Cryptocurrency News Digest: Insights and Developments
Cryptocurrency markets never seem to sleep and over the weekend, several significant news stories emerged that have the potential to shake things up. From predictions on XRP ETFs to a peek at lawmakers’ crypto portfolios and the soaring interest in Shiba Inu, here’s a rundown of the most buzzworthy developments in the crypto world.
Spot XRP ETF Predicted for Approval This Year
One of the most intriguing pieces of news comes from prominent ETF analyst Nate Geraci. In a recent post on X (formerly Twitter), Geraci outlined his predictions for the crypto ETF landscape in 2025, suggesting that a spot-based XRP ETF could finally receive the green light this year. This prediction aligns with Ripple President Monica Long’s optimistic remarks, where she indicated that XRP is next in line for SEC approval, following the approval of Bitcoin and Ethereum ETFs.
Several companies, including WisdomTree, Bitwise, and 21Shares, have filed for XRP ETFs, currently standing in the waiting list. While the excitement builds, industry giant BlackRock has publicly stated it is not pursuing additional altcoin ETFs at this time, focusing solely on the success of its Bitcoin ETF. The potential approval of the XRP ETF could have profound implications for the price and adoption of XRP, as well as the broader cryptocurrency market.
U.S. Congressman Discloses Cryptocurrency Holdings
In a testament to the growing acceptance of cryptocurrencies, Rep. Guy Reschenthaler from Pennsylvania recently disclosed his crypto investments, which include XRP, Solana (SOL), and Bitcoin (BTC). Each holding falls within the range of $1,000 to $15,000, showcasing a trend among lawmakers becoming increasingly transparent about their digital asset portfolios.
This is part of a wider movement as more lawmakers, such as Mike Collins from Georgia and Barry Moore from Alabama, have also made headlines by revealing their own crypto transactions. The U.S. House Ethics Committee requires lawmakers to disclose crypto holdings exceeding $1,000, a rule established in 2018. The heightened visibility of lawmakers’ investments in cryptocurrencies could indicate a shift in the political landscape towards recognizing and regulating this new asset class. Moreover, with the Senate planning to form a dedicated committee for digital assets, led by Senator Cynthia Lummis, it seems that cryptocurrencies will continue to be a focal point in U.S. politics.
Shiba Inu Open Interest Surges Amid Price Volatility
Turning our attention to the market dynamics, Shiba Inu (SHIB) recently witnessed a stunning rebound, with Open Interest (OI) soaring over 36% in just 24 hours. On January 10, the price of SHIB surpassed $0.0000211, leading to an eye-catching total of 8.34 trillion SHIB opened in outstanding derivative contracts, valued at approximately $181.45 million.
This surge in Open Interest highlights the growing investor interest amid recent price fluctuations. The trading platform Gate.io dominated the OI figures, accounting for over half of the total transactions, followed by Bitget and OKX. Market analysts speculate that the price recovery can be attributed to significant token burn activities, with over 21 million SHIB tokens removed from circulation, a strategy aimed at increasing scarcity and, potentially, price value. However, as of the latest reports, the SHIB trading price stood at $0.00002018, marking a 6.97% decline over the previous 24 hours.
These developments serve as a reminder of the rapidly evolving nature of cryptocurrency markets. As stakeholders from various sectors engage more with digital currencies, the landscape continues to shift, revealing new opportunities and challenges for investors and enthusiasts alike. So whether you’re an XRP advocate, a SHIB trader, or just curious about the latest in crypto, staying informed is essential in this fast-paced environment.