23 November Crypto News: Ethereum Futures and Bitcoin ETFs Soar Amid Bullish Crypto Momentum
The cryptocurrency market is buzzing with excitement as Solana hits a new all-time high and XRP surges to its highest level in three years following SEC Chair Gary Gensler’s resignation announcement. Meanwhile, Ethereum futures open interest has skyrocketed to a record $20 billion, and U.S. spot Bitcoin ETFs have surpassed $30 billion in cumulative inflows as BTC inches closer to the $100,000 milestone. Adding to the momentum, Charles Schwab reveals plans to launch crypto spot trading, contingent on regulatory shifts. Here’s a closer look at these groundbreaking developments shaping the crypto landscape on November 23.
Solana Hits $263 All-Time High Amid Trump Presidency Boost
As part of a larger market rally spurred by Donald Trump’s presidential triumph, Solana jumped 11% on Thursday to close the day at a new all-time high at $263, raising hopes for a more crypto-friendly U.S. government. Following news that the SEC was now engaging with issuers’ S-1 applications for spot Solana ETFs in the United States, the milestone was attained.
On November 6, 2021, the cryptocurrency reached its previous all-time high of almost $260, according to CoinGecko, a website that compiles cryptocurrency price data from several transactions. After a severe bear market and the consequent failure of FTX, Solana fell as low as $8 around the end of 2022. In 2021, Solana gained popularity as a speedier and less expensive Layer 1 blockchain substitute for Ethereum.
XRP Hits $1.55, Highest Since 2021, Following Gensler’s Resignation
XRP has experienced one of the most robust cryptocurrency rallies in the last day, rising 9.97% to over $1.55, the highest level since May 2021. As President-elect Donald Trump made a campaign vow to fire SEC Chair Gary Gensler on day one, Gensler announced his resignation from the agency on Thursday, coinciding with the rally.
The long-running legal dispute between Ripple and the SEC began in 2020. The company is accused of selling XRP, which the SEC considers an unregistered security, in order to raise $1.3 billion. XRP is still behind its all-time high of $3.84, despite rising 43.12% over the last week and 193.16% over the past month.
Ethereum Futures Open Interest Reaches $20.8 Billion Amid Positive Market Sentiment
According to experts at CryptoQuant, open interest in Ethereum futures increased by 12% to a new high of $20.8 billion on Friday, indicating short-term positive momentum in the derivatives market. According to the researchers, traders’ heightened risk-taking as they wager on higher Ether prices is reflected in positive funding rates and record leverage ratios. However, they cautioned that the prevalence of long holdings and high leverage might make a long squeeze more likely.
Bitcoin ETFs Hit $30 Billion in Inflows as BlackRock’s IBIT Leads with $608 Million
In just ten months after their January introduction, cumulative net inflows into U.S. spot bitcoin ETFs have topped $30 billion. On Thursday alone, the Bitcoin ETFs had net inflows of almost $1 billion, with BlackRock’s IBIT leading the way with $608 million and Fidelity’s FBTC following with $301 million. The number follows Bitcoin’s ongoing post-election surge past $100,000, which on Wednesday pushed the total assets under management of the funds beyond the $100 billion threshold.
Charles Schwab Plans to Launch Spot Crypto Trading When Regulations Allow
As soon as regulatory circumstances permit, financial services behemoth Charles Schwab intends to offer direct spot trading for customers in addition to its present crypto ETF and futures offerings. This may become more feasible after pro-crypto President-elect Donald Trump assumes office.
We will get into spot crypto when the regulatory environment changes, and we do anticipate that it will change, and we’re getting ready for that eventuality,
Schwab president Rick Wurster
Wurster, who will take over as CEO of the company on January 1, told Bloomberg that while he does not personally have any immediate plans to purchase cryptocurrency, he does assist the company’s clients in doing so.
Crypto has certainly caught many’s attention, and they’ve made a lot of money doing it. I have not bought crypto, and now I feel silly.
Wurster
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