What Happened in Crypto Today: ETF Predictions, $PENGU, Ripple Updates
Surge in Cryptocurrency ETFs Predicted for 2025 by Bloomberg Analysts
Bloomberg analysts Eric Balchunas and James Seyffart predict a surge in cryptocurrency ETFs in 2025, anticipating changes in SEC leadership. Bitcoin and Ethereum ETFs are expected to lead, with firms like Hashdex and Bitwise launching funds. Litecoin and HBAR ETFs may gain approval sooner, while Solana and XRP face delays due to legal issues. Optimism stems from potential regulatory shifts under a pro-crypto SEC chair, but market demand and regulatory hurdles could still impact timelines.
Pudgy Penguins’ $PENGU Token Drops 50% After Airdrop Launch
Pudgy Penguins’ new $PENGU token, trading on Solana, saw a 50% drop post its December 17 airdrop. Initially at a $2.8 billion market cap, it fell below $2 billion, hitting $0.031 from $0.068. This decline coincided with Pudgy Penguins NFTs’ floor price dropping from 33 ETH to 16 ETH. Despite generating $90 million in trading volume, $PENGU’s market cap dipped below $1.9 billion. The token is listed on Binance, OKX, and Bybit.
Fed Rate Cuts Impact Crypto Market: Bitcoin, Altcoins Dip
On December 18, Fed Chair Jerome Powell is expected to announce a 25 bps rate cut, lowering the federal funds rate to 4.25%-4.5%. This marks a one-point reduction since September. Despite robust job growth and inflation at 2.7%, concerns of a hawkish tone persist. Bitcoin dropped 2.43%, Ethereum fell 4.10%, and the crypto market cap declined 2.58% to $3.36 trillion, reflecting volatility ahead of the Fed’s decision.
Ripple vs SEC Final Verdict on January 15: Reasons for XRP Optimism
Ripple’s battle with the SEC is set to conclude on January 15, 2025, with final briefs due. Recent positive developments for Ripple include the launch of its stablecoin RLUSD and SEC Commissioner Caroline Crenshaw’s exit. Pro-crypto Paul Atkins will replace Gary Gensler as SEC head under President Trump, boosting XRP’s prospects. Additionally, Empower Oversight is pushing for an investigation into former SEC Chairman Jay Clayton’s actions, potentially benefiting Ripple.
Trump and Crypto.com CEO Discuss Bitcoin Reserve Strategy
Crypto.com CEO Kris Marszalek met with President-elect Donald Trump at Mar-a-Lago, discussing key topics like crypto-friendly appointments and a US strategic Bitcoin reserve. Trump’s pro-crypto stance is evident through his selection of crypto advocates for top positions. Crypto.com recently withdrew its SEC lawsuit, aiming to collaborate with the new administration on regulatory frameworks. The meeting marks a significant potential shift towards a pro-innovation regulatory environment in the US crypto landscape.
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