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4 Trillion SHIB Tokens Sent to Exchanges in 2 Weeks – Causing Price Drop
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It’s Official, First XRP ETF Filing Lands on SEC’s Desk Investment asset management firm Bitwise has become the first firm to file an initial registration statement for a spot XRP exchange-traded funds (ETF) with the United States Securities and Exchange Commission (SEC). The pursuit of an XRP ETF reflects the increasing demand among institutional investors for safe crypto products. Epic Bitwise XRP ETF push Like other crypto ETFs, the potential Bitwise XRP ETF will provide exposure to the value of the underlying cryptocurrency held by the trust. Bitwise CEO Hunter Horsley stated that the asset manager is optimistic about the results that the XRP ETF implementation will bring. “We believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century,” Hosley wrote in the filing. He further noted that this is why, for the past seven years, Bitwise has helped investors access the opportunities in the space, and the Bitwise XRP ETP is not an exception. On Sept. 30, Bitwise registered an XRP ETF trust entity in Delaware. The trust listed CSC Delaware Trust Company as its registered agent in Wilmington, Delaware. Bitwise’s latest move may encourage other asset managers to file a similar application with the U.S. regulator. The latest Form S-1 registration with the SEC follows Bitwise’s earlier entry into the crypto ETF ecosystem. Bitwise in crypto ETF game Almost a year ago, Bitwise resubmitted its amended proposal for Bitcoin ETFs after the regulator provided feedback and queries to an initial filing for the BITB. In a matter of three months, the SEC approved the offering for trading, together with applications from BlackRock, Fidelity and Grayscale. Similarly, the asset management firm filed an S-1 form with the U.S. SEC to launch a spot-based Ethereum ETF in Q1, 2024. #XRP #Ripple #SECvsXRP #TMTG #tapswapwithdraw $BTC $ETH $XRP

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Ripple CEO Expects More Filings Following Bitwise XRP ETF Application Ripple CEO Brad Garlinghouse has predicted more asset managers could also file to offer an XRP ETF following Bitwise’s filing of the S-1 form for its Bitwise XRP ETF. Garlingouse also highlighted how significant this development is for XRP adoption, especially in traditional finance (TradFi). Ripple CEO Expects More XRP ETFs Filings Following Bitwise Application Brad Garlinghouse stated in an X post that this is just the beginning following Bitwise’s filing of the S-1 form for its Bitwise XRP ETF. Therefore, the Ripple CEO expects that more asset managers could file to offer an XRP ETF like Bitwise. Garlinghouse also claimed that the application for an XRP wasn’t only a matter of time, seeing as the Spot Bitcoin and Ethereum ETFs had been approved earlier in the year. In May earlier this year, he stated that an XRP ETF was inevitable and would happen at some point. The Ripple CEO was also convinced that this would happen, considering that Analisa Torres had already declared that XRP isn’t a security in itself. Meanwhile, the Ripple CEO stated that the move by Bitwise underscores the growing trust and integration of digital assets like XRP into TradFi. He added this marks the continued adoption and maturation of the crypto market. Although Grayscale excluded XRP from its Q4 top 20 crypto picks, the asset manager could be one of the next asset managers to file for an XRP ETF. It is worth mentioning that Grayscale recently launched its Grayscale XRP Trust, which the asset manager could easily apply to the SEC to convert to an ETF. Bitwise Files S-1 Form For XRP Bitwise confirmed in a press release that it had filed the S-1 form for its Bitwise XRP ETF with the US Securities and Exchange Commission (SEC). This fund will hold XRP directly and offer institutional investors the opportunity to gain exposure to the crypto token. #XRP #Ripple #SEC #BinanceLaunchpoolHMSTR #EIGENonBinance BTCUptober $XRP $BTC $ETH

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Here’s Why the Crypto Market is Falling It appears that the cryptocurrency market is poised for a massive price drop and may crash in the coming hours, following the escalated tension between Iran and Israel. During the opening bell of the US stock market, Barak Ravid, a political reporter shared a post on X (previously Twitter) that Iran is preparing to imminently launch a ballistic missile attack against Israel. Escalating Tensions Between Iran and Israel Barak noted that “Senior White House Official tells me: ‘The United States has indications that Iran is preparing to imminently launch a ballistic missile attack against Israel.’” However, this post went viral like wildfire as it gained significant attention from crypto enthusiasts and has gained 1.2 million views in just a few hours. Crypto Market Begins to Decline At press time, the overall cryptocurrency market began falling, while major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) have experienced price declines of over 2.5%, 3.5%, 4.6%, and 3.2%, respectively, over the past 24 hours. The majority of the price decline occurred following the news of the ballistic missile attack on Israel. Traders Liquidated $351.21 Million Following this news, traders have liquidated a significant $351.21 million, according to data from on-chain analytics firm Coinglass. However, the single largest liquidation occurred on Binance, the world’s biggest cryptocurrency exchange, involving a BTC/USDT pair worth $12.37 million. Amid this liquidation, the majority of liquidation happened in the past four hours, with bulls facing the hardest hit during this price decline. While analyzing total Bitcoin (BTC) liquidations in the past four hours, bulls have liquidated $50 million worth of long positions, while bears have faced $3.15 million of liquidations during the same period. #BinanceLaunchpoolHMSTR #EIGENonBinance BTCUptober BTCPredictedNewATH #BTCReboundsAfterFOMC $BTC $ETH $BNB

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Bearish Pressure Can’t Stop VET From Targeting $2 Despite bearish pressure weighing down on VeChain, analysts are still holding out hope that VET could face a massive surge to target an increase in a price as high as $2. The token has certainly struggled throughout 2024. Yet, that could be coming to an end with October looking to turn things around for a host of tokens. With ‘Uptober’ almost upon the market, there is a plethora of expectations for different cryptos. As with all price movement, a lot of that depends on Bitcoin. There are many who believe the coming month could have BTC eyeing a return to $70,000. That could have a massive impact on the market as a whole, as well as VeChain. VeChain Looks to Push Through Bears as VET Could Be In Line for October Surge Like many cryptocurrencies in the last several months, VeChain has struggled. Over the last 30 days, the token has fallen more than 8%, according to CoinMarketCap. Yet, it has enjoyed a notable turnaround. In the last seven days, it is up more than 14%, currently trading near the $0.024 mark. There are many analysts who expect VeChain to successfully navigate bearish pressure, and allow the surge to carry VET as high as $2. The asset is currently down 91% from its all-time high of $0.28, with the market projecting that landmark figure to be a thing of the past. Crypto analyst EGRAG took to X (formerly Twitter) to discuss their high hopes for VeChain. Specifically, they forecasted a massive move based on the Elliot Wave Theory. This identifies corrective wave patterns that could drive VET to notable highs. With Elliot Wave categorized by five sub-waves, EGRAG notes that VET is preparing to enter an impulsive Wave Three phase. This projection hints that Wave Four could bring about a correction before an explosive rally capitalizes on Wave Five. For the analyst, these moves could have VET targeting $1 in the short term, with a $2 top-end projection. #VET #Vechain #Altcoins #CryptoNews #BinanceLaunchpoolHMSTR $VET $VTHO $BTC

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Analysts Tip SUI to Rival Solana Layer-1 blockchain Sui (SUI) has been tipped as an incredible force to reckon with after showing resilience in the face of the recent market downturn. According to our market analysis, Sui has made a massive statement with a 36% surge in the last seven days and a 70% surge in the last 30 days. At press time, the asset was trading at $1.44, and its 24-hour trading volume was up by 28%. Speaking on the asset, Real Vision CEO Raoul Pal disclosed to his million X followers that Sui’s future trajectory appears bullish, as confirmed by market signals, growing adoption, and technological upgrades. Throwing light on this, Pal pointed out that the asset has broken the downtrend vs Solana (SOL) and all the top 20 tokens. In addition to that, its Relative Strength Index validates any form of bullish thesis with the asset “acting like it would be one of the key Chosen Ones of the major new chains, if not THE Chosen One.” From the technological perspective, Pal believes that the recent Mysticeti upgrade has led to a jaw-dropping finality that is under a second. Interestingly, this makes it the “fastest of all chains.” Pal also cited the upcoming Pilotfish as another upgrade that could transform the network and position it above competitors. According to our research, the Pilotfish has been designed to scale transactions per second (TPS) even above that of Solana Firedancer. This, coupled with the recent decision of Circle to issue stablecoin (USDC) on the platform, could be “another good step” towards outpacing competitors, Pal said. But what are Sui/Mysten Labs trying to achieve? Basically, they are trying to rebuild the internet, brick by brick for Web3. It is built to scale to Facebook/Meta size use cases (3 billion-plus) from zero-knowledge (ZK) logins to the coming Walrus decentralized storage protocol. #SUI #SuiNetwork #Solana #Altcoins #BinanceLaunchpoolHMSTR $SUI $SOL $BTC

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