Cryptocurrency markets witnessed unexpected developments yesterday. Political tension between Israel and Iran led to serious fluctuations in Bitcoin (BTC) and altcoin prices. While BTC and many altcoins experienced sharp declines due to this geopolitical tension, XRP managed to diverge in a positive direction. A move made by Bitwise had a great impact on this positive movement of XRP.
Bitwise’s XRP ETF move stirred the market
The ETF (exchange-traded fund) issue, which has been talked about for a long time in the crypto world, has come to the fore again with Bitwise’s latest step. A Bitwise spokesperson confirmed that the XRP ETF registration is real and announced that they have established a trust for XRP in Delaware. While this development had a positive impact on the XRP price, new expectations were created among investors about the future of XRP. While this step by Bitwise increases the chances of XRP being traded on US stock exchanges as an ETF, the question of how the regulations in this area will be shaped in the cryptocurrency market has also been brought to the agenda again. XRP investors expect wider audiences to turn to the altcoin XRP with possible ETF approvals following this news.
Analysts who follow the cryptocurrency markets closely began to make striking comments about the future of XRP and Solana (SOL) ETFs, after Bitwise’s XRP move. In particular, Bloomberg ETF analyst Eric Balchunas suggested that the 2024 US presidential election results could be a major turning point for the crypto world. Balchunas noted that in the regulatory environment led by current SEC (U.S. Securities and Exchange Commission) Chairman Gary Gensler, it is extremely difficult for new cryptocurrency ETFs such as XRP and SOL to be approved. Therefore, according to Balchunas, Donald Trump’s election win is critical for altcoins such as XRP and Solana to receive ETF approvals.
Solana ETFs lag: Still hope for altcoin
With Trump’s victory, the possibility of Gensler being dismissed and a new management approach that will be more friendly to cryptocurrencies coming to power may come to the fore. Balchunas stated that if Trump is elected, the SEC may adopt a softer regulatory approach, which could speed up ETF approvals for altcoins such as XRP and Solana. Another name who is an expert on cryptocurrency ETFs, Nate Geraci, president of The ETF Store, also made remarkable statements on this subject. Geraci noted that a Solana ETF is unlikely to be approved in the next year or two due to the current SEC administration’s stance.
However, Geraci stated that this difficult process is not limited to the USA only, and reminded that Solana ETFs have already been approved in countries such as Brazil, and that there may be positive developments globally for Solana investors. While these statements by Geraci indicate that regulatory uncertainties in the USA may continue for a while for Solana investors, they paint an optimistic picture about SOL ETFs in the international arena. Brazil’s approval of two spot Solana ETFs is considered an indication that Solana is increasingly gaining adoption in international markets.
All these developments shape future expectations in cryptocurrency markets. Although external factors such as Israel-Iran tensions cause fluctuations in cryptocurrency prices, internal factors such as Bitwise’s XRP move and a possible Trump victory increase the long-term potential of altcoins, especially XRP and Solana. If Donald Trump wins the 2024 elections, it is eagerly awaited what kind of changes this victory will bring to the crypto world.
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