Sony’s Blockchain Faces Backlash, and BTC Stays Around $96K - January 15, 2025
Also, Gensler says the SEC never called BTC and ETH securities, and CFTC eyes Crypto.com
TL;DR: Crypto Insights in Seconds
BTC: After briefly touching $97K, the token hovers around the $96K mark.
ETH: Analyst consider that ETH could have a significant rebound but it will take time.
SEC: Gensler says the agency has never formally declared Bitcoin or Ether as securities.
Crypto.com: CFTC puts an eyes on Crypto.com Super Bowl contracts.
XRP and Solana ETFs: JPMorgan says these ETFs could generate $13.6 billion in inflows.
Soneium: Sony’s blockchain faces backlask for blacklisting memecoins.
Price Update
Bitcoin Rebounds Along with Global Stock Gains
Bitcoin bounced back above $96,000, supported by global stock market gains and investor focus on upcoming U.S. inflation data, demonstrating once more continued correlation with macroeconomic trends. ARK Invest predicts further volatility due to inflation fears and macroeconomic uncertainties but sees significant upside potential for 2025.
Ethereum’s Long Road to Recovery
Ethereum’s data shows bullish signs, but analysts warn that a meaningful price rebound will take time. Factors like network activity and macroeconomic uncertainties continue to weigh on ETH’s recovery potential.
Regulatory and Legal News
Gensler Backtracks on Bitcoin and Ether’s Status
SEC Chair Gary Gensler clarified that the agency has never formally declared Bitcoin or Ether as securities, adding to ongoing confusion over regulatory classifications for cryptocurrencies.
CFTC Eyes Crypto.com’s Super Bowl Contracts
The Commodity Futures Trading Commission (CFTC) is reportedly evaluating whether Crypto.com’s high-profile Super Bowl contracts complied with U.S. derivatives regulations.
Don’t Miss Anything
XRP and Solana ETFs Could Attract Billions
JPMorgan estimates that XRP and Solana ETFs could generate $13.6 billion in inflows during their first year if approved. These products could provide institutional investors with more ways to access crypto markets.
Sony’s Blockchain Faces Controversy
Sony’s blockchain platform, Soneium, has launched on mainnet, but its decision to blacklist memecoins sparked backlash from the crypto community. Critics argue that the decision undermines decentralization principles.
The crypto market continues to struggle with regulatory scrutiny and macroeconomic challenges, but key developments like Bitcoin’s resilience, the potential of XRP and Solana ETFs, and advancements in blockchain infrastructure highlight the sector’s ongoing growth and 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.
