Crypto Whales Take Advantage of Market Dips While ETF Investors Hold Back
Whales took advantage of the lower Bitcoin prices during the market turmoil earlier this week on Monday, while smaller inventors sold off in a panice. Despite a voilite week that saw Bitcoin’s price drop to $49,000 before rebounding to $56,000, US listed ETF’s had $168 million in net outflows on Monday, mainly from Grayscale, Fidelity and 21Shares Art Invest. This indicates that Bitcoin ETF investors are holding on much stronger than expected. Overall, Bitcoin’s fast rebound from the sell off can be expected as we move towards the end of the year where elections and political uncertainty can influence the market.
Martin Shkreli’s Trump Themed Token Suddenly Drops 90%
Martin Skreli’s Trump token ‘DJT’, themed around Donald Trump experienced a sudden 90% drop in vsalue after a single wallet sold $2 million worth of the token, causing it market capitalization to drop from $55 million to $3 millon instantly. The token gained popularity due to rumors that Trump and his son Barron were linked to Martin Shkreli, who claimed he helped Barron create and market the token. Shkreli has denied holding any DJT tokens or controlling the liquidy pools and has indicated that Barron was responsible for the sudden price drop. Nevertheless, The Trump family has not officially commented on the token or Barron’s involvement.
Kamala Harris Postpones Crypto Leaders Meeting & Reveals Running Mate
Kamala Harris’s team has rescheduled their meeting with crypto leaders to August 8, 2024 after initially postponing it. While the Democratic Party is attempting to rebuild its relationship with the crypto community, their choice of a vice president Governor Tim Walz has shown opposition to crypto which has a conflicting stance. Despite this, the Democratic commitment to engaging the crypto sector remains positive showing that Democrats and Republicans want to grab a hold of crypto voters for their campaigns.
Brazil Greenlights First Spot Solana ETF, Marking Crypto Milestone
The Brazilian Securities and Exchange Commission has approved the world’s first spot Solana based exchange traded fund, highlighting a significant milestone in crypto investment options. The ETF is managed by QR Asset and operated by Vortx, it will track the CME CF Solana Dollar Reference Rate and is pending final approval form Brazil’s main stock exchange, B3. This highlights Brazil’s push to become a leader in regulated crypto investments much like El Salvador where the country has allowed Bitcoin to become a legal tender for day to day purchases..
XRP Jumps 17% After Ripple SEC Case Conclusion
XRP’s price jumped 17% on Wednesday from 50 cents to 65 cents following a settlement in the Ripple Labs and SEC case. The closure of the case has increased trading volumes, rising from $1.2 billion to $4.2 billion and a $200 million boost in open interest from XRP tracked futures. Ripple agreed to a $125 million civil penalty and an injunction against future securities law violations, though an SEC appeal is anticipated. Overall, the broader market saw minimal movement after Bitcoin’s recovery drop from $49,000.
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