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The cryptocurrency market experienced a pullback overnight after CME, a key player in institutional trading, refuted claims about listing futures contracts for XRP and SOL. A screenshot of a beta page showing potential regulated XRP and SOL futures trading starting February 10th circulated on social media, but CME clarified that it was an "error," noting that "many mock-ups are included in that test environment" and no decisions have been made regarding these futures contracts.
Meanwhile, traditional markets are awaiting the Bank of Japan's interest rate decision on Friday, which could be a significant market-moving event.
The overall market is seeing a decline from this latest development, presenting a potential buying opportunity as prices dip. Traders might want to consider adding to positions if assets like LINK approach the $20–$22 range, SUI around $3.50, UNI between $10 and $11, XRP near $2.75, and SOL between $220 and $230. Notably, whale wallets holding 1–10 million XRP have surged to an all-time high of 2,083, reflecting increasing accumulation and positive sentiment toward the asset.
In other news, Bitwise has filed for a DOFE ETF focused on the world’s largest memecoin, DOGE. The growing prominence of this subsector could fuel higher demand and, if the ETF captures even a fraction of the inflows seen by Bitcoin ETFs, potentially drive DOGE prices higher.
The TRUMP token is trying to establish a support level in the $30–$35 range. With Trump's backing for the industry, there's potential for prices to rebound, though this will largely depend on the broader market sentiment. Currently, the lack of clear short-term catalysts has led to low trading volume and subdued prices.
As for equities, S&P 500 futures edged lower early Thursday, with Wall Street uncertain about the possibility of revisiting record highs.
The News Room
Harry Jung Selected to Lead CFTC's Engagement on Crypto Under Trump's Interim Chief Pham
CFTC Acting Chair Caroline Pham has appointed Harry Jung as Acting Chief of Staff to lead the agency’s engagement with the crypto, DeFi, and digital asset sectors. This move is part of a broader leadership overhaul initiated by Pham after being selected by President Trump as interim Chair. Harry Jung, who joined the CFTC in 2023 and has a background in digital asset regulation from Citigroup and Morgan Stanley, will oversee interactions with crypto stakeholders and develop regulatory strategies. Alongside Jung’s appointment, Pham also named Meghan Tente as Acting General Counsel, Taylor Foy as Acting Director of Public Affairs, and Nicholas Elliot as Acting Director of Legislative and Intergovernmental Affairs. Pham, a Republican commissioner previously nominated by President Biden, has led several digital asset initiatives and emphasized the CFTC’s commitment to promoting well-functioning markets. While Pham serves in an interim capacity, the Trump administration has yet to designate a permanent CFTC Chair, with former Commissioner Brian Quintenz emerging as a top contender.
Goldman Sachs CEO David Solomon Doesn't See Bitcoin as a Threat to US Dollar
Goldman Sachs CEO David Solomon stated at the World Economic Forum in Davos that he does not view Bitcoin as a threat to the U.S. dollar, describing it as a speculative asset with potential as a store of value. While emphasizing the bank's ongoing efforts to utilize and test blockchain technology to reduce friction in the financial system, Solomon clarified that Goldman Sachs currently cannot own or be involved with Bitcoin due to regulatory restrictions. He highlighted his strong belief in the U.S. dollar and indicated that any change in the bank’s stance on Bitcoin would depend on future regulatory developments. Solomon’s remarks come as President-elect Donald Trump considers establishing a strategic Bitcoin reserve, reflecting a cautiously optimistic yet regulated approach to cryptocurrency within major financial institutions.
Solana's decentralized exchanges (DEXs) have experienced a dramatic surge in trading volume, reaching 268% of Ethereum's DEX volume in January compared to 53% the previous year, largely driven by the hype surrounding President Donald Trump’s official memecoin, TRUMP. Solana processed $122 billion in volume versus Ethereum’s $45 billion, with leading platforms like Raydium and Orca surpassing Ethereum’s Uniswap in weekly trading. This growth is attributed to significant user experience improvements on Solana DEXs, including enhanced transaction processing, reduced network downtime, better interfaces, the integration of the Jupiter aggregator for optimized trading routes, and increased institutional support. The substantial volume increase has sparked discussions about Ethereum's market position, prompting co-founders Vitalik Buterin and Joseph Lubin to propose changes within the Ethereum Foundation to strengthen community support and communication. Factors such as Solana's lower transaction costs, improved network stability, and the migration of high-profile projects to its ecosystem have contributed to its rising dominance, while Ethereum’s strong developer community and institutional integration may help it maintain its competitive edge.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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