest: $61.19B (-5.38%) BTC Volume (24H): $169.62B (+19.34%) BTC Liquidations (24H): $420.88M (Long)/$75.08M (Short) Long/Short Ratio: 48.62%/51.38% Funding Rate: 0.0113% Ether Futures Updates Total ETH Open Interest: $26.47B (+1.44%) ETH Volume (24H): $72.20B (-9.54%) ETH Liquidations (24H): $67.42M (Long)/$19.00M (Short) Long/Short Ratio: 48.26%/51.74% Funding Rate: 0.0380% Top 3 OI Surges FIO: $11.68M (+109.10%) MORPHO: $58.73M (+109.08%) ORCA: $3.42M (+101.53%)

Why Is XRP Skyrocketing?

Altcoin season is here! In just under a month, XRP has erased the losses of the past three and a half years, surging by over 400% to reach levels not seen since 2018. This November, it wasn't Bitcoin (BTC), Solana (SOL), or even the frenzy of meme coins that took center stage, but Ripple (XRP) stood out on its own, with a sharp and significant price rise that sent the market into a frenzy. Source: Bitget Now it's time to take a closer look at why XRP's price rose so quickly and what might come next for XRP. Factors Contributing to XRP's Surge XRP's rapid price rise is mainly due to positive news and growing enthusiasm from investors. Here are the three key reasons: 1 - Progress in the SEC Lawsuit The prolonged lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) has long been a major drag on XRP’s price. However, in November 2024, there was a surprising twist. The United States Court of Appeals for the Second Circuit ordered the SEC to submit its lawsuit brief by January 15, 2025. Shortly after, Judge Phyllis Hamilton approved a final ruling on the resolved Ripple class-action lawsuit and paused other pending lawsuits, allowing trials to begin by January 21, 2025. On top of that, current SEC Chair Gary Gensler hinted that he might resign around the time of Trump's return to power, which further boosted XRP's price. These updates showed that Ripple might have a legal advantage, which boosted investor confidence. 2 - Expansion of Institutional Partnerships Ripple has also been expanding its industry partnerships. In October, Ripple appointed Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish as trading partners for its upcoming Ripple USD (RLUSD) stablecoin, with liquidity support from B2C2 and Keyrock. Additionally, MoonPay, a crypto payments company, partnered with Ripple to let users buy, store, and manage XRP through their MoonPay accounts. In late November, Ripple also announced partnerships with Archax and UK asset manager ABRDN PLC, with plans to launch the first tokenized money market fund on the XRP Ledger. 3 - Stablecoin Launch As a crypto payments company, Ripple is planning to expand into the stablecoin market. In mid-November, Ripple announced the launch of Ripple USD (RLUSD), a stablecoin focused on corporate use cases. RLUSD aims to provide stability, efficiency, and transparency, enhancing Ripple's cross-border payment solutions and meeting the increasing demand for USD-based transactions, with a potential launch in December. Moreover, multiple sources have suggested that an XRP ETF could be next in line after Bitcoin and Ethereum ETFs. At the end of November, Fox Business reported that global ETF provider WisdomTree registered an XRP ETF in Delaware, and the company confirmed the filing. WisdomTree currently manages over $100 billion in assets. Nate Geraci, President of The ETF Store, also mentioned that Bitwise, Canary, and 21 Shares have already submitted applications for XRP ETFs, with more issuers expected to join. The Future of XRP From a technical perspective, XRP faces significant short-term selling pressure, especially since its recent price trend closely resembles the parabolic movement seen in 2017. Back then, XRP/USD broke out of a years-long symmetrical triangle, surging from below $0.01 to nearly $3.55, its all-time high. In 2024, after consolidating within a similar triangle for over three years, XRP seems to be making a comparable breakout. XRP/USD Monthly Price Chart. Source: TradingView Even though XRP faces technical resistance in the short term, its market cap briefly returned to pre-SEC lawsuit levels. The market seems optimistic as this six-year legal saga, which started in 2018, is nearing its conclusion. The future for Ripple and XRP looks increasingly positive. Earlier, Yoshitaka Kitao, CEO of Japanese financial giant SBI Holdings, suggested that Ripple should prepare for an IPO once the SEC issue is resolved. SBI Holdings has been working with Ripple since 2017 to promote global payment innovation. Kitao, who joined Ripple's board in 2019, has been a key supporter of Ripple and XRP, predicting it would become a global standard for digital currencies due to its efficiency, low costs, and scalability. Although Ripple CEO Brad Garlinghouse previously dismissed similar suggestions, an IPO could still be a possibility for Ripple's future. As the regulatory environment for cryptocurrencies continues to improve, more "crypto concept stocks" may enter the U.S. markets, potentially driving another growth wave for Ripple and XRP. Trade XRP on Bitget today! Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

241127: Trump’s Crypto Plan: SEC’s Role Diminishes as CFTC Steps In

Donald Trump's administration is reportedly considering shifting crypto regulation to the Commodity Futures Trading Commission (CFTC), potentially reducing the Securities and Exchange Commission's (SEC) role. The move could grant the CFTC oversight of crypto spot markets and exchanges for digital assets classified as commodities, according to Fox Business. Trump’s team argues that the SEC’s aggressive enforcement has hindered U.S. crypto innovation, and a less restrictive approach may foster industry growth. The CFTC, seen as more industry-friendly with a lighter regulatory touch, is favored by many in the crypto sector. Former CFTC Chair Chris Giancarlo believes the agency is well-positioned to regulate digital commodities if provided with adequate funding and leadership. The CFTC’s $706 million budget and 700 staff are significantly smaller than the SEC’s $3 billion budget and 5,300 employees. Despite its limited resources, the CFTC has actively pursued crypto-related enforcement, with half its actions in 2024 targeting the sector. Meanwhile, SEC leadership changes are on the horizon, as Chair Gary Gensler and Commissioner Jaime Lizárraga will step down in early 2025, possibly signaling a shift in regulatory priorities. The transition could mark a pivotal moment for U.S. crypto regulation. Source: Cointelegraph Futures Market Updates In the past 24 hours, BTC futures experienced a decline in total open interest (-4.83%) and a slight drop in volume (-1.56%), while ETH futures saw a small increase in open interest (+1.22%) but a significant drop in trading volume (-25.94%). Liquidations for BTC were higher overall, particularly for longs ($76.03M), compared to ETH longs ($60.70M). Both BTC and ETH had more shorts than longs, with similar long/short ratios, but ETH funding rates (0.0300%) were slightly higher than BTC (0.0247%). This reflects contrasting trends: BTC showed reduced activity across metrics, while ETH saw mixed signals, with increasing open interest despite sharply lower trading volume. BTC Futures Updates Total BTC Open Interest: $59.42B (-4.83%) BTC Volume (24H): $127.49B (-1.56%) BTC Liquidations (24H): $76.03M (Long)/$41.50M (Short) Long/Short Ratio: 48.76%/51.24% Funding Rate: 0.0247% Ether Futures Updates Total ETH Open Interest: $21.54B (+1.22%) ETH Volume (24H): $56.28B (-25.94%) ETH Liquidations (24H): $60.70M (Long)/$16.10M (Short) Long/Short Ratio: 48.24%/51.76% Funding Rate: 0.0300% Top 3 OI Surges POWR: $27.20M (+136.32%) REN: $14.55M (+75.36%) MEMEFI: $39.78M (+71.69%)

241121: Bitcoin Inches Toward $100K Milestone Amid Pro-Crypto U.S. Policies

Bitcoin’s price surged above $96,500 during early Asian trading hours, nearing the historic $100,000 milestone and a $2 trillion market cap. This rally, nicknamed the “Trump trade,” follows a Republican election victory and renewed pro-crypto policies in the U.S. Over the past two weeks, Bitcoin has climbed nearly 30%, driven by a crypto-friendly government, Federal Reserve rate cuts, and increased risk appetite among investors. A key catalyst for the rally is the debut of BlackRock's IBIT options, which saw a record-breaking launch with over $2 billion traded on the first day. Within an hour of trading, 73,000 contracts were exchanged, with a bullish call-to-put ratio of 4.4:1. This strong activity highlights growing institutional confidence in Bitcoin as a mainstream asset. Meanwhile, discussions about a potential pro-crypto SEC chair, including candidates like Teresa Goody Guillén, further bolster market optimism. Analysts predict Bitcoin could reach $200,000 in the coming months, supported by increased institutional adoption and diversified trading strategies that may stabilize volatility and attract broader investor participation. Source: CoinDesk Futures Market Updates In the past 24 hours, BTC futures experienced stronger growth in open interest (+9.11%) compared to ETH futures (+3.96%), reflecting greater market activity for Bitcoin. However, ETH futures saw a higher surge in trading volume (+21.84%) than BTC futures (+12.94%), indicating heightened trading intensity for Ether. BTC liquidations were more skewed towards short positions ($87.43M) than longs ($22.17M), while ETH liquidations showed a more balanced split between long ($38.93M) and short ($24.04M) positions. The long/short ratio for BTC slightly favored longs (51.55%), whereas ETH futures leaned towards shorts (50.99%). Notably, ETH futures funding rates (0.0142%) were more elevated than BTC’s (0.0068%), suggesting higher demand for leverage in ETH trades. BTC Futures Updates Total BTC Open Interest: $62.60B (+9.11%) BTC Volume (24H): $123.60B (+12.94%) BTC Liquidations (24H): $22.17M (Long)/$87.43M (Short) Long/Short Ratio: 51.55%/48.45% Funding Rate: 0.0068% Ether Futures Updates Total ETH Open Interest: $18.48B (+3.96%) ETH Volume (24H): $39.05B (+21.84%) ETH Liquidations (24H): $38.93M (Long)/$24.04M (Short) Long/Short Ratio: 49.01%/50.99% Funding Rate: 0.0142% Top 3 OI Surges DGB: $6.82M (+191.03%) SWEAT: $4.81M (+176.95%) TROY: $69.35M (+103.89%)

Trump's Win, Bitcoin's Highs: Could Altcoins Be Next In Line For Gains?

Bitcoin’s yesterday surge to the new all-time high of $89,000 is sparking a wave of uncontainable excitement across the now $3 trillion-value cryptocurrency market and fuelled more speculation about a potential "alt season" as alternative cryptocurrencies gain renewed momentum in the wake of Donald Trump’s election victory. Historically, the altcoin market has been characterised by volatility and high-risk opportunities, often driven more by speculative hype than by fundamental value. However, a fundamental change appears to be underway. With attention increasingly focused on altcoins that support decentralised finance (DeFi), Web3 infrastructure, and blockchain-based applications, investors - both retail and institutional - are re-evaluating altcoins in light of the evolving regulatory and economic landscape that could emerge under a more crypto-friendly U.S. administration. Pro-Crypto Agenda Propels Altcoin Market Expansion Trump’s re-election, along with a pro-crypto Congress, has reinvigorated optimism throughout the crypto market, especially for altcoins that have the potential to power the decentralised financial systems of the future. Major altcoins like Ethereum, Solana, and ADA, which serve as foundational platforms for a wide range of blockchain applications, have seen significant gains in the days following the election. Ethereum, for example, rose over 30% within a single week as investors anticipated regulatory changes that could open pathways for broader adoption and institutional support. Earlier this year, SOL briefly touched the $200 mark thanks to a booming memecoin market, only to lose momentum as the year unfolded. Now, with a resurgence in market enthusiasm following Trump’s election victory, SOL has reached $214 for the first time since 2021. Trump’s promises to ease regulatory pressure on crypto markets, remove SEC Chair Gary Gensler, and introduce policies that support innovation have raised expectations for DeFi projects that have struggled under the current U.S. regulatory environment. Altcoins central to DeFi - particularly those that power decentralised applications (dApps) on networks like Ethereum - could benefit greatly from a friendlier regulatory climate. Such policies could unlock new avenues for institutional involvement, potentially legitimising these assets within the larger financial system. To add to the momentum, Cardano founder Charles Hoskinson has expressed his intent to actively shape U.S. crypto policy under Trump’s administration, with speculation mounting that he may even assume an advisory role. In this environment, altcoins linked to DeFi could transcend their speculative origins to evolve into crucial building blocks of a financial system that prioritises user control and decentralised access over centralised authority. According to Arkham Intelligence, the 47th President of the United States himself currently owns $5.3 million in crypto assets, with his Top 3 being ETH, wETH, and TRUMP. Donald Trump's crypto wallet breakdown. Source: Arkham Intelligence New Memecoin Mania Driven By Retail Excitement The election results have not only boosted interest in established altcoins but have also reignited enthusiasm for speculative tokens, particularly meme coins like Dogecoin, Shiba Inu, and Floki Inu. Driven by social media hype and endorsements from figures like Elon Musk, these tokens have seen renewed attention and significant price gains in the wake of Trump’s victory. Dogecoin, in particular, is surging at high speed and thereby flipped XRP on November 10 and USDC on November 11 to become the sixth-largest cryptocurrency by market capitalisation with a 24H increase of more than 40%. Retail traders have embraced this moment as a unique opportunity to leverage political momentum and ride the wave of optimism sweeping across the crypto market. Dogecoin is now the 6th largest crypto. Source: CoinMarketCap Yet, the appeal of memecoins goes beyond mere speculation. With a potentially more lenient regulatory environment under Trump’s administration, these tokens may be able to develop beyond their initial novelty status. Developers and communities supporting memecoins are exploring ways to integrate them into broader applications to turn them into more functional assets within a decentralised ecosystem. For retail investors, memecoins represent a democratic, community-driven element within the crypto world that is highly accessible and often symbolic of the broader movement towards financial inclusivity and innovation. The excitement surrounding these tokens reflects a distinct layer of the crypto market, where retail investors find renewed confidence to engage with high-risk, high-reward assets in a politically supportive climate. Institutional Investors Drive A Mature Alt Season Unlike previous alt seasons that were driven primarily by retail speculation, this cycle brings a new dimension with substantial institutional backing. Major asset managers, including BlackRock, have expanded their crypto portfolios to include Ethereum-based assets and other altcoins as part of their diversification strategies. BlackRock’s involvement, in particular, has shifted perceptions of the altcoin market, which marks a transition of their value from speculative tokens to assets that can hold strategic value within a diversified investment portfolio. Ethereum has seen a significant uptick in demand for options and futures, with investors expecting the new administration to implement regulatory changes that could foster blockchain innovation. The institutional embrace of altcoins like Ethereum signals a maturation of the market. These assets are no longer viewed solely as high-risk ventures but are increasingly considered vital components of the digital economy. Altcoins connected to DeFi, gaming, and NFTs are emerging as essential participants in an interconnected economic landscape. For institutions, these assets offer exposure to the cutting edge of financial technology, and their adoption reflects a shift in how digital assets are perceived and utilised. This new wave of institutional support for altcoins suggests a move beyond speculation, as these assets gain legitimacy and utility in mainstream financial frameworks. Let's Envision A New Digital Economy With Altcoins The implications of a Trump-led administration with a supportive stance on cryptocurrency could be transformative, not only for Bitcoin but for the entire spectrum of altcoins supporting DeFi, Web3, and other blockchain initiatives. Should Trump’s campaign promises of regulatory reform come to fruition, altcoins may continue their upward trend to carve out a distinct role in the financial system. Altcoins tied to DeFi, gaming, and NFTs could be positioned at the forefront of an economy that values decentralisation and digital innovation. In this scenario, altcoins would evolve from high-risk investments into indispensable assets within a digital financial framework that empowers both individuals and institutions. The market’s growing acceptance of altcoins signifies a broader evolution in the crypto space, where these assets have the potential to become cornerstones of a decentralised financial network. Trump’s administration could play a critical role in advancing this transformation by removing regulatory barriers, fostering an environment conducive to innovation, and encouraging the integration of blockchain technology into various economic sectors. For now, the crypto community and investors alike are watching closely, as the market anticipates steps that could reshape the role of altcoins in the digital economy. The policies and decisions made in the near term may define not only the growth trajectory of altcoins but also their potential to serve as foundational elements within the financial systems of tomorrow. Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.