#BitwiseBitcoinETF
As we move into 2024, the crypto market is buzzing with excitement and uncertainty. Here's the latest news on XRP and Bitcoin:
Ripple Case Appeal: What’s Next for XRP? The legal battle between Ripple and the SEC is heating up with the January 15 deadline approaching. Here’s what could happen:
1. SEC Appeal Uncertainty
Former SEC lawyer Marc Fagel suggests the SEC might withdraw its appeal, which could set a major legal precedent for XRP and the entire crypto industry. If the SEC continues with the appeal, XRP could face heavy selling pressure, potentially dropping below $1.50. If the appeal is dropped, XRP could rally, possibly reaching its 2018 high of $3.55 and opening doors for XRP-based ETFs.
2. SEC Leadership Change
Gary Gensler will step down on January 20, sparking hopes for a more crypto-friendly approach. The new SEC Chair, Paul Atkins, might lead to a shift in the SEC’s stance on crypto regulations.
3. XRP Price Update
XRP closed at $2.1537 on December 26, dropping 6.21% due to uncertainty around the legal case. Its near-term price direction depends on whether the SEC continues with its appeal or withdraws it.
Bitcoin Eyes $100K: ETF Inflows Signal Renewed Interest Bitcoin is pushing toward the $100K mark, driven by inflows into Bitcoin ETFs.
1. BTC-Spot ETF Market Trends
Bitcoin ETFs are seeing increased demand, with $418.7 million in inflows on Thursday alone. Notable contributions came from:
Fidelity Wise Origin Bitcoin Fund: $254.4M
ARK 21Shares Bitcoin ETF: $186.9M
However, there were outflows earlier in the week, showing the market’s volatility.
2. BTC Price Movement
Bitcoin closed at $95,692, after reversing earlier gains. Future price movements will depend on ETF inflows and the potential for Bitcoin to be adopted as a reserve asset by the US government.