Today in the world of cryptocurrency: The Federal Reserve reduced interest rates, leading to a surge in Bitcoin value, news on potential ETFs, and more significant developments.
The cryptocurrency market is experiencing a surge of positive momentum, with several significant developments unfolding.
After a considerable delay, Grayscale's multi-crypto index fund, containing Solana [SOL] and Ripple [XRP], has been approved to begin trading. This approval could be a key catalyst in the mid-term, as it marks a step forward in the mainstream acceptance of cryptocurrencies.
The United States Securities and Exchange Commission (SEC) has taken a decisive move to streamline and speed up the approval process for crypto spot ETFs. The SEC's new listing standard, which could potentially 'open crypto ETF floodgates', eliminates the previous requirement to handle each application in a two-step process and shortens the maximum review period from over 240 days to 75 days. This move paves the way for numerous new spot ETFs, including those based on cryptocurrencies like Solana and XRP.
ETF analyst Nate Geraci predicts that the SEC's approval will unlock 'crypto floodgates' that will usher in mainstream access. Paul Atkins, Chair of the SEC, stated that the move would enhance innovation and investor choice.
The crypto market might be ready for the historical 'Upbtober' and Q4 run with the positive macro landscape. The market could benefit significantly from upcoming crypto ETF approvals, especially if they have a Futures offering for over six months.
Meanwhile, in the derivative market, Aster, billed as the 'next generation' DEX for perpetual markets, has rallied +380% in a day after its debut. Aster, which is financed by CZ-linked YZi Labs, allows users to trade with massive leverage. Amongst the top gainers was Avalanche, which blasted 8% to $34, while Hyperliquid, a rival to Aster, jumped 6% to nearly $60.
Binance Coin also rallied 4% and appeared ready to tag the $1000 psychological level. The surge in the crypto market was further boosted by Bitcoin, which climbed higher above $117K for the first time since late August, following the Federal Reserve's decision to reduce the interest rate by 25 basis points and signal more cuts in 2025, citing slowing labor markets.
With over 90 pending crypto ETF applications expected to see some progress in Q4 due to the latest approval, the cryptocurrency market is poised for an exciting end to the year.
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