XRP ETF on the Horizon, and Coinbase Shares Drop 15% - November 4, 2024
Also, BTC falls to $68K, and the TON Foundation launches society DAO
TL;DR: Crypto Insights in Seconds
21Shares: Aims to bring the first XRP ETF to the U.S. market.
Coinbase: Shares fall 15% after disappointing Q3 results.
Stablecoins: Paxos partners with Singapore’s DBS Bank to launch a new USD stablecoin.
TON: Foundation launches society DAO.
Price Update
Bitcoin Falls Below $68K as Election Volatility Surges
Bitcoin’s price has dropped below $68,000 as volatility reaches a three-month high, driven by investor caution ahead of the upcoming U.S. election. Forward volatility, a measure of expected price swings, has also spiked, suggesting that traders are positioning for potential turbulence. The election’s impact on macroeconomic conditions, combined with Bitcoin’s sensitivity to global events, has led analysts to predict further price fluctuations in the coming weeks.
Business News
Coinbase Shares Slide 15% Following Disappointing Earnings Report
Coinbase stock dropped 15% after the company’s Q3 earnings fell short of Wall Street expectations, raising concerns about the sustainability of its revenue streams amid a competitive exchange landscape. Despite recent innovations, such as real-time crypto deposits with Visa, the weaker-than-expected financial results have highlighted the challenges that exchanges face in a volatile market.
New Launches
TON Foundation Launches Society DAO to Improve Decentralized Governance
The TON Foundation has introduced Society DAO, wanting to accelerate decentralized governance and ecosystem expansion. The DAO structure will empower community members to participate in decision-making processes, reflecting the ongoing trend toward community-driven governance models in blockchain networks.
Paxos and DBS Bank Introduce New USD Stablecoin in Singapore
In a move highlighting the growing role of Asia in the stablecoin sector, Paxos has launched a new USD-backed stablecoin in collaboration with Singapore’s DBS Bank. The initiative is another show of Singapore’s status as a regional hub for digital assets, with DBS’s support lending legitimacy and trust to the project among local investors.
Regulatory Updates
21Shares Pursues SEC Approval for XRP ETF Amid Broader Crypto Interest
Asset manager 21Shares has filed to launch a U.S.-based XRP ETF, as institutional demand grows for diversified crypto funds. If approved, this would be the first XRP-focused ETF available to American investors, providing exposure to a wider range of digital assets beyond Bitcoin and Ethereum.
Bitcoin’s dip below $68K amid rising volatility points to market concerns surrounding the U.S. election’s potential impact on crypto. Meanwhile, 21Shares’ XRP ETF filing signals strong institutional appetite for diverse crypto funds, while Coinbase’s recent earnings miss highlights challenges facing centralized exchanges. 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.
