The cryptocurrency markets experienced unexpected developments recently. The geopolitical tensions between Israel and Iran led to significant fluctuations in the prices of Bitcoin (BTC) and altcoins. While many altcoins and BTC saw steep declines, XRP managed to stand out with a positive performance. A major factor in this movement was a strategic move made by Bitwise.
Bitwise’s XRP ETF Move Sparks Market Interest
The long-debated ETF (Exchange-Traded Fund) issue in the crypto world gained renewed attention with Bitwise’s latest announcement. A spokesperson from Bitwise confirmed the filing of an XRP ETF, stating that the company had registered a trust for XRP in Delaware. This development has sparked optimism among XRP investors, who now anticipate greater interest in the altcoin once the ETF is approved. This step is seen as a potential milestone for XRP, increasing the likelihood of it being traded as an ETF on U.S. stock exchanges.
Trump’s Victory Could Change the Fate of XRP and Solana ETFs
Following the XRP ETF news, analysts have turned their attention to the future of XRP and Solana (SOL) ETFs. Bloomberg ETF analyst Eric Balchunas commented that the outcome of the 2024 U.S. presidential election could be a pivotal moment for the crypto world. According to Balchunas, under the current regulatory environment led by SEC Chairman Gary Gensler, it is challenging for new crypto ETFs, such as those for XRP and SOL, to receive approval. However, he believes that a Donald Trump victory could significantly alter this landscape, potentially leading to quicker ETF approvals.
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Solana ETFs Delayed: Still Hope for the Altcoin
Balchunas emphasized that if Trump wins, there is a strong possibility that Gensler would be replaced, paving the way for a more crypto-friendly regulatory approach. This shift could accelerate the approval of ETFs for XRP and Solana. Nate Geraci, President of The ETF Store, echoed these sentiments, stating that due to the current SEC stance, it is unlikely that a Solana ETF will be approved in the U.S. within the next year or two.
However, Geraci pointed out that the challenges facing Solana are not limited to the U.S. He reminded investors that Brazil has already approved two spot Solana ETFs, signaling that there are still global opportunities for SOL despite U.S. regulatory hurdles. These international developments suggest that Solana is gaining acceptance in broader markets, which could bode well for its long-term potential.
A Shifting Landscape for XRP and Solana
The developments surrounding XRP and Solana highlight the evolving dynamics of the cryptocurrency market. While geopolitical tensions like the Israel-Iran conflict may cause short-term price volatility, internal factors such as Bitwise’s XRP ETF filing and a possible Trump election victory could drive long-term growth for these altcoins. Should Trump win the 2024 election, the crypto world is eagerly watching to see how these regulatory shifts might unfold.
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