Bitcoin Price: US$ 88,053.10 (-0.73%)
Ethereum Price: US$ 3,243.80 (-3.79%)
Canary Capital has filed with the SEC to launch a spot HBAR exchange-traded fund (ETF), providing US investors a platform to trade shares linked to Hedera’s native crypto asset without relying on derivatives or futures. Meanwhile, Bitwise announced the launch of the first Aptos staking ETP on the SIX Swiss Exchange, targeting European investors with a physically backed product offering approximately 4.7% returns. In the wake of the recent US election, President-elect Donald Trump plans to replace SEC Chair Gary Gensler, which could influence crypto regulation and the approval of pending ETFs for Solana, XRP, and Litecoin. Trump has also hinted at using his power for recess appointments, potentially expediting leadership changes that could impact cryptocurrency oversight and policy direction.
Coinbase has launched the COIN50 Index, a new benchmark tracking over 50 digital assets, targeting traders and institutional investors in emerging markets, including major cryptocurrencies like Bitcoin, Ether, Solana, and Dogecoin. The index offers exposure to the crypto market through perpetual futures contracts for eligible institutions, although key markets like the US and UK are excluded. Crypto markets are currently experiencing “extreme greed,” with Bitcoin reaching a new high of $87,294. However, experts caution that deleveraging could occur before Bitcoin reaches $100,000, as leverage ratios are unsustainable. While most analysts remain bullish on Bitcoin’s trajectory, volatility and risk management continue to be concerns. Investors should brace for potential price fluctuations, with some analysts predicting Bitcoin could exceed $100,000 by year-end, driven by bullish sentiment and macroeconomic factors, such as Donald Trump’s anticipated presidential victory. Elevated funding rates suggest that both retail and institutional investors are positioning for further upside, often through leveraged bets.
Meanwhile, Ethereum researcher Justin Drake proposed a redesign of Ethereum’s consensus layer. He suggested a shift from the Beacon Chain to a new “Beam Chain” to align with the network’s final design, including reducing the staking requirement from 32 ETH to just 1 ETH and addressing issues like maximal extractable value (MEV). The proposal remains a concept pending community consensus. Justin Drake’s recent proposal to revamp the blockchain’s consensus layer has ignited speculation about a return to sharding as a solution to scalability challenges. ConsenSys CEO Joe Lubin suggested this could involve leveraging zero-knowledge Ethereum Virtual Machines (zkEVM) to enable execution shards, potentially allowing millions of transactions per second. However, achieving this scalability goal may take years.
Meanwhile, Bitcoin surged past $90,000 on November 12, fuelled by a rally following Donald Trump’s election win and predictions that it could soon reach $100,000. The broader crypto market saw significant gains, with Solana also posting impressive growth. Shares in crypto companies like Coinbase and Marathon Digital Holdings soared. Solana has gained ground on Ethereum, surpassing its economic activity metrics for the first time in October 2024, driven by the rise of memecoins and increasing network activity. Although concerns persist about the sustainability of this speculative trend, Solana’s growing transaction fees and total value locked suggest a market shift. However, its history of outages remains a challenge.
Source: https://cointelegraph.com
Disclaimer: The following summaries are provided for informational purposes only and are not intended to infringe upon any copyrights. All rights to the original content belong to their respective owners, and the summaries are intended to provide a brief overview of the content. If you are the owner of any of the content summarised here and have concerns about its use, please contact us to discuss the matter further.
