Bitwise Pushes for XRP ETF, BTC Falls To $60K, and Arbitrum Hits 1 Billion Transactions - October 2, 2024
A quick and digestible recap of yesterday’s crypto news.
TL;DR: Market Insight in Seconds
Bitwise: Files for XRP ETF.
Robinhood: Introduces crypto transfers as part of its expansion into Europe.
Arbitrum: Hits 1 billion transactions.
U.S. Spot Bitcoin ETFs: Logging $61.3 million in new investments.
FTX: Reorganization plan gains support from creditors.
BTC: Falls to the $60K mark while uncertainty in the global and U.S. market grows.
Price Update
Bitcoin Falls Below $60K Amid Middle East Tensions
Bitcoin fell to the $60K mark as geopolitical tensions in the Middle East escalated coupled with the looming U.S. jobs data release, causing investors to shift towards safer assets like gold. Additionally, analysts are closely watching the BTC long-short ratio on Binance, which has reached a critical level, signaling potential volatility ahead. This ratio is often used as a leading indicator for upcoming price movements, with current levels suggesting a possible price correction.
Market Trends
Arbitrum Surpasses 1 Billion Transactions
Arbitrum, the Layer-2 scaling solution for Ethereum, has officially processed over 1 billion transactions since its launch in 2021. This milestone shows Arbitrum’s growing role in improving Ethereum’s scalability and reducing transaction costs.
Stablecoin Market Cap Growth Supports Bitcoin
According to CryptoQuant, recent growth in the stablecoin market cap is providing additional liquidity for Bitcoin. This liquidity is a positive signal for Bitcoin’s price, helping it stabilize after recent declines.
U.S. Spot Bitcoin ETFs Extend Inflows Streak
U.S. spot Bitcoin ETFs have continued their streak of inflows for the eighth consecutive day, logging $61.3 million in new investments.
Regulatory Updates
Bitwise Takes a Step Toward XRP ETF
Bitwise, a crypto index fund manager, has taken a major step by filing for a spot XRP ETF. If approved, this would offer investors a direct way to gain exposure to XRP, following the recent legal clarity around Ripple’s token.
FTX Reorganization Plan Gains Support
The FTX reorganization plan is gaining traction, with 94% of creditors expressing their support. This plan seeks to recover some of the lost assets for creditors. Following their plan, 98% of creditors are set to receive at least 118% of their claim value in cash.
Don’t Miss Anything
Robinhood Expands Crypto Transfers to EU
Robinhood is doubling down on its European expansion by introducing crypto transfers across the EU. The platform wants to capitalize on the growing demand for crypto services in Europe, providing users with more flexibility in managing their digital assets.
The crypto market remains dynamic as Bitcoin faces new pressures from global events and potential corrections. However, positive developments such as Bitwise’s XRP ETF filing, Robinhood’s EU expansion, and Arbitrum’s growth underscore the industry’s resilience and ongoing innovation. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
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