Cboe BZX Exchange Files XRP ETF Applications

Cboe BZX Exchange Files XRP ETF Applications

The Cboe BZX Exchange has filed applications for XRP ETFs from Bitwise, WisdomTree, Canary, and 21Shares. This move comes amidst a flood of XRP ETF applications, suggesting a renewed interest in the cryptocurrency.

Market Performance

At the end of the week, Bitcoin (BTC) was trading at $96,120, Ether (ETH) at $2,589, and XRP at $2.38. The total market cap stood at $3.11 trillion, according to CoinMarketCap. Among the top 100 cryptocurrencies, the week's top gainers were Berachain (BERA) at 665.67%, MANTRA (OM) at 13.60%, and DeXe (DEXE) at -4.76%. The top losers were Virtuals Protocol (VIRTUAL) at 42.74%, Dogwifhat (WIF) at 42.17%, and Pyth Network (PYTH) at 38.47%.

Quotable Quotes

Jesse Powell, co-founder of Kraken, expressed frustration with discrimination against him, stating, "Frankly, I’m fed up with condescending, elitist bigots unlawfully discriminating against me." JPMorgan noted that the majority of traders have no plans to trade crypto or digital coins. Arthur Hayes, chief investment officer and co-founder of Maelstrom Fund, argued that asking the US government to print dollars and purchase Bitcoin as part of a national stockpile is misguided. Glassnode highlighted the atypical nature of the current Bitcoin cycle, which first reached a new all-time high in March 2024. Franco Jofré, attorney and senior adviser at Miller & Chevalier, suggested that clearer criteria could distinguish security tokens from utility tokens. Public Citizen, a consumer advocacy organization, argued that Donald Trump's crypto ventures may involve soliciting money in exchange for nothing, benefiting him personally.

Predictions and FUD

Analysts predict that Bitcoin dominance needs to pass 70% to restart "altseason." A US federal judge has rejected Coinbase's argument