XRP is on the verge of reaching the crucial $1 mark again, driven by heightened trading activity and investor enthusiasm. The recent rally, with XRP’s price climbing from $0.50 to
Ripple CEO Brad Garlinghouse has linked the recent surge in XRP price to growing optimism about regulatory clarity in the U.S. In an interview with FOX Business, Garlinghouse emphasized the importance of a more balanced approach to crypto regulation under the new administration. He noted that U.S.-linked cryptocurrencies, including Solana (SOL) and Cardano (ADA), have The post Ripple CEO Brad Garlinghouse Highlights Reason Behind XRP Price Rally appeared first on CoinGape .
The analyst sees significant upward potential for CRV/BTC. Ethereum may retest $2,800 before advancing toward $4,000. Continue Reading: Analyst Predicts Major Upsurge for DeFi Altcoin The post Analyst Predicts Major Upsurge for DeFi Altcoin appeared first on COINTURK NEWS .
Summary Bitcoin's bullish outlook is supported by Trump's election and increasing institutional and corporate adoption, indicating a sustained long-term uptrend beyond cyclical patterns. Despite a 90% YTD rise, Bitcoin remains below its inflation-adjusted all-time high, with recent progress and future catalysts yet to be fully priced in. Trump’s pro-crypto stance, including potential regulatory reforms and initiatives like a US Sovereign Bitcoin Reserve, could significantly boost Bitcoin's adoption and price. Risks include regulatory uncertainty and the challenge of achieving bipartisan support for pro-crypto legislation, which could impact Bitcoin's adoption and price trajectory. Investment Thesis It is becoming increasingly difficult not be bullish on Bitcoin ( BTC ) as the stars are starting to align: Trump’s election and the institutional and corporate adoption trends hint to a sustained bullish move for BTC over a longer period of time, beyond charts and BTC cyclical pattern. Bitcoin Price YTD (GuruFocus) While Bitcoin is already up over 90% YTD and considerably outperformed both the S&P 500 and the tech-heavy Nasdaq, I do believe that the integral part of the performance until now was a catch-up move to recover from the bear market. From an inflation-adjusted basis , Bitcoin just passed its 2021 all-time high and both the progress achieved recently and the near future catalysts still have to be priced in. Bitcoin Price YTD (GuruFocus) Bitcoin Price 3Y (GuruFocus) Trump Election While Kamala Harris was not a critic of the crypto sphere, Donald J. Trump was perceived as a much stronger backer of favorable crypto legislation. There is a double reason to that: the Democratic party and Trump himself. Indeed, the Democratic party is overall perceived as more negative with regards to crypto because the most vocal anti-crypto public figures stem from that party, in particular Elizabeth Warren (US Senator) and Gary Gensler (SEC Chair). Elizabeth Warren called Bitcoin “ a plaything for terrorists and money launderers ". Gary Gensler in his role of SEC Chair famously said about crypto “ it’s unlikely this stuff is going to be a currency .” The SEC sued Ripple in 2020 (before Gensler took office) claiming the company illegally raised money by selling a token (XRP) without registering it as a security. Since Gensler became SEC Chair, the number of lawsuits and fines rapidly multiplied leaving crypto market participants a sentiment of being somewhat persecuted: under Gensler’s SEC, the crypto industry received more than 100 enforcement actions through 2023 and spent over $400 mn defending itself against Gensler . Gensler’s SEC has been marked by a strong preference for enforcement over legal clarification. And that’s where Trump comes into play: he emerged as the most crypto-friendly candidate, as shows the 9% intraday surge of BTC reaching a new all-time high at $76,000 on the day of his election. He had announced at the Bitcoin Conference 2024 that he would “ fire Gary Gensler on Day 1 ”. While legally he cannot fire Gensler, just like he cannot fire Powell, the former did remain silent and it is broadly assumed that Gensler will leave office (unlike Powell who already confirmed that he is not leaving). Trump has several other arguments that could cause Bitcoin to continue rallying as new details are disclosed and announcements are made. The first one is that has skin in the game: he owns a crypto firm, World Liberty Financial. This project of governance platform is new and the launch has not been particularly successful. And per se that doesn’t matter: it’s the fact that he is open to cryptos to the point of launching his own crypto firm. In addition, his connections to the crypto world make it likely that he will appoint pro-crypto advisors and people in key positions. Charles Hoskinson, the founder of Cardano, already announced that his firm will act as a crypto advisor for a Trump administration . Last but not least, Trump also announced the goal to create a US Sovereign Bitcoin Reserve where all confiscated Bitcoins would be held, and promised to make the US the “capital of crypto”. Adoption Trends The adoption trends show encouraging signs that more people invest more into Bitcoin. Indeed, November 7 was the single best day of BTC ETF inflows since the launch of those ETFs. ETF Inflows (CoinGlass) BlackRock’s spot Bitcoin ETF ( IBIT ) alone registered $1.1 bn of net inflows, roughly 82% of the total $1.34 bn ETF inflows. There is also a noticeable uptrend in ETF inflows since June. On top of the ETF inflows, which are primarily indicative of institutional investors adoption, there is another metric that shows bullish signs: the corporate adoption trends. Indeed, as of today 29 different publicly companies own Bitcoin . All together, they own close to 2% of the BTC supply and the top holder is MicroStrategy Inc. ( MSTR ) which stock is up approximately 400% YTD, showing the markets appreciate the BTC accumulation strategy of the company co-founded by Michael Saylor. Corporate Holdings of BTC (CoinGecko) The list quite logically includes primarily crypto miners and crypto exchanges, but companies like MicroStrategy, Tesla Inc. (TSLA), and Block Inc. ( SQ ) are non-crypto firms holding BTC. And they have all outperformed the major US indexes on a 1-year basis, which shows that the markets likely value positively the holdings of BTC by listed companies, especially in a BTC uptrend phase. Risks As for every investment, there are risks. The high reward profile of the asset since inception compensates for the risks, although those have to be taken into account. The main risk to adoption uptrend is continued regulatory lack of clarity: a simple “no” of Gary Gensler not leaving the SEC Chair role could significantly impact BTC price but also adoption trends. If the SEC, whether chaired by Gary Gensler or someone else, does not manage to work on a comprehensive approach of clarity above enforcement, potential new BTC adopters, especially institutional and corporate, may prefer to remain on the sidelines. Additionally, President-elect Trump may surround himself with pro-crypto advisors and legal counsels to draft new regulatory propositions. However these pieces of legislation need to pass both Houses (House of Representatives and Senate). And it could be particularly intricate to achieve a bipartisan agreement on a clear and positively worded framework on a topic still as controversial as crypto. Bottom Line Beyond technical analysis based on charts that are often based on past patterns, Bitcoin’s continued outperformance may start to be disconnected from past cycles. Indeed, this is the first time the US have a pro-crypto President (Trump during his first mandate was still a crypto skeptic) willing to reach out to the crypto community to draft a new regulatory environment that would be more positive for crypto participants. A clearer legal framework could further boost adoption trends, particularly ETF inflows and corporate adoption. Ultimately, Bitcoin could be poised for a more solid, longer term uptrend beyond charts.
Market saw mild retrace, but things are getting better now
PNUT’s breakout, supported by technical indicators and whale interest, hints at bullish potential.
For months, the cryptocurrency community has criticized the US Securities and Exchange Commission (SEC) under Chairman, Gary Gensler. Gensler’s aggressive regulatory approach has irked many in the industry, particularly the Ripple executives. Today, critics are taking Gensler to court over what they claim as the agency’s “gross government overreach.” Related Reading: Solana Rising: Key Metrics Hint At Serious Ethereum Competitor According to Eleanor Terrett of Fox Business, 18 states are already frustrated with Gensler’s management style, affecting the crypto industry. Republican attorney generals, including Kentucky’s Russell Coleman, are leading the lawsuit, arguing that the current SEC chair is bullying the sector. Lawsuit Argues That Gensler Is ‘Overstepping His Authority’ The states’ lawsuit reflects the growing discontent over Gensler’s approach to crypto regulation. According to Attorney General Coleman, the agency is trying to remove the regulatory authority away from states on cryptocurrency enforcement. 🚨SCOOP: 18 U.S. states have filed to sue the @SECGov and its commissioners, accusing them of unconstitutional overreach and unfair persecution of the #crypto industry under the leadership of agency chief @GaryGensler. The lawsuit, signed by 18 Republican Attorneys General,… pic.twitter.com/wxOovuIRQH — Eleanor Terrett (@EleanorTerrett) November 14, 2024 Gensler’s “regulation by enforcement” removes the states’ control over regulation and deprives them of the opportunity to define their economic policies. The attorneys further explained that the agency’s crypto crackdown is intense, aggressive, and far removed from its original mandate. According to the petitioners, Gensler’s management style is more about control than upholding the law or protecting consumers. The lawsuit aims to stop Gensler from aggressively attacking the industry and instead create clear and established rules for stakeholders. Gensler’s Long-Running Feud With Crypto The crypto industry currently sees Gensler as its enemy. Immediately after becoming SEC chief, Gensler led investigations and inquiries against the most prominent crypto companies. He has consistently argued that many companies work in “legal gray zones.” Ripple Labs, the developer of XRP, has a long-running feud with the SEC over the sale of its digital token. The regulator has argued that the company broke the law by selling tokens (XRP) without registering these as securities. Last year, Ripple Labs scored a court victory when US district judge Analisa Torres found Ripple’s XRP was covered by the country’s securities law when marketed to institutional investors. Related Reading: Shiba Inu Price Watch: 60% Rally Catches Whale Attention – Is More Growth Ahead? Gensler Responds To Crypto-Related Issues Gary Gensler recently broke his silence and defended his record as Chairman of the SEC during remarks made last Thursday. He emphasized that courts have consistently supported the agency’s actions aimed at protecting investors, rejecting claims that the SEC lacks the authority to enforce securities laws. However, with Republican Donald Trump winning the selections, Gensler may have a few options left. Trump has consistently signaled his support for Bitcoin and cryptocurrencies and promised to replace him as SEC chair once he starts work in the Oval Office. Featured image from Fortune, chart from TradingView
Republican Shiba could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did. Republican Shiba (SHIBREP), a new Solana memecoin that was launched today, is set to explode over 18,000% in price in the coming days. This is because SHIBREP is set to soon be listed on numerous crypto exchanges, according to reports. This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up. Currently, Republican Shiba can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to
The substantial increase in Goldman Sachs’ bitcoin ETF holdings demonstrates the growing interest of institutional investors in bitcoin. Institutional Investments in Bitcoin Keeps Rising The U.S. Securities and Exchange Commission’s (SEC) 13F report for Q3 ending Sept. 30 revealed that Goldman Sachs now owns $710 million in cryptocurrency assets. The 13F report is a mandatory
With the crypto market heating up, savvy investors are preparing for potential growth as a bull run approaches. Bitcoin remains a key player, yet altcoins are providing investors with unique chances for outsized returns. From Ethereum (ETH) to the promising BigBossInu, these digital assets are well-positioned for impressive gains. These top picks are expected to Continue Reading: Invest $200 in These Hidden Gems Today for a Shot at $1 Million by 2025