Solana price appears prime for a bull rally, according to market analysts, despite the recent pullback across the cryptocurrency market. 

Analyst Ali Martinez believes Solana could be in for a major upside as the current price pattern mirrors what happened three years ago. 

#Solana in July 2021 resembles $SOL in July 2024. Check what happened next. pic.twitter.com/yCgxtF0KL1

— Ali (@ali_charts) July 25, 2024

In 2021, Solana’s price formed solid support at $24, consolidating at lower highs for months. The price later broke out above the descending trendline, causing a massive rally that saw SOL break from the $24 support zone to $35, registering a 45% price gain.

Martinez notes that Solana could be gearing up for a similar price action. Since April, Solana has held the $122 support level, with the price creating a steady descending trendline. However, SOL has now broken out above the trendline, indicating a significant rally.

If history repeats itself and SOL makes a 45% upswing, the price could reach $240 in the coming days.

As of 13:12 EST on July 25, Solana was trading at $171. The price decline mimics the bearish sentiment witnessed across the broader cryptocurrency market.

While the recent downtrend rattled some traders and triggered selling activity, the Relative Strength Index (RSI) at 54 shows buyers are taking advantage of the price decline to accumulate.

The RSI line has also steadily risen after falling to oversold levels below 40. The rising RSI and the price recovery confirm the bullish thesis that an upward momentum for Solana is building.

Whales Are Staking SOL

Large Solana whale addresses are showing diamond hands by not only holding but also staking SOL tokens. 

According to Lookonchain, Solana whales transferred 238,893 SOL from the Binance exchange to a staking platform in the last two days. These tokens were worth $41.4M at the time of transfer.

These large Solana addresses’ stakes show an unwillingness to sell. These whales are choosing to hold SOL long-term, potentially awaiting further gains.

Data from Coinglass also shows that Solana futures open interest has increased significantly from $2.48 billion on July 20 to $2.74 billion. The 10% surge in SOL futures open interest confirms the strength of the bullish trend and further indicates high market participation around Solana, which is also a positive indicator.

As ZyCrypto reported, Wall Street giant Franklin Templeton’s recent endorsement of Solana is igniting hopes for a Solana ETF and driving bullish momentum.

Ferrari, the luxury Italian automaker, has announced plans to extend its crypto payments scheme to Europe following the massive success in the United States.

The world’s leading luxury automotive brand currently allows Americans to purchase their luxury sports cars with Bitcoin and other cryptocurrencies in partnership with crypto-payment processor BitPay to handle the conversion from digital asset payments into local currency on behalf of Ferrari dealers.

Ferrari To Roll Out Crypto Payments In Europe

Ferrari is in the process of adding cryptocurrency as a payment method in Europe in response to demand from its wealthy customers.

The Maranello, Italy-based luxury sports car manufacturer announced on July 24 that it will expand its crypto payment system to Europe from the end of this month “to support dealers in better addressing the evolving needs of its clients.”

Notably, the majority of Ferrari’s European dealers have already integrated or are currently adopting the new payment feature, the company stated, adding that there are plans to expand this service to other regions worldwide by the end of 2024:

“By the end of 2024, Ferrari will expand cryptocurrency transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted.”

Ferrari’s foray into the European market follows the successful launch of the crypto payment system in the United States in October 2023. The company partnered with BitPay to process transactions in Bitcoin (BTC), Ethereum (ETH), and stablecoin USD coin (USDC) in the initial rollout in the U.S.

Ferrari Dealers To Receive Payments In Fiat 

It’s worth mentioning that Ferrari’s crypto payment system does not require dealers to handle cryptocurrencies directly. Customers’ cryptocurrencies will be immediately converted into fiat currencies and sent directly to their bank accounts.

“The providers’ solutions will also allow for the verification of the source of funds and protect transactions from price fluctuations related to exchange rates,” the announcement explained.

Time For Tesla To Restart Bitcoin Payments?

Despite crypto’s high popularity as an investment vehicle, it remains uncommon for high-profile firms to accept it as a payment option. In February 2021, Elon Musk’s Tesla started accepting BTC payments for its electric cars but suspended the service only three months later because of concern about the energy consumed by computers crunching the calculations that underpin Bitcoin.

Research shows that the Bitcoin mining industry has since shifted toward alternative energy sources, igniting speculations about Tesla restarting the Bitcoin payments feature in the near future.

56.5% as of today.https://t.co/W7rgBIZBxL pic.twitter.com/kCWrQsM6bx

— Willy Woo (@woonomic) July 23, 2024

Notably, Bitcoin has already hit the milestone that Musk was waiting for before resuming BTC payments at Tesla. The EV giant turning these payments back on would likely encourage other companies to follow in its footsteps (or tire marks).

After a roaring start, United States-based spot Ether exchange-traded funds (ETFs) have logged heavy outflows on their second trading day, largely due to heavy bleeding from Grayscale’s converted Ethereum Trust ETF (ETHE).

The price of the second-biggest digital coin by market cap fell over 8% as investors continue to be concerned about the outflows from ETHE.

Investors Withdraw $133 Million From Ether Funds

The highly-awaited debut of spot Ethereum-based ETFs has failed to kindle the market as hoped. According to data from Farside Investors, the nine newly launched spot ETH exchange-traded funds saw $133.16 million outflows on Wednesday, reversing course from Tuesday’s positive flows.

These new ETFs were dragged into negative territory by heavy selling from the recently converted Grayscale Ethereum Trust (ETHE), which hemorrhaged $810 million in net outflows, as per SoSoValue data. 

Other ETFs registered net inflows on day two of trading. The Fidelity Ethereum Fund (FETH) and the Grayscale mini trust led the inflow pack, taking in $74.46 million and $45.93 million, respectively. The Bitwise Ethereum ETF (ETHW) witnessed over $29 million in net inflows, while VanEck’s Ethereum ETF (ETHV) pulled in $20 million.

The recent spot Ethereum ETF performance isn’t unusual. BTC ETFs recorded cumulative net outflows for roughly six out of 10 of their first trading days, with many attributing the lag to outflows from the GBTC ETF.

Ether’s (ETH) price action disappointed investors despite a fairly successful ETF launch Tuesday, with ETH slumping to as low as $3,156, an almost 8.5% drop over the past 24 hours.

The largest altcoin has suffered from the double-whammy of disappointing ETF flows and the recent US stock market meltdown. U.S. technology stocks took a big hit on Wednesday, causing the tech-heavy Nasdaq 100 index to nosedive by 3.65%, its worst decline since October 2022. 

ETH Rally To $7K Still On The Cards

Despite the current gloomy price performance, crypto commentators still believe Ether will enjoy a strong rally buoyed by ETF inflows this year, similar to what was observed with BTC after the debut of spot ETFs when its price leaped from around $25K to nearly $74,000 in March.

Popular analyst Michael van de Poppe stated in a July 24 post on the X (aka Twitter) platform that he expects the Ether price to double soon.

“Probably it’s very likely to suspect that a price rally from $3,500 to $7,000-7,500 is on the cards,” he explained, adding that Ethereum is currently the most undervalued asset in the market.

“One-two weeks for downward momentum before the real surge of Ethereum toward a new all-time high,” van de Poppe summarized.

Things have not been quite rosy for Cardano (ADA), as bears continue to bite, diminishing trader sentiment.

Leading on-chain metrics provider Santiment acknowledged this development: “Cardano is seeing the most bearishness in over a year. Counter-trading the crowd’s consensus could prove profitable.”

Source: Santiment

With Cardano shedding off 43% of its value in the past 4 months, traders have been shunning the altcoin based on dwindling perceptions.

Nevertheless, all hope is not lost, as technical indicators paint a different picture of Cardano, the tenth-largest cryptocurrency, which showcases various bullish signs.

For instance, ADA’s relative strength index (RSI) shows that the crypto is gearing up for upward momentum after breaching major resistance at the $0.4 area.

Crypto analyst Captain Faibik recently acknowledged that Cardano had left the station since a 2x surge was expected in the midterm, further cementing ADA’s bullish outlook.

According to CoinGecko data, ADA was hovering around the $0.38 zone at the time of writing.

What Does the Chang Upgrade Have to Offer?

The Cardano network is eyeing the Chang Upgrade set for August 2024 for enhanced decentralization.

This upgrade will trigger the incorporation of CIP-1694 into the network’s governance mechanism.

Chang will also usher in the Voltaire era, which will play an instrumental role in making Cardano an autonomous network consisting of its treasury system and voting.

Therefore, time will tell whether this upgrade will ignite the much-needed bullish fire in the ADA ecosystem.

Vice President Kamala Harris recently became the Democratic Party nominee for President of the United States after the incumbent, Joe Biden, suddenly announced he was exiting the race. With her rise to the top of the party ticket, crypto experts and observers have been speculating how a potential Harris regime might differ from the Biden Administration’s antagonistic approach to crypto. 

However, reports suggest Harris may be ready to carry on Biden’s hostility toward the crypto industry. Bitcoin Magazine CEO David Bailey revealed recently that Harris privately referred to Bitcoin as “money for criminals.” Bailey’s revelation comes as the VP declined to appear at the upcoming Bitcoin Conference following talks with the event’s organizers — further dampening hopes of her softening her stance on crypto-related regulation.

Kamala Harris Bashes Bitcoin

Democratic presidential nominee Kamala Harris has yet to publicly comment on cryptocurrencies or her strategy for the fast-growing industry. But privately, she has reportedly voiced skepticism about the premier cryptocurrency.

In a July 24 post, the CEO of Bitcoin Magazine, David Bailey, accused Harris of screwing the crypto sector over the last four years and conspiring with Securities and Exchange Commission chief Gary Gensler and Senator Elizabeth Warren to enact anti-crypto policies like Operation Choke Point.

The United States, under Biden’s leadership, has imprisoned innocent crypto developers, launched an attack on Proof-of-Work, and pushed the industry abroad. Following these actions, Bailey claims Harris cannot now claim to support Bitcoin.

“Major democrat donor told me Kamala [said] privately “Bitcoin is money for criminals,” he postulated.

Harris Skips Bitcoin Conference

As ZyCrypto reported previously, Harris’ campaign was in talks with the organizers of the much–anticipated Nashville Bitcoin Conference to join the lineup boasting high-profile figures like the former commander-in-chief and Republican standard-bearer, Donald J. Trump.

However, Bailey later confirmed that Harris ultimately declined to appear at the event. He said her absence was not surprising, explaining that it indicates the ongoing uneasiness between the current government and the crypto community regarding regulatory approaches.

Meanwhile, Trump’s stance contrasts sharply with the Biden administration. He has pledged to end what he terms “Joe Biden’s war on crypto”, with his pro-crypto statements drawing moneyed crypto supporters and donors to the Republican camp. 

The ex-POTUS is set to speak at the Bitcoin Conference this coming Saturday. Bitcoin adherents are eagerly awaiting what he might say during his 30-minute speech; there is talk that he’ll announce plans to elevate Bitcoin to the status of a U.S. strategic reserve.

Trillion-dollar asset manager Franklin Templeton has lauded the Solana blockchain in an X post, leading enthusiasts to hope a spot Solana exchange-traded fund (ETF) may be coming soon after the recent successful launch of Ethereum products on July 23.

Franklin Templeton Is Bullish On Solana

In a July 23 social media post, Franklin Templeton explained why Solana is a key player in the crypto industry and how it is primed to transform the sector in the future.

“Besides Bitcoin and Ethereum, there are other exciting and major developments that we believe will drive the crypto space forward,” Franklin Templeton wrote.

The asset management firm feels that the Solana blockchain has seen skyrocketing adoption and continues to mature. It added that Solana is demonstrating growth by overcoming technological growth barriers. According to Franklin Templeton, the network is also exhibiting significant potential for high-throughput, monolithic architecture.

Solana ETFs To Get Approval Soon?

Franklin Templeton is one of the first issuers of spot Bitcoin ETFs in the US after securing approval from the Securities and Exchange Commission in January. Franklin’s statement regarding potential Solana ETFs notably came on the very day the company, along with eight other asset managers, debuted their spot Ether ETFs on American stock exchanges.

Analyst Eric Balchunas of Bloomberg Intelligence recently suggested that these Ethereum ETFs will open the floodgates for more crypto ETFs, including Solana-based products. Balchunas posited:

“Keep in mind after launch, there are flows, and then add ETH products, I’m sure, then Solana, and then… It’s probably never going to end. The dam has broken.”

Anticipation for Solana ETFs has been building since late June when VanEck filed paperwork to list a fund that seeks to hold SOL. Other rivals, including 21Shares, have also submitted applications for Solana ETFs with the SEC. 

Franklin Templeton’s latest Solana-skewed praise has stirred hopes that Franklin Templeton may also look to issue another ETF tied to Solana in the future.

Charles Hoskinson, the founder of Cardano (ADA), has expressed his belief that Cardano could surpass Bitcoin to become the leading cryptocurrency. 

Speaking during a recent podcast hosted by Altcoin Daily, Hoskinson predicted Cardano’s rise to the top of the cryptocurrency world, emphasizing that Cardano’s mission and competitive edge surpass those of Bitcoin.

“If we can do what I’m saying, there’s no way to beat Cardano because there’s nothing that can compete with it because at the end of the day, it has lived up to what Satoshi started,” said Hoskinson.

He further emphasized Cardano’s mission to revolutionize global economic, political, and social systems, aiming to create an ecosystem that can grow sustainably and adaptively. Hoskinson, who has also made similar comments regarding Ethereum, elaborated on Cardano’s competitive edge, highlighting its ability to absorb technologies from competitors and continuously add value.

“At some point, you just outgrow, and then you wake up, and it’s a multi-trillion-dollar ecosystem with trillions of dollars of value moving around every single day,” he said.

He drew parallels to historical examples where dominant technologies were eventually overtaken by more adaptable and innovative solutions, such as BlackBerry and MySpace being displaced by newer, more versatile platforms.

The pundit further contrasted Cardano’s dynamic development with Bitcoin’s more static position, stating, “Bitcoin stalled. The only value proposition it has is it’s big and successful. That’s it.“

According to Hoskinson, Bitcoin’s simplicity and success as digital gold give it a solid foundation. However, its lack of adaptability and utility beyond being a store of value limits its long-term growth potential. In contrast, Cardano aims to be the infrastructure for global voting systems, payment networks, credit systems, and identity frameworks, offering a vastly higher utility.

Hoskinson also underscored the critical role of effective governance in securing the long-term success of blockchain projects. His remarks coincided with the anticipation within the Cardano community for the upcoming Chang Hardfork, which is slated for later this year. He elaborated on the complexities and advantages of on-chain governance, emphasizing the importance of a system that facilitates swift decision-making while upholding rigorous integrity standards and enhancements that the Chang Hardfork promises to deliver.

Notably, the event will be a significant milestone for Cardano, introducing a comprehensive on-chain governance system and a $1.5 billion treasury system. Hoskinson further expressed confidence in the community’s ability to manage this system, noting the importance of governance in overseeing budgets, marketing, and other critical aspects of the ecosystem.

XRP whales are moving coins as the community eagerly awaits the court’s decision on the case filed by the US Securities and Exchange Commission (SEC) against Ripple.

According to Whale Alert, wallets holdings a significant amount of XRP have been moving their holdings, with the trend showing a possible increase in trading activity in the coming days.

On July 7, an XRP whale address transferred 37,390,000 XRP tokens, valued at more than $16 million, from an unknown wallet into the Bitstamp cryptocurrency exchange. This transfer indicates that the whale is taking a position to trade XRP.

Another large XRP holder moved 300,000,000 XRP tokens from the Binance cryptocurrency exchange to an unknown wallet address. These tokens are worth $130 million, and the transfer indicates that this wallet address might be looking to hold them for the long term rather than sell them.

Whales are wallet addresses holding a large amount of tokens. These addresses can move prices due to the high volumes behind their trades. As such, these transfers could be preceding a significant movement in XRP price.

Pro-Ripple Attorney Predicts End Date For SEC Lawsuit

The movement of funds by whales comes as pro-XRP lawyer Fred Rispoli predicts that the SEC lawsuit could end sometime this month. Rispoli noted that the lawsuit could end on July 13 or by July 31 after Ripple filed for supplemental authority, as reported by ZyCrypto. 

The lawsuit between Ripple and the SEC is a market mover and a heavy determinant of XRP’s price action. This ruling will address whether XRP is a security and clarify the asset regulations in the US.

As the end of the tussle between Ripple and US regulators draws near, the asset is already showing signs of recovery. XRP has been up 1.4% in the last 24 hours, trading at $0.62 when writing.

The XRP Relative Strength Index (RSI) is around 50, showing a neutral condition, with XRP being neither overbought nor oversold. However, at one point, the RSI hit 70, showing signs of dip buying.

The Bollinger Bands further show that volatility is also subsiding as the bands have tightened. The price has touched the lower band, indicating a potential breakout.

Given that XRP has broken a crucial resistance level at $0.62, the next target will be $0.76 before aiming for $0.97. Hitting these prices will allow the coin to attract buyers and create higher highs.

The supply of Chainlink (LINK) tokens on cryptocurrency exchanges has dropped significantly on exchanges, paving the way for a parabolic rally.

According to the on-chain analytics platform Santiment, the supply of LINK tokens on cryptocurrency exchanges has dropped from 23% to 21.4% in the last 30 days. The 1.5% drop in LINK supply on exchanges comes as token holders show diamond hands and refuse to sell. 

Santiment compared this drop to last year between September 15 and October 14, when LINK made an over 123% rally. If this trend repeats in the next four weeks, LINK could reach multi-month highs.

Chainlink's supply on exchanges has dropped from 23.0% to 21.4% in just the past 30 days. The last time we saw this level of decline of LINK coins on exchanges, from Sep. 15 to Oct. 14, the 15th ranked market cap coin surged +123% over the next 4 weeks. pic.twitter.com/K9zPOAwdiz

— Santiment (@santimentfeed) July 22, 2024

LINK was trading at $13.94 on July 23 at 08:23 a.m. after a slight 3% drop in the last 24 hours.

While the current trend appears bearish, analysts are optimistic that LINK could head to a bullish breakout. 

Trader @CryptoMichNL on X believes that LINK is testing the areas of the previous breakout levels. With the price breaking out of the 550-day range, an uptrend was on the horizon, with LINK set to follow its 2021 pattern.

If this bullish pattern continues, LINK will be on the way to creating a new all-time high, with the next price target being $18. If LINK bulls can sustain the uptrend, the long-term price target for LINK lies at $35.

Whales Are Buying the Dip

The recent dip in LINK prices has triggered a notable interest in the token by whale addresses.

Analyst @Ali_Charts recently stated that whales have accumulated 8.46 million LINK tokens in the last three weeks, which are worth more than $118 million.

The Chainlink whale address holding between $100,000 and $1 million LINK tokens currently stands at $134 million, a multi-month high. 

According to the analyst’s chart, LINK whales have gradually accumulated tokens since April this year, coinciding with a bold price recovery.

A whale transaction by Whale Alert further shows heightened activity by Chainlink whales. A LINK whale address moved 3.6 million LINK tokens, valued at more than $51 million.

The bullish sentiment around LINK comes from Chainlink co-founder Sergey Nazarov, who opined that the traditional finance (TradFi) system would connect with the decentralized finance (DeFi) industry through Chainlink.

“Once the world’s largest asset managers and banks are onchain, the next step is connecting them to the DeFi protocols already powered by Chainlink,” Nazarov stated.

Six months after big brother Bitcoin debuted on Wall Street, it was time for the second-largest cryptocurrency by market cap, Ethereum, to enter the spotlight.

Nine U.S.-listed spot Ether exchange-traded funds (ETFs) have only been trading for one day, but data reveals they’re off to a “solid” start — with over $1 billion flooding into the much-awaited investment products.

Ether ETFs Enjoy A Strong Debut

Data compiled by Bloomberg shows that on their first day of trading, the newly launched United States spot Ether exchange-traded funds generated nearly $1.1 billion in cumulative trading volume.

According to SoSoValue, of this $1.1 billion, the funds posted a net inflow of $106.6 million. Despite massive outflows from Grayscale’s newly converted Ethereum Trust (ETHE), which hit $484 million, the combined total inflows from the other eight funds have pushed the overall performance into positive territory.

BlackRock’s iShares Ethereum Trust ETF (ETHA) led the pack with $267 million in inflows, followed closely by the Bitwise Ethereum ETF (ETHW), which clocked in $204 million in net inflows.

ETH ETFs started trading on American stock exchanges on July 23 after the Securities and Exchange Commission (SEC) gave the funds the final blessing on July 22. 

ETH Price Tumbles On Day 1 Of Ether ETFs

With the overall trading volume topping $1.08 billion, the ETFs registered approximately 23% of the volume that the spot Bitcoin ETFs saw on their debut day on January 11. 

At the time, investors traded over $4.6 billion worth of shares of the extremely popular BTC-based funds on their first day, making it one of the most successful ETF launches in U.S. history. Many analysts had suggested that the Ether products mark another big win for the crypto industry’s efforts to thrust digital assets into the mainstream, although the volume and inflow for the ETH ETFs would not match Bitcoin’s because of the lack of a staking mechanism.

Nonetheless, yesterday was a successful launch for the newborn Ethereum funds. “Very solid first day,” Bloomberg’s ETF analyst James Seyffart noted.

However, the price of the industry’s second-most valuable digital coin fell slightly despite the rather successful debut. CoinGecko shows that ETH is changing hands for $3,464 per coin, down 1.4% in the last 24 hours as investors adopt a wait-and-see approach.

U.S. Vice President Kamala Harris, recently endorsed by incumbent Joe Biden for the November presidential elections, is reportedly in talks to join the speaker lineup at the forthcoming Bitcoin Conference in Nashville. If Kamala decides to speak at the conference, she will join the roster that already includes her Republican challenger, Donald Trump.

Fresh commentary from these U.S. presidential candidates at the blockbuster annual event may shed light on the future of crypto regulation in the United States.

Kamala Harris Considering Bitcoin Conference Appearance

Democratic nominee Kamala Harris may be joining Donald Trump on stage at the Bitcoin Conference.

Bitcoin Magazine CEO David Bailey revealed in a Tuesday post on the X platform that the conference organizers were in communication with Harris’ campaign, who are “making up their minds today.”

Bailey asserted that it would be “very savvy of her to reset the democrat positioning on the fastest-growing voter block in the country.”

We’re in talks with Kamala Harris campaign for her to speak at the conference. Would be very savvy of her to reset the democrat positioning on the fastest growing voter block in the country. They’re making up their minds today.

— David Bailey $0.65mm/btc is the floor (@DavidFBailey) July 23, 2024

In a separate post, Bailey urged Harris to follow the footsteps of other Presidential candidates Donald Trump and Robert F. Kennedy Jr. by pledging to commute the sentence of Silk Road founder Ross Ulbricht before addressing Bitcoin faithfuls at the conference.

“That’s the tables stakes,” he postulated.

While Harris has yet to make any public remarks regarding crypto assets, tech billionaire and Bitcoin evangelist Mark Cuban recently disclosed that he had received “multiple questions from her camp about crypto.” Cuban added:

“So I take that as a good sign. The feedback I’m getting, but certainly not confirmed by the VP, is that she will be far more open to business, [artificial intelligence], crypto, and government as a service.”

Community Reaction

Whether Kamala accepts to appear at the Bitcoin conference after the talks with the organizers remains to be seen. Nevertheless, her potential appearance has sparked mixed reactions from well-known figures in the cryptosphere.

Gemini co-founder Tyler Winklevoss voiced his skepticism, noting, “Talk is cheap. She would need to start by immediately firing Gary Gensler, withdrawing all SEC enforcement actions against good actors, and ending Operation Chokepoint 2.0. She won’t do this so she won’t stand a chance in winning back the crypto voting block. Time for change.”

David Gokhshtein, the founder of blockchain-focused media company Gokhshtein Media, weighed in as well, commenting in a July 24 post: “It’s hilarious that Harris is speaking at the Bitcoin conference. What’s she going to talk about? How she and the Biden administration did everything they could to kill Bitcoin and crypto?”

Meanwhile, Donald Trump has successfully wooed several crypto CEOs, who have reciprocated with multi-million dollar campaign donations.

The outcome of the impending US elections could have consequential implications for the crypto industry in the world’s biggest economy and regulatory impacts in other parts of the world.

Republican United States presidential hopeful Donald Trump has quashed media speculation that he was considering hiring either JPMorgan CEO Jamie Dimon or BlackRock CEO Larry Fink as Treasury Secretary if elected for another term.

Jamie Dimon, Larry Fink Not On Trump’s Radar For Treasury Pick

Former president Donald Trump has put an end to speculations that he considered appointing Bitcoin-bullish BlackRock chief Larry Fink or JPMorgan’s Jamie Dimon to lead the Treasury Department if he wins the November election.

“I don’t know who said it, or where it came from, perhaps the Radical Left, but I never discussed, or thought of, Jamie Dimon or Larry Fink for Secretary of the Treasury,” Trump wrote on his social media platform Truth Social on July 23.

Speculation surrounding both influential Wall Street figures started after Bloomberg reported last week that Trump has said they were part of his plans for a potential cabinet. The report spread like wildfire among intrigued and excited Bitcoin fanatics.

“I have a lot of respect for Jamie Dimon,” the Republican candidate reportedly said, according to Bloomberg. “He is somebody I would consider.”

Furthermore, the New York Post — a news outlet that Trump supposedly prefers over other tabloids — reported on July 20 that he was mulling BlackRock’s Fink for the same role.

“Trump likes to tout JPMorgan super-banker CEO Jamie Dimon as a possible Treasury secretary, but it’s really Fink whom he likes, respects and speaks with, I am told,” the New York Post reported.

Fink’s asset management firm now owns the world’s largest spot Bitcoin exchange-traded fund (ETF). He considers himself a “major believer” in the top crypto.

Trump And Bitcoin: From Its A “Scam” To Crypto Candidate

As Trump continues to woo crypto votes ahead of the November election, his admiration of Dimon underscores a well-established foe of the crypto industry. While finance heavyweights like BlackRock’s Fink have changed their tune on Bitcoin as a “legitimate financial instrument,” Dimon’s Bitcoin slander has continued over the years. For instance, he said last year that he would shut crypto down if he was the government. In April, the CEO of the powerful Wall Street bank reiterated his stance that Bitcoin is “a fraud.”

Trump, meanwhile, has followed a similar route to Fink. After calling the preeminent crypto a scam years ago, the ex-POTUS has come out swinging for the asset in recent months, calling out the Biden administration’s “war on crypto”, accepting donations in crypto, and advocating for the Bitcoin mining industry in the US.

With Trump’s chances of victory looking better than ever after his recent assassination attempt and President Biden’s withdrawal from the race, crypto devotees are excited over the possibility of Trump retaking the White House and potentially sending crypto prices skyrocketing to astronomical heights in the process.

The crypto market has seen a huge $661 billion boost in early 2024, with Bitcoin making up $409 billion of that increase. But the real star has been a not-so-famous meme coin – Dogwifhat (WIF) – which has shot up by a crazy 1,306% in the same time.

Dogwifhat’s Quick Rise to the Top

Dogwifhat burst onto the scene on November 20, 2023, and in just seven months, it’s become a hot topic in crypto circles. As reported by Forbes, the Solana-based meme coin has left Bitcoin in the dust even though Bitcoin went up by a solid 48%. It also beat out other big players like Ethereum (which climbed 51%) and Binance Coin (which jumped 81%).

Forbes counted the top ten cryptocurrencies with the best performance in the first half of 2024, which are:WIF: up 1,306%, market cap $2.1 billionPepe: up 815%, $5 billionFET: up 545%, $3.6 billionFloki: up 392%, $1.6 billionJASMY: up 343%, $1.4 billionAR: up 188%, $1.8…

— Wu Blockchain (@WuBlockchain) July 15, 2024

Dogwifhat has made a big splash in the crypto world. It’s worth $2.6 billion right now making it the top dog in crypto for 2024 so far. This coin is beating the pants off big names like Dogecoin (up 35%) and Shiba Inu (up 67%). WIF has become the new favorite in the meme coin craze.

Pepe, another crypto based on memes, grabbed second place with a huge 815% jump. The next three best-performing coins with market caps over $1 billion were Artificial Superintelligence Alliance (up 545%), Floki (up 392%), and JasmyCoin (up 343%).

WIF Keeps Going Strong and More Popular

As of July 15, 2024, one WIF token was trading at $1.98, almost 19% up over the previous 24 hours. WIF’s stable price shows that traders and investors think the token might be worthwhile in the long run.

Dogwifhat’s trading volume in 24 hours has jumped by 46% hitting $416 million. This boost in trading shows more people are getting excited about how the coin is doing.

Dogwifhat’s strong performance positions it well for continued success in 2024. Its resilience and gains set a high standard. As more recognize WIF’s potential, it may remain the top-performing coin.

BlackRock’s blockbuster spot Bitcoin exchange-traded fund (ETF) attracted $526.7 million in investor funds on July 22, logging its largest single day of inflows since March 13 as investors’ appetite for spot Bitcoin products continued to increase.

IBIT’s Record-Breaking Inflow

BlackRock’s Bitcoin ETF drew $526.7 million in net inflows on Monday.

The July 22 inflows bring the total assets under management for the iShares Bitcoin Trust ETF to 333,000 BTC, valued at around $22 billion at current prices.

IBIT recorded its highest single-day tally on March 18, when it drew in $848 million worth of BTC. The second-largest day on record happened on March 5, when $789 million was added to the fund, per data from UK-based investment firm FarSide Investors.

Overall, the 11 Bitcoin ETFs saw $533.57 million worth of inflows yesterday, with BlackRock’s IBIT, of course, accounting for a giant share of the cumulative inflows. IBIT’s inflow was followed by $23.73 million from Fidelity’s FBTC. Invesco and Galaxy’s BTCO recorded a $13.65 million inflow, while Franklin Templeton’s ETF pulled in $7.87 million.

In the meantime, VanEck’s HODL amassed $38.36 million. Grayscale’s GBTC, Ark Invest, and 21Shares’ ARKB registered zero inflows on Monday.

Bitcoin momentarily rose above $68,000 yesterday, hitting its highest level in more than a month. The bullish move happened amidst a dramatic improvement in the probability of pro-crypto Republican presidential candidate Donald Trump winning his reelection in November. There has also been speculation that Trump will announce a game-changing role for BTC in the U.S. financial system at the upcoming Bitcoin conference in Nashville, on July 27.

However, the bulls were unable to withstand the bullish momentum, paving the way for a fresh retracement. According to CoinGecko data, Bitcoin traded at around $66,661 at the time of writing, down 1.5% on a 24-hour basis.

The large inflows to BlackRock’s fund came on the same day that the Securities and Exchange Commission (SEC) approved a batch of spot Ethereum ETFs for trading on U.S. stock exchanges.

Substantial moves by large investors often signal impending shifts in the crypto market. Recently, Ripple’s XRP has caught the attention of these deep-pocketed investors, commonly known as “whales.” This remarkable surge in interest could fuel a mind-blowing moonshot for the industry’s eighth-largest cryptocurrency.

XRP Whale Accumulation Boosts Rally Prospects

Whales have gone haywire on XRP buys, scooping up the Ripple-linked token at an unprecedented rate in the past week.

Popular crypto analyst Ali remarked in a July 23 post on X that the whales amassed over 140 million XRP, worth roughly $84 million. This enormous acquisition indicates bullish sentiment among XRP whales.

In the last week, whales bought over 140 million $XRP, valued at approximately $84 million! pic.twitter.com/s22yK8wlZS

— Ali (@ali_charts) July 23, 2024

Accumulation among these large holders is often seen as a bullish signal. High-value investors typically boost their holdings when they expect higher prices in the near future while leveraging their market power to enable this.

The price of XRP has been on a tear since the beginning of this month, jumping over 39.5% over the last two weeks, only to hit local highs of $0.636. This surge was accompanied by a notable increase in the number of new addresses created and total addresses engaging on the XRP Ledger (XRPL). These two parameters have achieved their highest levels since March.

Anticipation Mounts Regarding Potential Ripple vs. SEC Settlement

In July 2023, Judge Analisa Torres declared that XRP in itself is not a security when sold to investors via crypto exchanges, marking a momentous win for Ripple. However, XRP is still considered a security when sold to institutional investors, and the US Securities and Exchange Commission (SEC) is currently seeking a multi-million-dollar fine for these sales.

After over three years, the protracted legal dispute between Ripple Labs and the SEC seems to be finally nearing its close. Notably, a recent closed-door meeting between the two parties has been rescheduled to July 25, 2024. This meeting is expected to discuss a potential settlement.

Fueling further speculation among XRP investors, Ripple’s chief Brad Garlinghouse revealed he is optimistic that a resolution is coming “very soon”.

Golden cross on weekly $XRP chart!RSI looking real good to at around 44.31. If we keep this momentum its about to take off to the MOON.Even better that #Ripple might be finally close to an settlement with the disgusting #SEC based of news lately.#BullMarket #Crpytocurrency pic.twitter.com/9GKcWqe7K2

— Rarara (@Nico369K) July 22, 2024

Many believe a favorable conclusion could spark XRP’s journey to the elusive $3 zone. Moreover, the potential approval of an XRP-based spot ETF in the U.S. would further push market interest and price.

In a watershed moment for the crypto industry, the U.S. Securities and Exchange Commission (SEC) on Monday gave its blessing to the latest S-1 filings tied to spot Ethereum (ETH) exchange-traded funds, clearing the way for the funds to begin trading as early as Tuesday (July 23).

This marks a huge milestone for the world’s second-largest cryptocurrency by market value, indicating that the SEC considers it a commodity rather than a security.

Ether ETFs Officially Hit The Market Today

What looked highly unlikely roughly three months ago has become a reality today.

After weeks of back-and-forth on revisions on S-1 registration statements, the Securities and Exchange Commission finally approved the first roster of spot Ether-based ETFs to begin trading today on their respective exchanges like the Chicago Board Options Exchange, Nasdaq, and the New York Stock Exchange (NYSE).

It’s official: Spot Eth ETFs have been made effective by the SEC. The 424(b) forms are rolling in now, the last step = all systems go for tomorrow’s 930am launch. Game on. pic.twitter.com/9MaBDBA8co

— Eric Balchunas (@EricBalchunas) July 22, 2024

On July 22, the SEC approved registration forms from BlackRock, Fidelity, Franklin Templeton, Vaneck, Bitwise, 21Shares, Grayscale, and Invesco Galaxy. The BlackRock iShares Ethereum Trust will be listed on the Nasdaq, while the Grayscale Ethereum Trust will go live on the New York Stock Exchange.

The decision to give investors in the U.S. access to Ether through regulated and easy-to-trade products comes two months after the SEC approved their 19b-4 proposals on May 23, and follows the regulator’s greenlighting of spot Bitcoin (BTC) ETFs in mid-January. BTC ETFs have attracted over $17 billion in new investor money since their inception.

All spot ETH ETFs except the Grayscale Ethereum Trust will charge a management fee between 0.15% and 0.25%. Notably, Fidelity, 21Shares, Bitwise, Franklin, and VanEck have set the fees for their Ether investment vehicles at 0% until a set period expires or their products reach a specified amount in net assets.

Implication Of ETF Launch On Ether Price

When spot BTC exchange-traded funds went live in January, they became the most successful ETF launch in American history. Owing to the massive inflows witnessed and the speed with which traditional institutional investors rushed to invest, this propelled the Bitcoin price to new highs near $74,000 just two months later.

Some analysts project that while spot ETH ETFs could push the price of ether up to $5,000, inflows into those products will not be nearly as high as for their Bitcoin peers. Bitwise CIO, for instance, previously predicted that the newly launched ETFs could muster $18 billion worth of inflows in the first 18 months as Ethereum lacks the first-mover advantage that BTC had.

Ether is changing hands for $3,454 as of publication time, representing a 1.30% drop over the last 24 hours.

In a significant development, a wallet linked to the rehabilitation Trustee of the collapsed crypto exchange Mt. Gox shuffled $3.2 billion worth of Bitcoin between wallets on Tuesday morning, some of which was sent to digital asset exchange Bitstamp.

Bitcoin slid below the $67,000 mark as investors weighed the renewed movement of coins by Mt. Gox.

Mt. Gox Continues Bitcoin Distribution Plan

It’s been 10 long years, but it won’t be much longer as billions of dollars worth of Bitcoin is now on its way to Mt. Gox’s former customers.

Movements by the now-defunct exchange’s trustee today spooked investors when it moved 42,587.49 BTC valued at $2.85 billion to a new address, data compiled by Arkham Intelligence shows. Mt. Gox then sent 2,238.87 BTC, worth around $150 million at current market prices, to Bitstamp, suggesting that Bitstamp’s distribution of Bitcoin repayments is nigh.

Bitstamp, one of the five exchanges selected to distribute coins as part of Mt. Gox’s reimbursement process to more than 20,000 creditors, indicated earlier this month that it intends to distribute the tokens to creditors as soon as it receives them. Mt. Gox’s transfers on Tuesday follow a series of small test transactions yesterday, including one to Bitstamp.

Other exchanges, including Kraken, have also received their shares of virtual coins. Bitbank and SBI VC Trade reportedly distributed the funds to Mt. Gox’s former customers immediately after receipt.

Rise And Fall Of Mt. Gox

Mt. Gox was a Japanese Bitcoin exchange that went bust in 2014 after a massive hack. Once the largest exchange in the world, criminals successfully found a vulnerability and stole 850,000 Bitcoin BTC from users. However, despite the large amount of Bitcoin lost, law enforcement managed to recover just 140,000 BTC to repay creditors.

The exchange began repaying its debt in early July, sparking fears of mass selling by creditors who have waited for refunds for a decade.

Meanwhile, Bitcoin slipped to as low as $66,267 on the heels of the Mt. Gox transactions today, according to CoinGecko. The leading cryptocurrency by market value is currently valued at $66,583. That’s 8.2% lower than the ever newer all-time high of $73,747 it set in March and slightly lower than its previous $69,044 record from 2021.

Analysts at broker Bernstein said in a research report on Monday that the crypto market has not priced in a potential bullish change in the crypto regulatory environment if former President Donald Trump wins back the White House in November.

The analysts are keenly monitoring key crypto stocks ahead of Trump’s upcoming appearance at the Nashville Bitcoin conference.

Trump 2.0 Presidency Not Priced In

Bernstein analysts shared their bullish outlook on the cryptocurrency market in a note to clients on July 22. Gautam Chhugani and Mahika Sapra noted that the price of Bitcoin reacts positively to perceived improvements in chances for Trump to retake the U.S. presidency, placing confidence in the Republican nominee’s pro-crypto outlook. “We see significant headroom from institutional investors allocating to crypto and crypto stocks,” they explained.

Bernstein researchers observe that the spot Bitcoin ETF momentum is back, with net inflows of over $2 billion in the last two weeks only, pushing the cumulative inflows to around $17 billion since their debut in January. 

They anticipate prominent Bitcoin mining consolidators, including Marathon, Riot, and CleanSpark, to outshine, with their price action buoyed by the underlying BTC price and possible cash flows from their bold operational expansion strategies. Chhugani and Sapra posited that such firms often raise capital to expand their share in the mining market.

Additionally, the analysts consider MicroStrategy an active leveraged Bitcoin equity strategy, currently holding 1.1% of the world’s Bitcoin supply, which was acquired using equity and convertible debt. The Michael Saylor-founded software company is currently trading at a premium owing to its Bitcoin strategy, they observed. They project the company will hold Bitcoin worth as much as $41 billion by 2025-end, bolstering a target price of $2,890 for MicroStrategy stock.

Bitcoin’s Potential To Become A Global Reserve Asset

Bitcoin has jumped 7% over the last seven days, per CoinGecko data, currently changing hands for $67,854. The flagship crypto popped above the $68,000 mark on Monday morning for the first time in over a month. The rise came following President Joe Biden’s announcement that he had dropped his re-election bid, instead throwing his support behind Vice President Kamala Harris.

His Republican challenger, Trump, is scheduled to speak at the Nashville conference this Saturday, despite the recent horrific attempt on his life that boosted his odds of winning the Nov. 4 Presidential elections. Speculation is rife that the ex-POTUS might announce a plan to make Bitcoin a strategic reserve asset, which would supercharge the price of the OG crypto to new lifetime highs.

Meanwhile, the Bernstein team reiterated they expect Bitcoin to cross $150K in 2025 with a cycle peak at $200K “on the back of accelerated BTC institutional adoption, led by ETFs and corporate treasury investors.”

The Shiba Inu (SHIB) meme crypto has seen its burn rate skyrocket by 5280%, getting holders all fired up. This big jump, which took 44.30 million SHIB tokens out of play in just a day, has got the community talking non-stop about where the coin’s price might go.

However, the buzz is cooled off by the bigger market picture and new security concerns affecting the frog-themed meme crypto.

The latest data from Shibburn tracker shows that the SHIB burn rate shot up by 4822.88% over the last 24 hours. On July 18, the Shiba Inu community destroyed 48.47 million coins, bringing the total number of burned tokens to 410.727 trillion. This burning procedure is part of a community effort to reduce the current supply of coins, which is 589.27 trillion.

Source: Shibburn

This increase in burn rate aims to boost SHIB’s tokenomics by making it scarcer and possibly raising its value. The Shiba Inu community is all in for this plan, hoping it’ll balance out the meme coin’s huge supply.

Shiba Inu Market Sentiment and Speculation

Despite burning millions in SHIB tokens, its price action has encountered some difficulties. The coin’s value went down, trading in the red, and moving alongside the overall market slump. As of writing, SHIB is trading at $0.0000177, with its total market capitalization around $10.4 billion.

While the astronomical burn rate fuels bullish expectations, market dynamics are complex, and several external factors may influence SHIB’s price trajectory.

One such factor casting a shadow over SHIB’s immediate prospects is the recent security breach at WazirX, India’s largest crypto exchange. In a massive hack, 5.4 trillion SHIB tokens worth $100 million were stolen. The hacker has reportedly begun liquidating these tokens, selling large quantities that have added selling pressure, contributing to a 10% drop in SHIB price.

UPDATE: The WazirX Hacker is out of SHIB.$102.1M SHIB was stolen this morning from WazirX and has now been fully sold off by the attacker. pic.twitter.com/sjCSZJhdIv

— Arkham (@ArkhamIntel) July 18, 2024

Even though the WazirX hack and selling pressure make SHIB’s near-term future unclear, the community stays strong and hopeful. Lucie, Shiba Inu’s marketing head, has urged Indian investors to remain calm and reassured them about the project’s resilience. The community’s ongoing commitment to burn initiatives and strategic developments signal a proactive approach to enhancing SHIB’s value over time.

Moreover, historical patterns and strategic initiatives such as the Shibarium layer-2 network, which automates further burns through transaction fees, highlight the project’s long-term deflationary goals. These measures are crucial to fortify SHIB’s economic model and foster growth.

Solana continues outperforming the rest of the broader cryptocurrency market, with its weekly gains now at around 19%.

The 5th largest crypto by market has recorded a steady bullish streak over the past week, with analysts predicting that these gains will continue.

According to analyst @Ali_Charts on X, SOL appears prime for a massive 900% rally that will take the price to $1,000. 

#Solana is eyeing $1,000! Early signs of a breakout from a bull pennant suggest a potential 900% rally ahead. pic.twitter.com/DuFJF4h9dX

— Ali (@ali_charts) July 20, 2024

The analyst noted that the SOL price had created a symmetrical triangle pattern. This pattern shows that SOL has entered a period of consolidation, signaling a potential breakout to higher prices. 

The analyst noted that this was a long-term projection, with SOL potentially hitting these prices in 2025. He added that the recent pattern had taken 184 days to form, and multiple corrections would be seen before these record highs were attained. 

@Ali_Charts is not the only bullish analyst about a Solana rally to $1,000. Captain Faibik noted that SOL was on the verge of a bullish pennant breakout.

SOL’s price movement shows that it has broken out of a long-term downtrend, and after consolidating within a symmetrical triangle, the price was poised for a bullish break to $1,000.

$200 SOL Is In Sight

Solana is up 4.3% in the last 24 hours, trading at $180 on July 22 as of 01:32 a.m. EST. 

According to on-chain analytics platform Santiment, SOL’s price rally could only be getting started, with the token expected to break $200 soon.

Santiment noted that SOL price has jumped by over 30% since early this month. This rally is driven by uncertainty over whether SOL will make notable gains. 

“The Solana faithful have been rewarded for their patience as prices have broken out +33% since the 4th of July. The climb is being fueled by crowd doubt toward SOL. Until FOMO replaces the FUD, $200 SOL is very much reachable soon,” Santiment said.

The Solana rally is also expected to intensify further this week with the possible launch of spot Ether exchange-traded funds, marking the first altcoin ETF in the US.

ZyCrypto reported that the buzz around Ether ETFs is driving gains for Solana, a top Ethereum rival. Industry pundits believe a spot SOL ETF could be next. 21Shares and VanEck are the asset managers who have filed for spot Solana ETFs with US regulators.