BTC Struggles to Reach $100K, and Solana ETF might come soon - December 04, 2024

Also, XRP keeps growing exponentially, and South Korea's martial law leads to volatility.

TL;DR: Crypto Insights in Seconds

• BTC: Facing struggles to reach the $100K mark, but there are positive signs like low exchange reserves.

• XRP: Keeps rising and Ripple reduces transaction costs to encourage adoption.

• ETF: BlackRock’s iBit spot BTC ETFs logged 500,000 BTC.

• South Korea: Martial Law adds volatility to the global market.

• SEC: Top pick for SEC Chair Paul Atkins hesitates to take the role.

• Solana: Grayscale proposes Solana ETF conversion.

Price Update

Bitcoin Inches Closer to $100K But Breaking the Limit Might Take Time

Bitcoin remains just shy of its highly anticipated $100K milestone. Analysts, including Van Straten, suggest that breaking through this psychological barrier may require multiple attempts due to sell pressure and market resistance. The milestone is viewed as pivotal for the continuation of Bitcoin’s current bull run.

XRP Surge Amid Whale Activity and Ripple Reduces Transaction Costs

XRP has recorded its highest-ever whale activity, coinciding with a 100% gain over the past week. On the other hand, Ripple’s ecosystem continues to expand, with updates to the XRP Ledger’s base reserve reducing transaction costs, encouraging adoption.

Market Trends

Bitcoin ETF Soars While Exchange Reserves Plunge

BlackRock’s iBit spot Bitcoin ETF has reportedly secured 500,000 BTC in holdings, showing a growing institutional appetite. Meanwhile, Bitcoin exchange reserves have dropped to their lowest levels in years, signaling strong investor confidence in holding BTC off-exchange, often a bullish indicator​.

South Korea Declares Martial Law, Crypto Markets React

South Korean President Yoon Suk-yeol has declared emergency martial law in response to domestic unrest, causing sharp declines in local crypto markets. As South Korea is a major player in crypto trading, this decision has added to volatility, particularly in XRP and Bitcoin markets​.

Regulatory News

Trump's SEC Chair Pick Faces Uncertainty

Paul Atkins, a top candidate for SEC chair under the Trump administration, has reportedly expressed hesitations about accepting the position. Known for his pro-business stance, Atkins would signal a shift in regulatory attitudes toward crypto. However, his reluctance introduces uncertainty about the agency's direction​.

Don’t Miss Anything

Grayscale Proposes Solana ETF Conversion

Grayscale has filed with the SEC to convert its Solana Trust into an ETF, potentially making Solana-based assets more accessible to institutional investors. This decision is another show of the growing demand for diversified crypto investment products beyond Bitcoin and Ethereum.

From XRP's explosive growth to Bitcoin ETF milestones and South Korea’s market turmoil, global factors continue to shape the crypto narrative. As Bitcoin strives to reach $100K and altcoins like XRP and Solana gain traction, the crypto ecosystem is proving its resilience amidst regulatory and geopolitical shifts. 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.