Summary:
XRP and BTC gained momentum amid positive regulatory sentiment.
The SEC must file its appeal by January 15, 2025, critical for XRP's future.
US BTC-spot ETF market saw net inflows of $766.7 million, pushing BTC past $100k.
BTC's strategic reserve status could propel its price to $1 million.
BTC closed at $99,695, with potential oversupply risks from Mt. Gox and the US government.
The crypto market witnessed a positive surge on Friday, with XRP and BTC gaining momentum amid optimistic regulatory developments.
SEC Appeal: Will Chair Gensler Withdraw the Appeal Before Leaving the Agency?
The SEC's intention to appeal rulings in the Ripple case is pivotal for both XRP and ongoing investigations against crypto exchanges. The deadline for the SEC to submit its appeal is January 15, 2025, shortly before Trump’s inauguration and the anticipated exit of Chair Gensler. Gensler's recent actions indicate a potential push to solidify the SEC's stance before leaving.
Bitcoin (BTC) Revisits $101k on BTC-Spot ETF Inflows
On Thursday, the US BTC-spot ETF market saw impressive inflows of $766.7 million, marking six consecutive sessions of growth. This surge in demand has positively influenced BTC, pushing it past the $100k threshold. Notably, the US BTC-spot ETF market now holds over 1.1 million BTC, surpassing Satoshi Nakamoto's holdings, a significant milestone.
Bitcoin Strategic Reserve: Can BTC Hit $1 Million on US Government Demand?
BTC's recent rise to $101k is fueled by speculation about it becoming a strategic reserve asset under the Trump administration. With appointments of crypto-friendly officials, there is hope for clearer regulations that could elevate BTC's status. The potential for BTC to reach $1 million hinges on government demand and regulatory clarity.
Bitcoin Price Outlook
On Friday, BTC experienced a 2.68% increase, closing at $99,695 after briefly touching the $101k mark. Future BTC price movements will largely depend on the upcoming CFTC Chair nomination and potential oversupply risks from Mt. Gox and the US government, which holds a substantial 198,109 BTC stockpile.
XRPUSD 071224 Daily Chart
Stay tuned for more insights as the crypto landscape evolves with the impending changes in the SEC and government leadership.
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