Summary:
Global cryptocurrency market cap rises by $160 billion, surpassing $3.2 trillion.
Ripple (XRP) price jumps 12.7% post Gensler's exit.
Solana (SOL) reaches $259.80, nearing all-time highs with a 10.30% gain.
Bitcoin sees a 5% increase, hitting $98,988 for a fourth consecutive day of new highs.
MicroStrategy plans to issue $3 billion in convertible notes for more Bitcoin acquisitions.
The global cryptocurrency market capitalization experienced a significant boost, increasing by $160 billion on Wednesday to surpass the $3.2 trillion mark. This uptick marks the highest daily gains for the cryptocurrency sector since November 11.
Altcoin Market Updates: Solana, XRP, and BNB Surge as Traders Anticipate Gensler’s Exit
The news of Gary Gensler’s departure from the US SEC on January 20 has ignited bullish momentum across the crypto markets. Investors are gravitating towards assets that have historically underperformed due to litigation under Gensler's SEC regime, including Solana, Ripple (XRP), and Binance Coin (BNB).
- Ripple (XRP) surged 12.7%, briefly exceeding the $1.20 mark shortly after Gensler's exit confirmation.
- Solana (SOL) gained 10.30%, reaching $259.80, just shy of its all-time high.
- Binance Coin (BNB) rebounded 5%, recovering to the $629 level.
Chart of the Day: Bitcoin Whales’ Buying Streak Enters 12th Day
Bitcoin also saw a 5% increase, reaching $98,988 on Thursday, marking its fourth consecutive day of hitting new all-time highs. Despite Gensler's exit dominating headlines, on-chain data indicates that large investors are driving this rally.
On November 20, Bitcoin whales acquired 25,740 BTC, the highest single-day net inflow of the week. This accumulation has led to a total of 128,448 BTC being acquired over the last 12 trading days, effectively tightening market liquidity and contributing to Bitcoin's recent price surge.
Crypto News Updates:
- Charles Schwab plans to offer crypto trading services, anticipating a positive shift in US regulatory stance.
- MicroStrategy is set to issue $3 billion in convertible notes to buy more Bitcoin, having already acquired over $6 billion in BTC this month.
- Donald Trump’s media company is looking to enter the crypto space with a trademark application for “TruthFi,” indicating plans for a cryptocurrency payment platform.
This surge in the crypto market highlights a significant shift, with altcoins gaining traction and Bitcoin continuing its upward trajectory as investors react positively to the changing regulatory landscape.
Comments