Bitcoin and crypto costs have rocketed larger for the reason that election of Donald Trump earlier this month—with traders betting on a fresh Trump bombshell.
The bitcoin worth has come inside touching distance of $100,000 per bitcoin as analysts rush out a flood of hyper-bullish price predictions that could see bitcoin explode to a $30 trillion value on the again of spot bitcoin exchange-traded fund (ETF) kingpin BlackRock’s continued assist.
Now, as rumors swirl that a country has been quietly buying up bitcoin, a leak has revealed the U.S. Securities and Change Fee (SEC) is softening its opposition to different crypto ETFs after years of hostility.
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Merchants on Wall Street have piled into crypto and shares following the election of Donald Trump, … [+]
“Talks between SEC workers and issuers seeking to launch a solana spot ETF are ‘progressing’ with the SEC now participating on S-1 purposes,” Fox Enterprise reporter Eleanor Terrett posted to X, citing nameless sources, including the event has fueled optimism for a solana ETF in 2025.
“These individuals say there’s a ‘good likelihood’ we’ll see some 19b4 filings from exchanges on behalf of potential issuers—the subsequent step within the ETF approval course of—within the coming days.”
Crypto funding firms VanEck, Bitwise, 21Shares and Canary Capital have led the Wall Street cost towards a spot solana ETF in latest months, following the landmark approval a U.S. spot bitcoin ETF in January after a decade of failed purposes.
Ethereum, the second-largest cryptocurrency after bitcoin, gained its personal spot ETF in July, although the ethereum funds have failed to draw the identical stage of curiosity from Wall Street because the record-breaking spot bitcoin ETFs.
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The bitcoin worth has surged this yr, pushing up the worth of smaller cryptocurrencies like … [+]
The worth of XRP, solana and cardano have every surged by double-digit percentages during the last week, outpacing the bitcoin worth increase and serving to the mixed crypto market soar to round $3.5 trillion.
Nonetheless, merchants have been warned there’s nonetheless an extended solution to go earlier than solana and different cryptocurrencies get authorized for their very own spot ETFs.
“Huge query although is will the SEC acknowledge these (in two weeks) or inform them to withdrawal like final time,” asked Bloomberg Intelligence’s Eric Balchunas on X.
Expectations that the SEC below president-elect Donald Trump might be friendlier to crypto-based monetary devices had been turbo-charged this week as a result of resignation of SEC chair Gary Gensler.
Gensler, regarded by most the crypto trade as overtly and unfairly hostile to the expertise, shall be changed by a Trump appointee, with many betting the president-elect will title a crypto-friendly SEC chair.
