Kategorie: Crypto Markets

• Canary Capital launched its spot XRP ETF, XRPC, on 13 November.
• The ETF recorded $58 million in trading volume on day one.
• The listing was approved under Section 8(a) of the Securities Act without objections.

While most of the crypto market was digesting a sharp 3.5% decline on 13 November, Canary Capital’s XRP ETF surged to the top of the Nasdaq, recording the highest first-day trading volume of any fund launched in 2025.

The spot product, listed under the ticker XRPC, registered $58 million in trading activity on its debut, overtaking all previous launches this year.

Despite Bitcoin falling below $99,000 and a broader market slump, the appetite for regulated XRP exposure proved unshaken.

By 9:30 am EST, $26 million in volume had already been clocked.

Trading accelerated rapidly, with over $36 million executed by mid-morning.

Robinhood alone facilitated $500,000 in trades within the first five minutes.

Canary takes the lead in the 2025 ETF competition

XRPC overtook Bitwise’s BSOL ETF, which had previously led the 2025 pack with a $57 million opening day last month.

Both products now sit well ahead of the remaining 900-plus ETFs launched this year.

Bloomberg analyst Eric Balchunas highlighted that the third-most traded ETF debut trails by more than $20 million, underscoring how rare such volume has become in new fund launches.

The listing was certified by Nasdaq on 12 November under Section 8(a) of the Securities Act.

Its approval came without delays due to the absence of pushback during the review period, allowing Canary to activate the launch immediately and avoid the bottlenecks many other issuers face.

XRPC offers direct access to XRP price action

Unlike derivative-based funds or futures products, XRPC holds physical XRP and tracks the CME CF XRP-USD Reference Rate (New York Variant) in real time.

The ETF carries an annual fee of 0.50%. Custody is managed by Gemini Trust Company and BitGo Trust, both of which specialise in secure digital asset storage for institutional clients.

Canary Capital Group, headquartered in Tennessee, already operates ETFs tied to Bitcoin, Ethereum and HBAR.

The firm has positioned XRPC as a compliance-friendly solution for institutions looking to tap into XRP’s role in global payments infrastructure without managing wallet keys or custody operations directly.

Payment-focused crypto tokens see renewed demand

The launch of XRPC also highlights a broader trend in digital asset markets.

Utility tokens such as XRP and HBAR are attracting increasing institutional attention.

Earlier this month, Canary’s HBAR ETF raised $70 million within its first week.

Analysts suggest this reflects rising demand for crypto assets linked to real-world use cases like payments and settlements.

However, XRP’s performance is not immune to broader crypto cycles.

With a correlation to Bitcoin of nearly 40%, its price is often influenced by macro trends and volatility in the wider market.

This makes the ETF’s debut performance even more notable, as it succeeded in generating exceptional demand despite overall bearish sentiment.

The strong launch of XRPC suggests investors are still actively seeking structured exposure to crypto assets that offer functional value.

The post Canary shakes Nasdaq as XRP ETF launch hits $58M on day one appeared first on CoinJournal.

• Quant (QNT) price hovers near $88 after bouncing off $79.
• The altcoin could eye the psychological $100 mark, helped by multiple likely tailwinds.
• QNT has retested and broken above the 50-day exponential moving average.

Quant (QNT) changes hands near $88 after bouncing off lows of $79 and touching highs of $93, with QNT likely to target the psychological $100 mark.

With the latest market recovery lifting sentiment, the token’s retest of the key exponential moving average (EMA) could be critical for bulls.

Notably, the current price levels have previously hindered bulls’ attempts to break higher.

Quant price rebounds: Is $100 next?

Quant token’s price hovered near $88 after a rebound off lows of $79 allowed bulls to test bearish resolve above $93 on Thursday.

This swift recovery marks a more than 28% surge from November 4th’s nadir, when QNT fell to under $68. Gains point to the bulls’ resilience despite the broader market turbulence.

On Thursday, Quant rose as Bitcoin’s range-trading below $103,000 despite the end of the US government shutdown upending bullish moves across altcoins.

Nonetheless, analysts say crypto could be poised for a major bounce. In previous cycles when the US government has gone into shutdown, BTC has skyrocketed on reopening.

Crypto analyst Alex Wacy shared the outlook below.

The last two times the U.S. Gov shutdown ended,

Bitcoin ripped 700% and 300%.

Shutdown just ended today 👀 pic.twitter.com/Di2HiyQ3KP

— AlΞx Wacy 🌐 (@wacy_time1) November 13, 2025

QNT’s uptick thus aligns with not just renewed optimism in altcoins but projects focused on enterprise solutions.

In such a case, the rebound has seen so-called dino blockchains gain, including Lisk and Nano, record gains in recent weeks.

What’s the technical outlook for Quant token?

Long-term holders have injected fresh liquidity amid the broader uptick, and ecosystem strength helps bulls.

If the momentum sustains, decisively taking out bears above $93 will offer impetus for a surge to $100.

On the technical front, the short-term recovery has the Moving Average Convergence Divergence (MACD) hinting at a potential bullish crossover.

On the daily chart, the MACD histogram has flipped positive.

Also notable is the daily Relative Strength Index (RSI), currently near 57 and upsloping.

QNT is also currently above the 50-day EMA, with the moving average level having acted as robust resistance since Nov. 5.

If bulls flip this into a dynamic support zone, holding firm above it will allow for a continuation.

North of this hurdle lie $107 and $130 as two immediate supply wall zones.

That means QNT’s confluence of rebound momentum, institutional tailwinds, and technical strength positions it for a potential run above the $100 mark.

Unless macro headwinds prevail, the next key levels to target will be December 2024 highs of $165 and local resistance around $200 seen in 2021.

The post Quant price retests key level: Can QNT breach $100 next? appeared first on CoinJournal.

• JPMorgan sets Bitcoin’s support price near $94K, citing rising mining costs.
• Analysts project Bitcoin could climb to $170K based on gold market parity.
• Bitcoin’s downside seen as limited after network difficulty raises production cost.

JPMorgan analysts said Bitcoin’s downside risk appears to be minimal at current levels, citing the cryptocurrency’s rising production cost as a key technical support.

In a note published Wednesday, the bank’s team led by Nikolaos Panigirtzoglou, managing director at JPMorgan, placed Bitcoin’s estimated support price around $94,000, suggesting the cryptocurrency has limited room to fall from its recent level of roughly $102,300.

Rising production costs set new support level

According to JPMorgan, the estimated cost to produce one bitcoin — often viewed as a proxy for the cryptocurrency’s “floor” price — has risen from about $92,000 to approximately $94,000.

This increase, the analysts said, is largely driven by a sharp rise in Bitcoin network difficulty, which measures how much computing power is required to mine new blocks.

As network difficulty climbs, miners must deploy more energy and hardware resources to maintain output, effectively increasing the marginal cost of producing new coins.

The analysts noted that Bitcoin’s price-to-production cost ratio now sits just above 1.0, placing it near the lower end of its historical range.

“The bitcoin production cost has empirically acted as a floor for bitcoin,” the analysts wrote, adding that “a $94,000 production cost implies very limited downside to the current bitcoin price.”

Historically, production costs have correlated closely with Bitcoin’s longer-term valuation trends, as mining profitability often influences both network participation and supply dynamics.

The current alignment, JPMorgan said, supports the view that downside risk is constrained unless broader market sentiment deteriorates further.

Upside scenario points to $170,000 target

While downside appears limited, JPMorgan reiterated its 6–12 month upside projection of about $170,000 for Bitcoin, based on a volatility-adjusted comparison to gold.

The analysts explained that Bitcoin currently consumes around 1.8 times more risk capital than gold, implying that its market capitalization could rise substantially to reach parity with gold’s level of private-sector investment.

At present, Bitcoin’s market cap stands near $2.1 trillion, while approximately $6.2 trillion is invested in gold via exchange-traded funds, bars, and coins.

“On that basis,” the note said, “Bitcoin’s market capitalization would need to rise by about 67%, implying a theoretical price close to $170,000.”

The analysts said this valuation framework reflects long-term potential rather than a near-term forecast.

Market sentiment, regulatory conditions, and liquidity factors will continue to influence how quickly Bitcoin might approach such levels.

Market context and sentiment shift

Last month, JPMorgan’s analysts issued a similar analysis, calling Bitcoin undervalued relative to gold and suggesting a possible year-end target around $165,000.

However, in a Block report, Panigirtzoglou said that recent liquidations and negative market sentiment made such a near-term rally unlikely.

Earlier in August, the same team projected a year-end target of about $126,000, which Bitcoin briefly surpassed on October 6, hitting an all-time high above $126,200 before a major liquidation event on October 10.

Despite recent volatility, JPMorgan’s latest note underscores a cautiously optimistic outlook.

With network fundamentals strengthening and production costs rising, analysts view current prices as near structural support levels — leaving room for long-term appreciation if broader market confidence returns.

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• XLM gained by more than 6% to break above $0.29, with bulls battling off intraday lows of $0.27.
• The altcoin looked poised for a breakout above the $0.30 level.
• Key catalysts could include Stellar partnerships and sentiment around the spot XRP ETF going live in the United States.

Stellar (XLM) price gained 6% to surge past the $0.29 mark as bulls positioned for a potential breakout above the psychologically significant $0.30 level.

While price remains below the local peak above $0.35 seen this past month, the upside momentum over the 24 hours suggests buying pressure is mounting.

Key to this is a confluence of factors, including burgeoning partnerships in real-world applications.

There’s also heightened market optimism stemming from the imminent launch of spot XRP exchange-traded funds (ETFs) in the United States.

Stellar price touches key resistance near $0.30

Stellar is among the altcoins to post minor gains in the past 24 hours as Bitcoin struggles with pressure in the $103,000-$100,000 range.

XLM shows resilience with price climbing over 6% to reach intraday highs of $0.297.

This has the token poised near $0.30 amid a spike in trading volume, which was up 58% to over $291 million at the time of writing.

Notably, prices hovered at a level above which the next major resistance will be around $0.35, only if there’s a decisive breach of the $0.30 level.

Consistent buying pressure in recent sessions means buyers have been able to ride minor pullbacks.

That’s critical as the token now consolidates between $0.27 and $0.30.

Short-term indicators, including a positive MACD crossover and an upsloping RSI at 47, suggest room for further upside.

However, traders might want to watch out for broader market sentiment and action around $0.31.

XLM gains amid ETF buzz, partnerships

As noted, the surge in XLM’s value comes amid fresh positive sentiment.

Other than regulatory tailwinds, strategic alliances that enhance Stellar’s ecosystem and the launch of spot crypto ETFs stand out.

The funds listing front has an impending spot XRP ETF debut, helping the Ripple token up, and also targets the crucial $3.00 market.

Targeted partnerships are also positioning Stellar at the forefront of the tokenized real-world assets trend.

The blockchain platform welcomed a landmark collaboration with Nasdaq-listed Turbo Energy.

In this deal, the Stellar Development Foundation and Swiss digital asset firm Taurus are working together to tokenize debt financing for hybrid solar and battery installations.

Built on the Stellar blockchain, the initiative kicks off with a proof-of-concept pilot at a supermarket in Spain, leveraging XLM’s blockchain to issue and manage tokenized Power Purchase Agreements (PPAs).

„The future of climate finance needs to be as efficient as the clean energy it funds.“ –@DenelleDixon

New, transparent ways to finance on-site clean energy deployments from @turbo_energy, @taurus_hq, and SDF.

Learn more ⬇️https://t.co/uoLnDW08Ct

— Stellar (@StellarOrg) November 11, 2025

XLM could also benefit from SEC Chair Paul Atkins’s plans to create a framework for classifying crypto tokens.

On November 12, 2025, at the Philadelphia Federal Reserve Bank, Atkins advocated for a comprehensive token taxonomy rooted in the Howey Test.

The goal is to offer greater regulatory clarity by distinguishing securities from commodities and collectibles.

SEC’s objective is to foster innovation without stifling growth.

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• Canary’s fund is set to be the sixth single-crypto ETF if it launches.
• The fund’s official website has gone live ahead of the anticipated debut.
• Past ETFs launched during the government shutdown used automatic effectiveness rules.

The cryptocurrency market is poised for a new addition with the likely debut of the first spot XRP exchange-traded fund, issued by Canary Capital.

On Wednesday, Nasdaq confirmed it had accepted the Form 8-A filing for the Canary XRP ETF, under the ticker XRPC, signalling formal readiness to list the asset.

While the announcement stirred excitement among ETF watchers, the fund still lacks the US Securities and Exchange Commission’s final approval to begin trading.

This has left its launch in limbo, even as industry observers anticipate a possible debut on Thursday.

Canary’s ETF becomes the sixth single-asset crypto fund to reach this milestone following earlier approvals for Bitcoin, Ether, Solana, Litecoin and Hedera.

However, this fund’s progression highlights a more complex regulatory backdrop, influenced by recent shifts in SEC processes during the US government shutdown.

Certification clears Nasdaq listing, but trading awaits

Nasdaq formally notified the SEC that it had received and filed the Form 8-A for Canary’s XRP ETF.

Bloomberg’s ETF analyst Eric Balchunas shared the update on X, stating that “The official listing notice for XRPC has arrived from Nasdaq.”

Despite this progress, the ETF has not yet received the green light to commence trading. The letter issued by Nasdaq confirmed approval of the listing but did not equate to SEC authorisation.

Observers have clarified that the letter is a procedural step and part of the process to join the registrant’s request for the fund to become effective.

Some in the crypto community highlighted the difference, noting that the Nasdaq letter does not declare the fund effective but only acknowledges the listing certification.

The SEC has not issued an effectiveness order, which means trading cannot begin until that step is completed.

Canary’s XRP fund joins crypto ETF roster

Following the Nasdaq filing, Canary Capital launched its official website for the ETF.

Nate Geraci, president of NovaDius Wealth Management, posted about the development, signalling that Canary was likely to be the first to market with an XRP-backed ETF.

If approved, the XRPC ETF will join the growing roster of single-asset crypto ETFs now available to investors. These include Bitcoin, Ether, Solana, Litecoin and Hedera.

Eleanor Terrett of Crypto America also indicated on X that Nasdaq had cleared XRPC for a market open launch, which further raised expectations for an imminent debut. However, the fund cannot proceed to trading without confirmation from the SEC.

ETF timing reflects shutdown-related procedure shifts

Canary’s ETF launch coincides with the recent end of the longest US government shutdown in history.

On Wednesday, President Donald Trump signed legislation that officially reopened government operations.

During the shutdown, ETFs for Solana, Litecoin and Hedera began trading under automatic effectiveness provisions.

These mechanisms allowed trading to begin without active SEC approval during periods when regulatory processes were delayed.

This approach was not used in earlier launches of Bitcoin and Ether ETFs, which both started trading only after formal authorisation from the regulator.

It remains unclear which approach the XRPC fund will follow.

Without a current effectiveness order, Canary’s ETF may be subject to additional delays, unless it qualifies under the same automatic provisions used during the shutdown period.

Launch window narrows as market watches SEC decision

Although Nasdaq has certified the listing and Canary’s infrastructure appears ready, the fate of the XRPC ETF ultimately depends on the SEC.

Canary’s website launch and market interest reflect growing anticipation, but trading cannot begin until regulators give their final approval.

Although Nasdaq certified the listing and Canary Capital launched its website, the fund did not begin trading immediately after 28 October, the initially anticipated date.

Without a final effectiveness order from the SEC, the ETF remains in limbo. Until that regulatory step is completed, XRPC cannot begin trading, and the market continues to await confirmation.

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