XRP & Solana ETFs Will Underperform Bitcoin ETFs

Posted on January 15, 2025 by Olumide Adesina

JP Morgan researchers claimed in a report released on Monday that XRP ETFs could attract $3 to $6 billion in investment, while Solana products could attract between $4 and $8 billion. However, they stated that vehicles for top altcoins would still fall far short of Bitcoin exchange-traded products, or ETPs.

The report stated, “Given their altcoin status, we believe [Solana and XRP ETFs] will match, if not fall below, Ethereum ETP expectations and that Bitcoin remains the favored crypto token to trade and own both in spot and ETP form.”.

Even if Solana and XRP funds WERE approved, they would still manage a few billion dollars worth of assets, which is far less than what Bitcoin did

Several asset managers have submitted documentation for XRP and Solana cryptocurrency funds, including Bitwise, VanEck, and Grayscale.

BlackRock’s iShares Bitcoin Trust, the largest cryptocurrency investment vehicle, reached $50 billion in assets in its first year, it would likely be impossible to match the success of the Bitcoin ETFs, which were introduced in January after receiving approval from the SEC to trade on stock exchanges. XRP and Solana rank third and sixth in market value, respectively. Ethereum and Bitcoin are ranked first and second, respectively.

Ethereum ETFs entered the market last year, and have performed far worse than their highly sought-after Bitcoin counterparts.

Additionally, the analysts at JP Morgan stated that “trendy new coins that may garner incremental attention for a limited time and fluctuating investor sentiment are the main drivers of the crypto market’s episodic nature.”. “

Forex Signals Brief January 15: US CPI Inflation Risks Point to the Downside for the USD

Posted on January 15, 2025January 14, 2025 by Skerdian Meta

Today attention is on the US CPI inflation, which is expected to tick higher, but will likely miss, which will further weigh on the USD after yesterday’s soft PPI producer inflation which sent the Buck lower.

Continue reading “Forex Signals Brief January 15: US CPI Inflation Risks Point to the Downside for the USD” →

SEC Decline to Postpone Appeal Against XRP, Brief Begins Today

Posted on January 15, 2025January 15, 2025 by Olumide Adesina

The SEC’s refusal to extend the deadline for filing its opening appeal brief against Ripple scheduled today has frustrated Stuart Alderoty, Ripple’s chief legal officer

Alderoty informed members of the XRP community that the regulatory body, led by Gary Gensler, is still adamant about filing the brief by today. He claimed Ripple contacted the financial watchdog for an extension. The commission, however, declined.

The departing SEC chair, who will step down on January 20, was the target of Alderoty’s jab.

He emphasized January 20 as the end of Gensler’s war on cryptocurrency. The SEC’s stance on cryptocurrency may change under new leadership led by pro-crypto activist Paul Atkins. Alderoty said Ripple intends to work with the SEC leadership under Trump’s administration to settle the long-running legal dispute.

Meanwhile, Ripple revealed that it contributed $100,000 in XRP to World Central Kitchen and GiveDirectly via The Giving Block to support the relief efforts for the California wildfires.

It previously gave $50,000 of RLUSD to the Los Angeles Fire Department (LAFD) Foundation to support first responders on the front lines of the California wildfires.

Price action

The SEC’s impending appeal brief doesn’t worry investors because XRP’s price skyrocketed overnight.XRP is now trading at $2.8, down from its intraday low of $2.5 yesterday.

The remittance-based token is currently nearing the $2.90 resistance level, which is its highest price in six years, and investors anticipate it will reach a new all-time high in the coming weeks.

XRP may overcome the resistance at the $2.9 line if it keeps the upper boundary of the pennant and $2.33 as significant support levels. After that, it might rally to confront $3.55, the strongest resistance it has ever encountered.

Forex Signals Brief January 14: US PPI Inflation Could Bring Back USD Buyers

Posted on January 14, 2025January 13, 2025 by Skerdian Meta

Yesterday the USD was on retreat after the gains it made last week, but it might resume the bullish trend again if the PPI inflation comes above expectations.

Continue reading “Forex Signals Brief January 14: US PPI Inflation Could Bring Back USD Buyers” →

BlackRock Kick-Off Bitcoin ETF in Canada

Posted on January 14, 2025 by Olumide Adesina

BlackRock Asset Management introduced its first Canadian Bitcoin ETF on Cboe Canada

The iShares Bitcoin ETF (iShares Fund) is now trading under the IBIT ticker denominated in the Canadian dollar. The investment assets class is aimed at investors who want exposure to Bitcoin without the typical hassles of direct cryptocurrency ownership.

Helen Hayes, Head of iShares Canada at BlackRock, stated that such an investment product “helps remove the operational and custody complexities.”.

The fund enables investors to hold Bitcoin exposure in tax-advantaged accounts through conventional brokerage platforms to allay investor worries about custody and exchange account requirements.

BlackRock’s entry lends institutional credibility to Canada’s cryptocurrency market WITH the fund joining seven other iShares listings on Cboe Canada. According to the statement, 15% of the trading volume of securities listed in Canada runs through Cboe Canada.

Bitcoin has become a prominent class of digital assets that may be attractive as a worldwide monetary substitute amid institutional turbulence. The adoption of cryptocurrencies is faster than past technological trends, reaching 300 million users more quickly than the internet and mobile phones.

Crypto assets took only 12 years to become widely used as seen on BlackRock’s research, while the internet took 15 years and mobile phones took 21 years.

CoinGlass data showed BlackRock’s iShares Bitcoin ETF (IBIT) has $52 billion in assets under management, with net inflows peaking at $1.02 billion during its most active times.

The fund’s overall inflows into Bitcoin spot ETFs continue to grow through late 2024 Notwithstanding sporadic withdrawals, , indicating a robust institutional appetite for regulated cryptocurrency exposure.

Bitcoin Coughs: 260,824 Traders Lose $721 million

Posted on January 13, 2025 by Olumide Adesina

The pioneer crypto asset fell below the symbolic threshold of $90k on Monday afternoon. Bitcoin returned above $92k at the time of writing, down by 10% in one week.

Investors developed cold feet as the dominant cryptocurrency on the market has pulled down most altcoins, such as ether, Solana, and dogecoin, and suffered far more severe losses.

Coinglass data showed 260,824 traders were liquidated for the day. The total liquidations comes in at $727.51 million. The largest single liquidation order happened on Binance – BTCUSDT valued at $8.21 million.

According to the Federal Reserve’s (Fed) mid-December meeting minutes released this Wednesday, January 8, the Fed wants to halt its monetary easing program, which could devalue riskier assets like cryptocurrencies. Bitcoin’s bears were triggered by the stronger dollar and rising US Treasury yields.

The US Department of Justice (DOJ) may sell over 69,000 bitcoins—worth $6.05 billion at the current exchange rate—that have been seized in court cases. This is another disruptive factor.

However, Michael Saylor shared an update on MicroStrategy’s Bitcoin purchase tracker, he might make another Bitcoin purchase amid market correction.

It is another matter entirely whether it would counteract the negative sentiment in the market. The company paid about $100 million for the acquisition last Monday, which had little effect on the market but highlights the company’s continued demand.

Tether Relocates Headquarters To El Salvador

Posted on January 13, 2025 by Olumide Adesina

Tether declared that it would relocate the business and its subsidiaries to El Salvador after obtaining an operating license in the Latin American country. Tether announced in a notice dated January 13 that it obtained a license to function as a stablecoin issuer and provider of digital asset services in El Salvador.

Tether CEO Paolo Ardoino stated, “This decision is a natural progression for Tether as it allows us to build a new home, foster collaboration, and strengthen our focus on emerging markets.”.

The business stated that El Salvador’s “forward-thinking policies and favorable regulatory environment were reasons it intended to move its headquarters and subsidiaries there. Ardoino and Claudia Lagorio, the chief operating officer of Tether reportedly purchased real estate and obtained naturalization in the Latin American country in 2024.

Many in the cryptocurrency industry have established connections with local companies or the government since El Salvador President Nayib Bukele declared his goal to have Bitcoin become legal tender in the country in 2021.

Tether declared funding for a proposed renewable energy project in El Salvador that included geothermal facilities.

Ardoino seemed to have met or spoken with Bukele on multiple occasions posting messages on social media that echoed the Salvadoran President’s calls to attract new businesses and residents,.

Many have praised the Salvadoran president, who once called himself the “world’s coolest dictator,” for his role in lowering the country’s murder rate since he took office in 2019 and was reelected in 2024.

Europe’s Largest Pension Fund Dumps Tesla

Posted on January 13, 2025 by Olumide Adesina

Europe’s biggest pension fund liquidated its whole €571 million ($585 million) Tesla’s interest because it disapproved of Elon Musk’s compensation package in the third quarter.

Stichting Pensioenfonds ABP spokesperson stated on Sunday that “we had a problem” with Musk’s compensation package.

Het Financieele Dagblad, a Dutch newspaper, broke the story first and listed ABP’s concerns about the company’s working conditions as one of the reasons for leaving Tesla.

A Delaware judge invalidated Musk’s record-breaking Tesla compensation package last month even after shareholders supported the amounts and Musk urged her to change her mind. The pay package was voted down by ABP in June, citing it as “controversial and exceptionally high.”. The value of the stock options package increased from $2.1 billion to $56 billion before the judge canceled it.

According to a Wall Street Journal investigation released late last year, Tesla is in a precarious position.

The Austin-based Tesla Giga Texas factory, also known as Gigafactory Texas, is one of the targets of allegations of anti-pollution standard violations.

A defective foundry furnace at Gigafactory Texas, the location of the now-famous Cybertruck’s production, was found to have been operating for months. Because of this, hazardous materials were discharged into the atmosphere, and employees were exposed to temperatures as high as 100 °C.

More than 980,000 liters of caustic water containing sodium hydroxide were allegedly released into the Austin city sewer system by the plant. This discharge occurred over three days in September 2024 and is significantly above the permitted limits.

Nonetheless, the daily investigation presents a picture of Tesla as a business where environmental concerns are largely subordinated to productivity. Employees are also reportedly impacted, with some whistleblowers being fired after agreeing to privacy terms.

Forex Signals Brief January 13: US Inflation and Retail Sales Highlight the Week

Posted on January 12, 2025January 12, 2025 by Skerdian Meta

Last week the employment data further solidified the bullish USD momentum after the strong employment reports, this week the CPI inflation and retail sales should extend the momentum.

Continue reading “Forex Signals Brief January 13: US Inflation and Retail Sales Highlight the Week” →

MetaMask, Phantom Liable For “Unauthorized” Transactions

Posted on January 12, 2025 by Olumide Adesina

An appointee of Joe Biden’s departing presidential administration filed a Hail Mary suit to hold cryptocurrency wallet developers accountable for any fraudulent or incorrect transactions that affect users, action will likely be revoked when Donald Trump assumes office later this month

The proposed rule would give the Consumer Financial Protection Bureau regulating digital asset wallets as financial institutions providing electronic fund transfers.

The agency established to safeguard consumers following the 2008 financial crisis, claims that while it is legally allowed to make these changes, it is extending the public comment period on the proposed rule by two months out of courtesy.

Rohhit Chopra, the director of the Bureau, said in a statement today that when people use new digital payment methods to pay for their family expenses, they need to be sure that their transactions are free from errors or harmful surveillance.

Crypto leaders don’t appear to be too worried about the possible negative effects of Friday’s proposed rule amid their frustrations. The Supreme Court decided that the president could fire the director of the Bureau for no reason.

Chopra’s attempts to control cryptocurrency wallet providers seem to be on borrowed time, especially in light of the incoming Trump Administration’s strong pro-crypto stance and Republicans’ long-standing resentment of the CFP’s existence.