SEC, XRP, Voice of Crypto
Key Insights:
Trump seeks to appoint old SEC chief and pro-crypto candidate Paul Atkins as his next SEC Chairman.
Tron made a fantastic 100% rally to reach $0.4 in the last 24 hours.
ETF inflows have shot through the roof, and Ethereum ETFs have shown positive inflows in the last fortnight.
Trump seeks to appoint pro-crypto candidate Paul Atkins as the next SEC chief. Paul, an old-time Republican, was the chief of the SEC in the Bush administration.
MicroStrategy wants to buy an additional $1.75 billion worth of Bitcoins after his latest purchase of $1.5 billion worth of BTC. They made another purchase worth $4.6 billion in last month. These purchases total their net Bitcoin accumulation at $6.85 billion or around 700k Bitcoins in the last 30 days.
At present, MicroStrategy has a $15 billion profit from its Bitcoin purchases and a net Bitcoin reserve worth approximately $40 billion.
Crypto market cap rose by 0.96% to reach a level of $3.52 trillion, one of the highest levels ever reached. The markets were mostly supported by post-correction rallies (rebound rallies) in Solana, BNB, and Tron.
Bitcoin's market dominance fell to 55% after a selloff, while Ethereum's gained 12.6%. The fall in Bitcoin's market dominance signals an increase in the intensity of the alt season. The index now shows a level of 83, signaling a very strong altcoin market. In the next few days, we might even see the altcoin index cross the level of 90, taking the crypto market cap above $4 trillion.
Altcoin Index on CoinMarketCap
Solana recovered to the levels of $237 after a 4% rally. The crypto has emerged as a tough competitor to Ethereum, surpassing it in daily user count.
SOL Gains in the Last 24 Hours
BNB gained 15% in the last 24 hours to reach a price level of $750 after its co-founder and Chairman took an active interest in crypto markets after his 4-month jail period.
BNB Gains in the Last 24 Hours
Tron was the largest gainer today with over 77% in net gains in the last 24 hours. The gains were pending since long and is a result of a short squeeze in the crypto. It made its ATH today of $0.44 and seems a perfect candidate to breakout out of $1 barrier.
Tron Gains in the Last 24 Hours
Crypto Fear and Greed Index
The Crypto Fear and Greed Index is at 79, indicating that the markets are very bullish.
This bullishness is further compounded by pro-crypto bureaucrat Paul Atkins's appointment as the next SEC chief. The current SEC chairman, Gary Gensler, will vacate office on January 20, 2024. Paul was the SEC chief during the previous Bush administration.
In the last seven trading sessions, Bitcoin ETFs saw large inflows with nominal outflows. The potential of Bitcoin to cross $100k, highly bullish price reductions, and expert comments on its potential have seen a surge in ETF inflows.
Currently, Bitcoin ETF's total AUM stands at $106 billion, higher than the combined AUM of most Bitcoin whales. The largest ETF, BlackRock, has $40 billion worth of assets under management.
Bitcoin ETF Flows in the Last 7 Trading Sessions
Keeping up with Bitcoin ETFs, those of Ethereum have also gained consistently in the crypto markets. At present, Ethereum is about to cross $4000 and if ETF inflows remain consistent, it might cross these levels within the first half of December 2024.
Ethereum ETF Inflows in the Last 7 Days
At present ETH ETFs have a net asset under management of $11 billion with the largest being Grayscale at $5.35 billion.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.