Kategorie: Crypto Markets

• Ripple CEO hints at potential XRP ETFs following Ethereum ETF approvals by SEC.
• Brad Garlinghouse’s endorsement aligns with his optimistic outlook for XRP in 2024.
• Regulatory challenges and Ripple’s SEC lawsuit impact the timing of potential XRP ETFs.

Ripple CEO Brad Garlinghouse has indirectly hinted that XRP could be the next cryptocurrency to see the launch of exchange-traded funds (ETFs).

This follows the recent approval of eight spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC).

Spot XRP ETF prospects post Ethereum ETFs approval

Garlinghouse’s subtle nod to the possibility of XRP ETFs came via his reaction on X (formerly Twitter) to a comment on his post celebrating the US SEC’s approval of all Ethereum ETF applications. Among the approved ether ETF applications were those from prominent financial entities such as BlackRock, Grayscale, VanEck, and Fidelity.

Describing the week’s events as “momentous” for the crypto industry, Garlinghouse likened the SEC’s approvals and the passing of the FIT21 crypto bill to a “hell freezes over” scenario, a sentiment that resonated with many in the community, who have long anticipated similar advancements for their favored cryptocurrency.

Earlier on in an interview in February, Garlinghouse had expressed his belief that an XRP spot ETF was inevitable.

He emphasized the importance of such an investment product for diversification purposes but refrained from committing to a specific timeline, citing regulatory uncertainties as a major factor.

When questioned about potential collaborations with asset managers like BlackRock for an XRP ETF, Garlinghouse remained non-committal, acknowledging the complexities involved.

Ripple legal battles standing in the way of an ETF approval

Despite Garlinghouse’s enthusiasm, the path to an XRP ETF is fraught with challenges.

The ongoing lawsuit between Ripple and the SEC, which has accused Ripple of selling unregistered securities, remains a significant hurdle. The outcome of this legal battle will likely play a crucial role in determining the feasibility and timing of an XRP ETF.

While Ripple CEO is optimistic of an EXP ETF approval, Bloomberg ETF analyst James Seyffart suggested that Solana (SOL) might be a more probable candidate than XRP.

Seyffart argued that Solana’s market position and broader appeal make it a strong contender, though he cautioned that a Solana ETF might not materialize until 2026, contingent upon regulatory developments and the establishment of a CFTC-regulated futures market.

I’m sorry you’re simple minded. Ill dumb it down for you.

Based on current regulatory framework I don’t think Solana will be in an ETF for multiple years. Likely beyond 2026 at earliest.

But Congress can theoretically accelerate that timeline.

— James Seyffart (@JSeyff) May 22, 2024

While no other crypto ETF applications have been made so far, the approval of Ethereum spot ETFs and the legislative advancements marked by the FIT21 crypto bill signify significant progress for the cryptocurrency sector.

The post Ripple CEO signals potential for an XRP ETF following Ethereum ETFs approval appeared first on CoinJournal.

• Transak integrates USDT on TON, enhancing crypto accessibility for over 5 million users.
• The integration supports popular wallets, including Tonkeeper, Trust Wallet, and Telegram.
• TON Foundation invests 11M Toncoin to boost USDT adoption and user incentives.

Transak, a leading fiat-to-crypto on-ramp, has announced the integration of Tether (USDT) stablecoin on The Open Network (TON) Blockchain.

The listing follows the strategic collaboration between the TON Foundation and Tether, that was unveiled on April 19, 2024, at the TOKEN2049 event in Dubai.

The collaboration leverages TON’s highly scalable blockchain technology, Telegram’s massive user base of over 900 million, and Transak’s user-friendly Web3 onboarding process to offer a frictionless, borderless peer-to-peer (P2P) payments experience for USDT.

To encourage widespread adoption, the TON Foundation also committed a substantial investment of 11 million Toncoin, valued at approximately $72 million. These funds are earmarked for initiatives such as rewards within the Telegram Wallet, liquidity provider incentives on TON Decentralized Exchanges, and zero-fee USDT withdrawals on major centralized exchanges.

Sami Start, CEO & Co-Founder of Transak, expressed excitement about this new offering, highlighting Transak’s commitment to promoting responsible financial freedom and self-custody of digital assets. He emphasized the significant role this collaboration plays in enabling millions to access USDT on TON through Transak’s platform.

Expanding Tether’s (USDT) accessibility and use cases

Following the USDT integration on TON, Transak now offers a seamless way for its over 5 million users to purchase USDT on TON using fiat.

Over 350 decentralized applications (dApps) that incorporate Transak can now also provide their users with an easy and direct way to buy USDT via Transak.

All this will significantly enhance the USDT’s accessibility and also expand its practical use cases.

Buying USDT on TON via Transak

To buy USDT on the TON network via Transak, can visit Transak’s website or the respective section in their preferred dApp and then choose USDT, select the TON network, and enter the desired purchase amount.

After selecting a payment method (credit card, debit card, bank transfer, or other regional options), users must provide their TON wallet address, such as those in Wallet in Telegram, Tonkeeper, or Trust Wallet.

Depending on the payment method and local regulations, additional verification may be required.

Once verified, users can complete the purchase, and Transak will securely process the transaction and transfer the USDT to the specified wallet.

Notably, accessing USDT on Wallet in Telegram would also facilitate instant, no-fee transfers of USDT among Telegram contacts anywhere in the world.

The post Fiat-to-crypto on-ramp Transak integrates Tether (USDT) on TON Network appeared first on CoinJournal.

• Grayscale announced trusts for Near Protocol and Stacks.
• Crypto market is upbeat ahead of a potentially huge announcement from the SEC on spot Ethereum ETF.

Grayscale Investments has announced two new investment trusts to provide for diversified crypto exposure – the Grayscale Near Trust and Grayscale Stacks Trust.

According to details of the announcement, the two products are similar to other single-asset investment trusts and are exclusively invested in Stacks (STX) and Near Protocol (NEAR).

“By creating distinctive solutions to address blockchain’s scalability challenges, Stacks and Near are poised to help foster greater adoption—ultimately helping to drive the crypto ecosystem forward,” Rayhaneh Sharif-Askary, Head of Product & Research at Grayscale, said in a statement.

Eligible individual and institutional accredited investors can now access daily subscriptions for the two trusts, Grayscale specified in the announcement.

Grayscale eyes approval for its spot ETH ETF

Grayscale is a leader in the crypto products space, with its spot Bitcoin ETF (GBTC) currently the largest by assets under management (AUM). The company is also among those eyeing an approval from the US Securities and Exchange Commission (SEC) for spot Ethereum ETFs.

Like most other issuers, Grayscale submitted a revised 19b-4 filings for its spot Ether ETF. The platform joins BlackRock, Bitwise and other applicants in submitting the 19b-4s, with provisions for ETH staking removed.

The SEC is expected to approve the first spot Ethereum ETF for the US market, with an announcement highly anticipated on today.

Analysts forecast that an approval could catalyse an explosive run for ETH and other altcoins.

STX and NEAR tokens could surge amid this bull run, with the Bitcoin Layer 2 protocol Stacks also likely toget impetus from Bitcoin’s anticipated rally.

Stacks price was at $2.01 while Near Protocol traded at $7.64.

The post Grayscale launches investments trusts for Stacks and Near Protocol appeared first on CoinJournal.

• Coinbase chief legal officer Paul Grewal announced on Thursday that the exchange now allows for XRP trading in New York.
• XRP price rose slightly immediately after the news.

Coinbase now supports XRP trading for its users in New York, the US-based crypto exchange has announced.

Paul Grewal, the Chief Legal Officer at Coinbase, announced the major development on Thursday, stating that the exchange had taken into account customers’ calls for XRP relisting.

“XRP trading on Coinbase is available again in NY. We heard you and put in the work in strong partnership with the State.  And now the word can be put out— we are back up,” Grewal noted in a post via his X account.

The announcement comes nearly three and half years since Coinbase halted XRP trading.

Coinbase was among those to suspend XRP in January 2021 following the US Securities and Exchange Commission (SEC)’s lawsuit against Ripple.

SEC sued Ripple and its top executives in December 2020.

While Coinbase re-enabled XRP trading following Ripple’s victory against the SEC last July, it did not offer the service to its New York customers.

XRP price rose slightly on Thursday, trading around $0.53 as the community reacted positively to the news.

The post Coinbase relists XRP trading in New York appeared first on CoinJournal.

• Pepe price hits $0.0000142 ATH, showcasing its resilience and market prominence.
• Ethereum’s surge and altcoin rotation among the factors fueling Pepe’s rally.
• Despite early investor profit-taking, bullish sentiment persists, fueled by whale activity.

In a remarkable turn of events, the price of Pepe price has surged to a new all-time high, reaching approximately $0.0000142.

This surge marks a significant milestone for the frog-themed meme coin, as it solidifies its position as one of the top performers in the crypto market.

Notably, the current bullish momentum in Pepe’s price comes after a period of internal challenges among developers, indicating a remarkable turnaround for the cryptocurrency.

Despite its rocky start, Pepe has gained substantial traction in recent times, with its market capitalization exceeding $5.77 billion.

What is behind the current Pepe price surge?

The altcoin market, including Pepe, has benefited from a notable shift in investor sentiment, with capital flowing from Bitcoin to alternative assets.

This rotation of funds has fueled the ongoing altcoin recovery, with Pepe emerging as a standout performer in this resurgence.

Pepe’s adoption and liquidity have also played a crucial role in its price appreciation. With deep liquidity of nearly $60 million in Wrapped Ether (WETH) and over 223,000 holders facilitating approximately 2 million transfers, Pepe has demonstrated robust on-chain activity.

However, amidst the euphoria surrounding Pepe’s price surge, there are also signs of caution. On-chain data analysts like Lookonchain have flagged instances of profit-taking by early Pepe (PEPE) investors.

Nevertheless, despite these concerns, bullish sentiment remains strong, with heightened whale purchase activity in the Pepe ecosystem fueling expectations of a fresh bull run in the coming weeks.

Moreover, the potential approval of spot Ether ETFs by the US Securities and Exchange Commission (SEC) could provide further catalysts for Pepe’s upward trajectory. The current Pepe price surge seems to closely mirror that of Ethereum (ETH) amid the hype created by the potential ether ETFs approval.

Pepe followed suit, highlighting the interconnectedness of various cryptocurrencies within the broader market ecosystem.

The post Pepe price hits new all-time high: here’s why it’s soaring appeared first on CoinJournal.