Ripple Spot ETF Coming Soon... Altcoins 'Surge'

Source

Uk Jin

Summary

It was reported that the resignation of the US SEC chairman has led to a recovery in altcoin investor sentiment, causing prices of Ripple and Ada to surge.
US asset managers have submitted Ripple spot ETF applications, and expectations for the launch of altcoin ETFs are growing along with hopes for regulatory easing.
Liquidity that was concentrated in Bitcoin due to its decline is flowing into altcoins, but additional funds are needed for a full-fledged rise.

Cryptocurrency A to Z

Impact of the Resignation of

US SEC Chairman Critical of Cryptocurrency

Ripple, Up Over 10% from Last Week

Stellar Lumens, Polkadot 'Soar'

Bitwise, 21Shares, etc.

Submit Ripple Spot ETF Applications

While the leading cryptocurrency Bitcoin's upward trend has stalled, altcoins (cryptocurrencies other than Bitcoin) are showing strength. The resignation of Gary Gensler, the US Securities and Exchange Commission (SEC) chairman who was critical of cryptocurrencies, has led to a recovery in altcoin investor sentiment.

Bitcoin is hovering just shy of $100,000. In contrast, major altcoins like Ripple and Ada have surged. Ripple has risen over 10% from the previous week, and Ada has increased by more than 20%. Avalanche (19.38%), Stellar Lumens (73.76%), and Polkadot (37.82%) have also surged during the same period. Analysts suggest that expectations of a relaxation in US cryptocurrency-related policies are at play. Gensler announced he would resign on January 20 next year. There are also reports that President-elect Donald Trump's team is considering nominating Paul Atkins, a former SEC commissioner with a pro-cryptocurrency stance, as the next SEC chairman.

In line with expectations of regulatory easing, the submission of altcoin spot ETF applications by asset managers in the US has gained momentum. Bitwise, Canary Capital, 21Shares, and WisdomTree have submitted Ripple spot ETF applications. Expectations for the launch of other altcoin ETFs are also growing. Nate Geraci, CEO of ETF Store, said, “Asset managers are proceeding with applications for Ripple, Hedera, and Solana spot ETFs,” adding, “At least one asset manager is also considering launching Ada and Avalanche spot ETFs.”

There is also analysis that liquidity, which was concentrated in Bitcoin due to its decline, is flowing into altcoins. However, there is also an observation that additional funds are needed for altcoins to enter a full-fledged bull market.