Gary (GARY) 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%)

XRP Price Surge: What’s Driving the Recent Rise and What’s Next?

XRP, one of the most well-known cryptocurrencies in the market, has seen a dramatic surge in its price recently. At the start of December 2024, XRP reached a seven-year high, with its price peaking at $2.50. This surge has attracted widespread attention from investors, traders, and crypto enthusiasts alike. But what’s behind this sudden increase in XRP’s price? In this article, we’ll explore what XRP is, why its price has been rising, the recent release of Ripple’s RLUSD stablecoin, and what the future holds for XRP. What Is XRP? XRP is a digital currency created by Ripple Labs, a company founded in 2012 by Chris Larsen and Jed McCaleb. XRP is designed to serve as a fast, low-cost, and scalable cryptocurrency for global payments. Unlike Bitcoin and Ethereum, which are used mainly as store-of-value assets or for decentralized applications, XRP was created specifically for cross-border transactions. Ripple, the company behind XRP, offers solutions to financial institutions and banks for sending international payments quickly and affordably. XRP is used as an intermediary currency, enabling cross-border transactions to be completed in just a few seconds, which can take days compared to traditional methods. The XRP Ledger, a decentralized blockchain, powers the XRP network, ensuring the currency's security and efficiency. While Ripple and XRP have been synonymous for years, it is important to note that XRP operates independently of Ripple’s business, although Ripple has a significant stake in the cryptocurrency. XRP’s Recent Price Surge As of early December 2024, XRP reached a price of $2.80, marking its highest level in six years. This represents a 40% increase in just 24 hours and a 400% increase since November 1, 2024. XRP’s price has been on a steady climb, with notable gains in recent weeks. Before this recent surge, XRP had spent years in a price range of about $0.40 to $1.00, and even saw its value dip during market corrections. However, the price increase starting in late November 2024 has been much more significant, catching the eyes of many in the crypto world. At its highest point, XRP briefly overtook Solana and Tether to become the third-largest cryptocurrency by market cap—something it hadn’t achieved in over four years. This increase has been especially impressive when compared to Bitcoin, which saw a 27% price increase over the same period. XRP’s recent surge has made it a hot topic in the cryptocurrency community. But what is driving this remarkable price increase? Why Is XRP’s Price Increasing? Several factors have contributed to the dramatic rise in XRP’s price. These factors are interconnected, with both market sentiment and regulatory developments playing key roles. Let's explore the top reasons why XRP’s price has skyrocketed. 1. The Impact of Donald Trump's Election Victory One of the most significant events that triggered XRP’s price rally was the victory of Donald Trump in the U.S. presidential election in November 2024. The election result sparked renewed optimism in the crypto market, with investors anticipating pro-crypto policies from Trump’s administration. Trump’s pro-business, anti-regulation stance is seen as beneficial for the cryptocurrency industry, and many believe that his presidency will usher in a more crypto-friendly regulatory environment. Ripple CEO Brad Garlinghouse has been vocal about the potential positive impact of Trump’s victory on Ripple and XRP. He has expressed confidence that the new administration will reduce regulatory pressure on cryptocurrencies, including XRP. XRP’s surge began soon after the election, as investors bet on a more favorable environment for Ripple’s operations. 2. Positive Regulatory Developments Regulatory uncertainty has long been a significant challenge for Ripple and XRP. For years, Ripple has been engaged in a legal battle with the U.S. Securities and Exchange Commission (SEC), which accused Ripple of selling XRP as an unregistered security. This lawsuit has weighed heavily on XRP’s price, as many investors were unsure of how the case would be resolved. However, recent developments suggest that the regulatory pressure on Ripple may be easing. SEC Chairman Gary Gensler, who has been a staunch critic of cryptocurrencies, announced his resignation shortly after Trump’s election. Gensler’s departure is seen as a positive sign for Ripple and the broader crypto industry, as it may signal a shift in the SEC’s approach to digital assets. Additionally, a court ruling in August 2024 was in favor of Ripple, stating that its sale of XRP did not violate securities laws. Although the SEC appealed this decision, the ruling sent a strong signal that Ripple might be able to resolve its legal issues in its favor. Many investors view these legal victories as crucial factors contributing to XRP’s price surge. 3. Increased Trading Activity and Investor Sentiment Another reason behind XRP’s price increase is the growing interest from both retail and institutional investors. In November 2024, retail trading app Robinhood relisted XRP on its platform, allowing a broader audience to invest in the token. The relisting helped to boost XRP’s liquidity and trading volume, attracting more retail investors who may have been waiting for an opportunity to buy XRP. Moreover, trading activity on CEX platforms has been particularly strong. Whales—large investors—have been driving XRP’s rally, creating a price premium for the cryptocurrency on exchanges compared to more retail-focused platforms. South Korean investors have also been active in trading XRP, further boosting its price. 4. The Emergence of XRP ETFs XRP’s surge has been fueled by speculation that the cryptocurrency could soon be approved for a spot exchange-traded fund (ETF). Bitcoin and Ethereum both saw massive price increases after their respective ETFs were approved in 2024. XRP enthusiasts believe that Ripple could follow suit, with an ETF bringing further legitimacy and mainstream adoption to XRP. Ripple CEO Garlinghouse has said that he believes an XRP ETF is “inevitable.” Several companies, including Bitwise Asset Management and WisdomTree, have already filed for XRP spot-ETF approval with the SEC. If XRP ETFs are approved, they could provide a significant boost to the token’s price, attracting more institutional investors and pushing XRP toward its all-time highs. Ripple’s RLUSD Stablecoin Release and Its Impact on XRP Another major factor contributing to XRP’s recent price surge is the launch of Ripple’s RLUSD stablecoin. The stablecoin, which is backed by USD deposits, short-term U.S. Treasuries, and cash equivalents, was officially released on December 4, 2024. RLUSD is set to operate on Ripple’s XRP Ledger and Ethereum, with plans for future expansion to other blockchains and DeFi protocols. The RLUSD stablecoin aims to serve institutional investors, offering a compliant and efficient way to transfer funds and settle transactions across different blockchain ecosystems. It is also designed for cross-border payments and stable value retention. Since Ripple has been actively working to integrate stablecoins like RLUSD into its cross-border payment solutions, this development could have a major impact on XRP’s price. Increased Utility for XRP: RLUSD will be paired with XRP to provide liquidity and stabilize its price. This creates a more interconnected ecosystem between RLUSD and XRP, increasing XRP’s role in global payments. As more financial institutions adopt RLUSD, the demand for XRP will likely increase as well, potentially driving its price even higher. Growth of Ripple’s Ecosystem: Ripple’s move into stablecoins signals the company’s intention to become an even bigger player in the global payments industry. If Ripple succeeds in promoting RLUSD and integrating it with XRP, it will open up new avenues for XRP to be used in various financial applications, creating more demand for the cryptocurrency. Attracting Institutional Investors: RLUSD is mainly targeting institutional players—large-scale investors, banks, and financial institutions. RLUSD could attract institutional investors who are looking for a stablecoin solution that is both compliant with regulatory standards and integrated with Ripple’s broader payment network. As RLUSD gains traction, it could drive further demand for XRP, helping to sustain its price growth. What’s Next for XRP? Despite the overall positive outlook for XRP, there have been some recent price fluctuations, with the cryptocurrency seeing a slight decline in early December 2024. On December 3, 2024, XRP dropped by around 8%, largely due to political turmoil in South Korea. President Yoon’s declaration of martial law in South Korea triggered panic selling, and XRP’s price dropped sharply on South Korean exchanges. The impact of this sudden downturn was felt across the broader cryptocurrency market as well, causing a temporary halt in XRP’s rally. Furthermore, there has been a surge in profit-taking among XRP investors, with more than $4 billion in profits realized over a short three-day period. As more XRP tokens are moved onto exchanges, it indicates that investors are selling to lock in profits. Additionally, XRP's Relative Strength Index (RSI) has recently surged above 70, indicating that the asset is overbought and could be due for a short-term correction. The question on many investors’ minds is: Will XRP’s price go back up? Based on current trends, there are reasons to believe that XRP could continue to see significant gains in the future. Although external factors like political instability and profit-taking have caused the recent short-term dip, XRP’s long-term prospects remain strong. Ripple’s legal victories and the increasing adoption of its technology suggest that XRP’s price could continue to rise as institutional demand grows. Additionally, the launch of RLUSD could further drive XRP’s value, as it will be integrated into Ripple’s ecosystem and provide additional liquidity. Analysts have predicted that XRP could hit as high as $6.60 by 2025. The ongoing improvements in Ripple’s legal situation, the increasing market adoption of XRP, and potential institutional products like an XRP ETF all point to a bullish outlook. The market is anticipating that XRP’s price could see long-term growth if Ripple continues to succeed in its legal battles and expands its network’s adoption. XRP has established key support levels, with $2.30 and $1.45 acting as strong price points where bulls have defended their positions. On the upside, analysts are eyeing the $3.00 level as a psychological barrier, with the next target being its all-time high of $3.80. However, analysts also caution that the RSI levels suggest that XRP might need to cool off before breaking through these levels. Conclusion In conclusion, XRP’s price surge has been driven by a combination of legal victories, growing institutional interest, and the broader positive sentiment in the cryptocurrency market. The release of Ripple’s RLUSD stablecoin is expected to further drive demand for XRP, solidifying its role in the global financial ecosystem. While there may be short-term corrections or fluctuations due to external factors like political instability or profit-taking, XRP’s long-term outlook remains positive. For investors wondering whether XRP will continue to rise, the answer depends on both internal developments at Ripple and external market conditions. However, based on current trends and the promising future of Ripple’s blockchain technology, XRP could very well see further price increases in the coming months and years. 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.

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.

241129: Ethereum ETFs blitz Bitcoin ETFs over last 4 trading days amid ETH rally

Spot Ether ETFs racked up $224.9 million in net inflows over the last four trading days — around $190 million more than the spot Bitcoin ETFs. Ether exchange-traded funds (ETFs) have seen more money from investors than their Bitcoin counterparts since Friday, Nov. 22, as Ethereum’s decentralized finance (DeFi) ecosystem scored a key victory in court this week. The spot Ether ETFs have taken in $224.9 million in net inflows over the last four trading days between Nov. 22-27, while the spot Bitcoin ETFs tallied $35.2 million in net inflows over the same timeframe, Farside Investors data shows. It follows a nearly 8% ETH price rally to over $3,590 over the past seven days. One industry executive has attributed the price gain to Ethereum-based Tornado Cash’s recent court victory, along with reports that crypto advocate Paul Atkins could replace Gary Gensler and lead a more crypto-friendly Securities and Exchange Commission. Depending on how the Nov. 29 trading day goes, it could be the first week that the US Ether funds beat spot Bitcoin ETFs in net inflow. Source: CoinTelegraph Futures Market Updates Less activities took place on Bitcoin and Ether futures markets after some more liquidations on both sides. Bitcoin Futures Updates Total BTC Open Interest: $60.99B (+0.25%) BTC Volume (24H): $64.59B (-33.05%) BTC Liquidations (24H): $15.33M (Long)/$16.32M (Short) Long/Short Ratio: 50.68%/49.32% Funding Rate: 0.0175% Ether Futures Updates Total ETH Open Interest: $23.68B (-0.43%) ETH Volume (24H): $38.30B (+35.90%) ETH Liquidations (24H): $18.94M (Long)/$13.38M (Short) Long/Short Ratio: 48.39%/51.61% Funding Rate: 0.0288% Top 3 OI Surges MAJOR: $11.78M (+4,247.84%) L3: $7.60 (+242.71%) UXLINK: $60.82M (+90.88%)

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%)

241120: Blockchain Expert Teresa Goody Guillén Could Lead SEC in Pro-Crypto Era

President-elect Donald Trump is considering Teresa Goody Guillén, a seasoned securities lawyer and blockchain expert, to lead the U.S. Securities and Exchange Commission (SEC). A partner at BakerHostetler and co-leader of its blockchain team, Goody Guillén has extensive experience working for and challenging the SEC on behalf of blockchain and traditional financial companies. Crypto industry leaders are advocating for her appointment, highlighting her deep understanding of securities laws and pro-crypto stance. Brendan Playford, co-founder of Masa, praised her as an "instant change-maker" capable of transforming the regulatory landscape. Trump's team is seeking a pro-business leader to replace Gary Gensler, who is expected to step down before the January 20 inauguration. Goody Guillén’s approach aligns with Trump’s vision to reduce regulatory enforcement and adopt a more measured stance on crypto until clear congressional legislation is passed. Described as tough yet pragmatic, she has been lauded for her ability to navigate both traditional markets and the crypto sector effectively. Goody Guillén faces competition from other candidates, including legal experts and former SEC officials. Her potential nomination reflects the Trump administration's intent to reshape the SEC and promote innovation in U.S. crypto markets. An announcement is expected before Thanksgiving. Source: CoinDesk Futures Market Updates In the past 24 hours, BTC futures showed a rise in total open interest (+1.65%) while ETH futures experienced a slight decline (-0.24%), indicating stronger market engagement for Bitcoin. Trading volumes dropped for both, with ETH futures (-25.97%) seeing a sharper decline compared to BTC futures (-5.64%). Liquidation trends highlight more balanced pressures for BTC ($31.16M long vs. $46.67M short) versus a short-biased trend in ETH ($26.36M long vs. $8.02M short). BTC futures maintained a neutral long/short ratio (50%/50%), whereas ETH skewed slightly bearish (48.22% long / 51.78% short). Funding rates were higher for ETH (0.0185%) than BTC (0.0111%), signaling stronger demand for leveraged long positions in ETH. BTC Futures Updates Total BTC Open Interest: $57.20B (+1.65%) BTC Volume (24H): $109.90B (-5.64%) BTC Liquidations (24H): $31.16M (Long)/$46.67M (Short) Long/Short Ratio: 50.00%/50.00% Funding Rate: 0.0111% Ether Futures Updates Total ETH Open Interest: $17.78B (-0.24%) ETH Volume (24H): $32.68B (-25.97%) ETH Liquidations (24H): $26.36M (Long)/$8.02M (Short) Long/Short Ratio: 48.22%/51.78% Funding Rate: 0.0185% Top 3 OI Surges GMCI30: $33.26K (+546.03%) 1000WHY: $7.62M (+154.71%) T: $14.19M (+114.90%)

241118: XRP Sees Record Futures Bets Amid Price Surge Above $1.20

Regulatory clarity and upcoming technical changes are spurring growth in XRP-tracked futures, with open interest zooming to record highs on Saturday as prices spiked more than 20% over 24 hours. XRP and U.S. dollar-denominated open interest are at record levels as of Sunday, with over 2 billion tokens (worth nearly $2 billion at current prices) in futures positions betting on further market volatility. Long/short data shows that traders are slightly biased toward shorts, with 51% in bets against further price increases. (While the ratio should theoretically remain 50:50 at all times as there is always a short trade for each long trade, the bias gives an insight into how savvy traders are positioning over a very short-term period, such as 24 hours). Open Interest (OI) refers to the total number of outstanding derivative contracts not settled for an asset. An increase in both OI and prices typically indicates that new money is entering the market — indicative of a bullish trend. On the other hand, if the price rises but OI falls, the rally might be driven by short covering rather than new buying, potentially signaling a weaker trend. XRP prices zoomed above $1.20 in U.S. morning hours Saturday, taking weekly gains to over 87%, which set a three-year price high for the token. Gains in XRP started late Thursday as 18 U.S. states filed to sue the SEC and commissioners, including chairman Gary Gensler, accusing them of unconstitutional overreach of the crypto industry. The speculative optimism among traders is that a crypto-friendly Trump administration could benefit tokens linked to U.S.-based companies, such as Ripple Labs (related to XRP) and Uniswap (UNI), as the firms are more involved in boosting value for token holders as the regulatory headwinds appear to have cleared. In addition, a key fundamental development that may boost future gains in XRP is the upcoming RLUSD stablecoin by Ripple Labs, a company closely related to the issuance of XRP. Ripple plans to use RLUSD in its cross-border payments product, providing liquidity, facilitating faster and cheaper transactions, and potentially integrating with various decentralized finance (DeFi) protocols across multiple blockchains, as previously reported. Source: CoinDesk Futures Market Updates Bitcoin and Ethereum both saw stable OI yesterday at $55B and $17B, and the funding rates show an extremely bullish overall sentiment. Bitcoin Futures Updates Total BTC Open Interest: $55.09B (+1.00%) BTC Volume (24H): $57.38B (+8.14%) BTC Liquidations (24H): $24.69M (Long)/ $12.70M (Short) Long/Short Ratio: 48.92%/51.08% Funding Rate: 0.0272% Ether Futures Updates Total ETH Open Interest: $17.56B (+0.74%) ETH Volume (24H): $27.82B (-14.55%) ETH Liquidations (24H): $16.88M(Long)/ $7.21M (Short) Long/Short Ratio: 48.77%/51.23% Funding Rate: 0.0327% Top 3 OI Surges APU: $25.88 (+2,487.50%) SCRT: $4.03M(+575.33%) CSPR: $6.46M (+120.12%)

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.

The Pro-Crypto Shift: Trump, Bitcoin, And Market Transformations

Donald Trump’s decisive return to the White House marks a significant change not only in U.S. politics but in the global financial and cryptocurrency landscapes. While his comeback fuels debates over economic policies, international relations, and social issues, it is in the realm of cryptocurrency and digital finance that the most profound impacts are anticipated. Trump’s second term, accompanied by a surge of pro-crypto representatives in Congress, heralds a pivotal era for the blockchain sector and its future within the broader financial ecosystem. A Promised Dawn For Crypto Enthusiasts For many in the cryptocurrency community, Trump's victory feels like an overdue tailwind. The former president's campaign trail was filled with rhetoric promising regulatory reform, reduced government oversight, and strategic initiatives to position the U.S. as the "crypto capital" of the world. From commitments to dismiss SEC Chair Gary Gensler, who is widely regarded in crypto circles as an antagonist, to proposals for the establishment of a national Bitcoin reserve, Trump's policy framework opens a bold new chapter for crypto to prepare for the 20th birthday of the Bitcoin whitepaper as well as the 5th Bitcoin Halving in 2028. Trump's Ten Crypto Promises. Source: Wu Blockchain News The anticipated regulatory shift aligns with the sweeping victories of pro-crypto candidates in both the House of Representatives and the Senate. With 261 representatives and 17 senators identified as crypto-friendly, legislative momentum could foster a regulatory environment that is not only more accommodating but potentially transformative. Such an environment could stimulate capital inflows, drive innovation, and reinforce the U.S.’s role as a leader in financial technology. Bitcoin Soars, Dollar Gains The market’s initial response to Trump's victory underscored its significance. Bitcoin surged to a new all-time high, soaring past $75,700 as a result of the renewed sense of optimism and a perception of policy stability under a pro-business administration. Analysts suggest that this is only the beginning; Trump's stance on fostering an environment conducive to digital asset growth could propel Bitcoin and other leading cryptocurrencies even further. Bitcoin (BTC) price on Nov. 6, 2024. Source: CoinDesk Interestingly, Trump's economic outlook, which includes proposed tariffs and protectionist policies, has already influenced global currencies. The euro, for instance, has weakened significantly against the dollar, marking its steepest one-day drop since the height of the COVID-19 crisis. This dollar strength, paradoxically, could fuel further Bitcoin demand. As the global reserve currency becomes more robust, investors may diversify into crypto assets to hedge against potential geopolitical volatility and inflation concerns and thereby truly position Bitcoin as a "new digital gold." The End Of Gensler's Era? Central to this narrative is the fate of SEC Chair Gary Gensler, whose tenure has been marked by aggressive enforcement actions against major crypto entities. With Trump’s promise to remove Gensler on day one, attention has turned to potential replacements who could reshape the regulatory landscape. "Crypto Mom" Hester Peirce, known for her forward-thinking views on digital assets, and Robinhood’s legal chief Dan Gallagher are among the names floated for the role. Both figures bring a track record of advocating for a balanced approach to crypto regulation, suggesting that future SEC policy could prioritise clarity and growth over punitive measures. The implications are significant: a more constructive regulatory environment could alleviate the compliance anxiety that has deterred institutional investors and developers. It could also pave the way for comprehensive legislation that integrates cryptocurrencies into the broader financial services framework by embedding blockchain technology within traditional finance while respecting its unique characteristics. Global Financial Ripple Effects Trump’s victory has also been a boon for traditional financial markets. The Dow Jones Industrial Average, SP 500, and Nasdaq all surged following the election results, buoyed by expectations of tax cuts, deregulation, and a reinvigorated "America First" economic agenda. Bond yields have similarly reacted, with the 10-year Treasury yield rising sharply as investors anticipate fiscal expansion and potential inflationary pressures. In Europe, the situation is more complex. A strong dollar, coupled with Trump's pledges to impose tariffs on imports and pressure NATO allies to boost defence spending, poses economic challenges for the eurozone. Bond markets have already shown signs of stress, with analysts predicting potential ECB rate cuts to counteract economic slowdowns. Again, these dynamics could fortify Bitcoin's narrative as an asset that transcends traditional currency boundaries and is resilient to national economic policies. A similar situation can also be observed in Asia, where the strong dollar presents both opportunities and challenges. Export-driven economies like Japan and South Korea could face increased pressure due to less competitive exports. Meanwhile, China's trade outlook may be impacted by Trump's proposed tariffs and economic policies aimed at curbing Beijing’s influence. However, some Asian investors might see Trump's pro-crypto stance as a chance to diversify their portfolios - a driver of greater interest in Bitcoin and other digital assets across the region. The Push For Institutional Investment Beyond immediate market reactions, Trump's presidency could serve as a catalyst for institutional adoption of crypto. Policies encouraging domestic mining, legitimising the custody of digital assets by banks, and integrating blockchain technology into national infrastructure projects could draw substantial capital into the market. The potential establishment of a national Bitcoin reserve, though ambitious, would mark a significant step in recognising Bitcoin as a strategic asset and could set a precedent that other nations might follow. BlackRock's iShares Bitcoin ETF posted record trading volumes after Trump's victory, hitting $1 billion within the first 20 minutes of the day and a total of $4.1 billion on Wednesday. This surge in activity underscores the growing interest from institutional players and signals a broader acceptance of Bitcoin as an investment asset. Additionally, the overall inflow into U.S. Bitcoin ETFs reached $622 million, one of the highest since their inception. Such momentum highlights how the pro-crypto shift in political leadership could accelerate the participation of pension funds and other traditional investment institutions in the crypto market as well. Industry leaders have noted a turning point that could elevate crypto from a speculative niche to a cornerstone of modern finance: "We're looking at hundreds of billions potentially flowing into the ecosystem." BlackRock's iShares Bitcoin ETF trading volume. Source: Bloomberg Navigating Challenges Ahead Despite the optimism, challenges remain. Trump’s proposed economic measures - including tariffs and ambitious fiscal policies - could stoke inflation, potentially impacting the broader economy and influencing the Fed’s monetary policy. The balance between fostering growth and managing inflation will be delicate, and the crypto sector needs to navigate these complexities with caution. Nonetheless, Trump's victory marks the start of a transformative chapter for cryptocurrency, one that could redefine its role in the global financial system. As policymakers, investors, and innovators prepare for what comes next, the stage is set for crypto to evolve from the periphery to the mainstream thanks to a president who sees its potential to reshape economic power. Black Friday is coming! Enjoy buying BTC with 20% cashback！ It’s almost Black Friday! BTC hits a new high record of $75,000. Bitget is excited to launch an exclusive Black Friday 20% cashback event for all new registered users! Promotion Period: November 7th to December 7th , 2024 Promotion A: Deposit EUR via a Credit/Debit Card or Bank Deposit and enjoy 100% transaction fee rebates in USDT! Join Promotion A！ Promotion B: Trade BTC on spot/ future ≥100 USDT to get 20% cashback! Join Promotion B！ 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.