It has been a busy day in terms of news, so let us catch you up on the latest and greatest.
Today’s Agenda:
- Market Watch
- Highlights of the Day
- SEC Approves Ethereum ETF
- Coinbase Reinstates XRP Trading in New York
- US House Passes Bill Banning CBDCs
- Project of the Day
- Crypto Corner
- Market Sentiment
- Business & Political Insights
Market Watch
Top Gainers
- Ondo ($ONDO): +14.5%
- Lido DAO ($LDO): +9.2%
- Pepe ($PEPE): +8.7%
Top Losers
- Arweave ($AR): -7.7%
- Toncoin ($TON): -5.9%
- Akash Network ($AKT): -5.5%
Trending Crypto Sectors/Categories
- LRTfi
- Yield Tokenization
- Liquid Restaking Governance Tokens
Total Crypto Market Cap – 2.69 Trillion
Fear and Greed Index – 74
Top NFT Sale
- Wrapped Cryptopunks #2103 Sold for 55 ETH
7
Highlights of the Day
SEC Approves Ethereum ETF
In a significant development for the crypto world, the United States Securities and Exchange Commission (SEC) has approved the issuance of Spot Ethereum ETFs. This decision follows the SEC’s approval of Spot Bitcoin ETFs just five months ago, marking another milestone in the integration of digital assets into mainstream financial markets.
What Does this Mean for the Future of ETH?
The SEC’s approval signifies that Ethereum is ot considered a security, providing major validation for the cryptocurrency. This outcome is particularly noteworthy given Ethereum’s foundational role in the blockchain ecosystem, where it supports numerous projects and services. The decision could lead to increased institutional investment and broader acceptance of Ethereum, potentially boosting its value and utility in the financial sector.
Coinbase Reinstates XRP Trading in New York
Coinbase, a prominent cryptocurrency exchange, has reinstated XRP trading in New York state. This decision follows the removal of XRP from the platform in early 2021 due to ongoing legal issues surrounding its creators. Despite the controversy, Coinbase’s move aligns with a broader trend of regulatory clarity in the crypto industry.
Impact on $XRP
XRP, the eighth largest cryptocurrency with a market capitalization of $29.5 billion, was expected to see price gains following this news. However, with the spotlight on the SEC’s approval of Ethereum ETFs, XRP’s price has remained relatively stable around $0.53.
US House Passes Bill Banning CBDCs
The US House of Representatives has voted on a bill this week that would prevent the Federal Reserve from launching its own central bank digital currency (CBDC). This controversial legislation has ignited intense discussions surrounding the future of digital currencies within the country.
Global CBDC Race Continues
As the US deliberates over the concept of a CBDC, many other nations are forging ahead with their plans to introduce digital currencies. China has already initiated trials of the digital yuan in several cities, while the European Union, UK, India, and other countries are also exploring CBDCs. However, in the US, the outlook remains uncertain as the debate unfolds.
Project of the Day
Gnosis
Gnosis ($GNO) emerged in 2015 as a pioneer in blockchain infrastructure, offering a decentralized prediction market platform. The platform aims to foster openness, transparency, and decentralization, enabling users to exchange and trade predictions freely. From political elections to sports events and stock prices, Gnosis empowers users to engage in predictive betting.
Currently boasting a market cap exceeding $940 million, $GNO is trading around $364. Short-term analysis reveals a robust performance, with a remarkable 35% gain over the past 7 days. Long-term investors have also seen substantial returns, with $GNO recording an impressive 212% gain over the past 12 months. Notably, $GNO’s price movements indicate a strong correlation with $ETH. So, as Ethereum gains traction, $GNO is poised to ride the bullish wave, showcasing its potential for further growth in the crypto market.
Crazy Day in Crypto
- The meme coin $PEPE has now secured a position among the top 20 cryptocurrencies by market cap, marking a significant milestone.
Market Sentiment
- Over the past week, $ETH has outperformed Bitcoin by 25%, driven by the possibility of an ETH ETF approval.
- In response to the Spot Ethereum ETFs approval, Coinbase’s Chief Legal Officer Paul Grewal affirms that Ethereum has effectively been categorized as a commodity.
Business Talks & Political Insights
- Senator Cynthia Lummis (R-Wyo) announced plans to build a “pro-crypto army” in Congress, echoing former President Donald Trump’s initiative to form a “crypto army” for the 2024 presidential election.
- The U.S. Supreme Court ruled against Coinbase in a 2021 Dogecoin sweepstakes case, deciding that courts, not arbitrators, should determine which contract applies in disputes.
- Nvidia (NVDA) continues its bullish momentum with a 10% surge following its earnings report, making it the only major stock in the green today.
