Summary:
XRP surged 4.78% as Charles Schwab plans to enter the crypto market.
Schwab is considering launching crypto-spot ETFs for BTC, ETH, and XRP.
The future of XRP-spot ETFs depends on the SEC's ruling on the Ripple case appeal.
Current odds of Bitcoin hitting $100,000 have dropped from 92% to 64%.
Paul Atkins is the frontrunner for the next SEC Chair, potentially boosting BTC adoption.
In a recent interview with Yahoo, Rick Wurster, president and incoming CEO of Charles Schwab, shared the firm's enthusiasm for expanding into crypto investments. Schwab is keen to offer direct crypto offerings but is currently awaiting regulatory changes they anticipate will be forthcoming. The firm, which manages a staggering $9.92 trillion in client assets, is also considering entering the crypto-spot ETF market, potentially launching ETFs for BTC, ETH, and XRP among others.
US Crypto Market Expansion Hinges on New SEC and CFTC Leaderships
Activity within the US crypto-spot ETF sector has surged following the election of Trump and the resignation of SEC Chair Gary Gensler. The future of the XRP-spot ETF market largely depends on the SEC's decision regarding the Ripple case appeal. A new SEC Chair focused on withdrawing crypto-related appeals could significantly benefit XRP and the broader crypto landscape.
Market Sentiment and Bitcoin Predictions
Despite positive market sentiment, Bitcoin (BTC) has yet to surpass $100,000. As per the Kobeissei Letter, the odds of BTC reaching that milestone this year have declined from 92% to 64%. However, expectations remain hopeful, projecting BTC may reach $115,000 by year-end.
Who Will Be the Next SEC Chair?
Speculation surrounding the next SEC Chair is heating up, with Paul Atkins currently the frontrunner. A pro-crypto chair could significantly accelerate BTC adoption. Other candidates include Brad Bondi and Teresa Goody Guillen.
Bitcoin (BTC) Price Update
On Thursday, BTC dipped by 0.20%, closing at $95,691, slightly reversing a previous rally. The price trajectory of BTC will likely depend on Trump's nominations for the SEC and CFTC Chairs. Support from pro-crypto leadership could drive BTC towards the coveted $100,000 mark. Regulatory guidelines will be crucial for BTC to be recognized as a strategic reserve asset.
Stay tuned for updates on regulatory changes that could transform the crypto market landscape.
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