Ripple (XRP) gains almost 23% today as crypto market react to Gary Gensler announced step down, planned for 20 January 2025.
- Now investors expect that SEC will be ruled by pro-crypto chair, however we can assume that it will be not Robinhood CFO Gallagher, who told today that he is 'not interested in being considered for the US SEC Chair role'. Crypto market anticipates that Ripple will win in the court with the SEC and new US administration will probably be interested in increasing Ripple role as a global decentralized fintech company.
- CBOE Global Markets (CBOE.US) will launch the first cash-settled spot Bitcoin options product since next Monday, December 2. We can clearly see today that investors are choosing smaller cryptocurrencies as Bitcoin approaches $100k resistance zone. Bitcoin ETFs attracted almost $1 billion net inflows yesterday, close to an all-time record; as of now, BTC spot price is near $99k.
Source: XTB Reserach, Bloomberg Finance L.P.
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Current scale of Bitcoin price reaction since August 5 lows is close to September 2023 - March 2024 rally; almost $50,000 up in price. Again, a percentage number of short term Bitcoin holders in profit is near 100%; historically, according to on-chain Glassnode analysis, such periods (rising above ATH and searching for new record to stabilize and decline) usually date 22 days. As of 22 November, this phase is near this number.
Source: xStation5
Source: xStation5
