Litecoin Spot ETF Closest Candidate for Approval
A Litecoin spot ETF is likely to be the next crypto ETF to be approved in the U.S., according to Bloomberg Senior ETF Analyst Eric Balchunas. That prediction is supported by Canary Capital’s amended S-1 filing for its Litecoin ETF application on Wednesday, indicating that the SEC is involved in the filing. However, a change in leadership, such as the appointment of crypto-friendly Paul Atkins as the new SEC chairman, looms large. Canary’s filing lists Coinbase Custody Trust and BitGo as custodians, and emphasizes Litecoin’s security, reliability, and institutional use cases. Litecoin rose 15% to $118.54 in response to these developments. Spot ETFs for Solana and XRP are also being explored, and if approved, JPMorgan predicts major investment inflows.
XRP Surpasses $3 for First Time Since 2018
XRP has surged more than 31% in the first two weeks of the year, surpassing $3 for the first time since 2018, and settling at $2.97. Daily trading volume is up 141%, taking its market cap to $171.48 billion. The surge is attributed to Ripple’s ongoing legal battle with the SEC and optimism around the upcoming crypto-friendly Trump administration. Ripple’s legal team continues to struggle as the SEC rejects requests to extend appeals, and the SEC continues to maintain that XRP is a security. Ripple won a partial legal victory that ruled that retail XRP sales into 2023 did not violate securities laws, but institutional sales were found problematic. With SEC Chairman Gary Gensler set to step down soon, hopes for regulatory clarity are boosting market sentiment.
U.S. Core Inflation Rate Drops to 3.2% in December
The U.S. Consumer Price Index (CPI-U) rose 0.4% MoM and 2.9% YoY in December. Core inflation, excluding food and energy, rose by 3.2% YoY, below expectations. The lower-than-expected inflation data led to a sharp rally in crypto markets. Bitcoin reached the $100,000 level, while altcoins like Ethereum and Solana also posted strong gains.
SEC Files Lawsuit Against Elon Musk
The U.S. SEC has sued Elon Musk for failing to report on time that he purchased 5% of Twitter shares. According to the complaint; Musk began buying Twitter stock in 2022, breaching the 5% threshold in March, but did not report it to the SEC until April 4. The delay gave Musk the advantage of buying the stock at low prices and financially harmed investors. The SEC claims that Musk saved at least $150 million in the process. The agency is demanding that Musk return his earnings, pay a fine, and be barred from violating securities laws. Musk’s lawyer called the lawsuit baseless and unfair.
Tether Sues Swan Bitcoin for Breach of Partnership
Tether has filed a lawsuit against Bitcoin financial services company Swan Bitcoin for significant breaches of contract in their joint Bitcoin mining venture. Tether and partner 2040 Energy said Swan Bitcoin failed to comply with the agreements and acted recklessly, and announced that they are taking legal action to protect their investment. The lawsuit, filed in the High Court of England and Wales, further escalates the ongoing legal battle between the two companies. Tether emphasized that it had acted in good faith throughout the collaboration, but was forced to take this step due to Swan’s actions.
Osprey Funds to Convert Bitcoin Trust to Spot ETF
Osprey Funds announced that it will file with the SEC to convert its Osprey Bitcoin Trust (OBTC) into a spot Bitcoin ETF. A deal to be acquired by Bitwise was previously canceled due to a failure to obtain the necessary regulatory approvals. Osprey CEO Greg King stated that the Form S-1 filing will be filed with the SEC by the end of the month. OBTC, a fund that tracks the price of Bitcoin, has $181 million in assets under management and is pursuing a goal of transitioning its investors to a Bitcoin ETF.
SEC Postpones Bitwise Crypto ETF Decision to March 2025
The U.S. Securities and Exchange Commission (SEC) has extended the review period for the Bitwise 10 Crypto Index ETF application to March 2025. The fund aims to track large-cap crypto assets such as Bitcoin, Ethereum, Solana, and Cardano. The application was originally filed in November 2024, but the SEC has extended the review period. While analysts find this delay to be expected, it is stated that the approval could be a significant turning point in crypto investments. In addition, Bitwise’s new “Bitcoin Standard Corporations ETF” application is also on the SEC’s agenda.
Trump’s Bitcoin Assets Revealed
It has been claimed that the new US president, Donald Trump, has a significant Bitcoin asset. Crypto consultant David Bailey announced that Trump adopted Bitcoin as a strategic reserve asset during his presidential campaign. Bailey emphasized that Trump’s Bitcoin accumulation is “significant”, but did not disclose the exact amount. Leading names in the crypto world such as Adam Back also supported this situation and confirmed Trump’s interest in Bitcoin.
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BITCOIN (BTC)
BTC is priced at $99,514 with a 0.98% loss in value as of the morning hours. While the 102,699.37 level above stands out as a critical resistance, it is noteworthy that the price has lost some momentum as it approaches this level. On the lower side, the 95,934.22 level is marked as the first support area. As long as the price remains above this level, it may continue its upward movement. In the short term, if the price holds above the 100,000 psychological resistance, it may start a movement towards the 102,699.37 level. However, it is likely that selling pressure will increase as it approaches this area. In a possible pullback, the 95,934.22 level may constitute significant support. If it falls below this level, the price can be expected to pull back towards the second support area at 92,500.90.
ETHEREUM (ETH)
ETH is priced at $ 3,372 as of the morning hours with a 2.31% loss in value. It is observed that a short-term resistance zone is being approached above this level. The levels of 3,500 and 3,829.69 above stand out as potential resistance zones. In particular, the level of 3,500 stands out as a critical zone that the price can retest and that the upward movement can gain momentum if this level is exceeded. On the lower side, the level of 3,220.55 has been marked as an important support zone. It is important for the price to remain above this support level in order to continue the current uptrend. In case of a drop below this level, there is a risk of the price pulling back to 3,100 and lower levels. Current price movements indicate an upward recovery trend. However, selling pressure is likely to increase as resistance levels are approached.
RIPPLE (XRP)
XRP is priced at $ 3.14 as of the morning hours with a 2.77% loss in value. XRP, which reached its all-time high last night, rose to $ 3.20. After encountering sales at this level, it fell to the level of 2.9242. Recovering from this level, XRP is showing movement just above the $ 3.0335 support on the new day. If it stays above this level, the $3.1556 and then $3.20 levels can be tested again and work as resistance. In case of a possible negative trend, the $3.0335 and then the $2.9079 – $2.7864 support band can be expected to work. It is important for investors to carefully monitor the identified critical support and resistance levels for direction.
AVALANCHE (AVAX)
AVAX is trading at $ 39.27 as of the morning hours with a 1.38% loss in value. It is seen that the price is exhibiting an upward movement and approaching the important resistance area at 40.30. This level draws attention as a strong selling pressure area that the price may encounter. If the price exceeds this level, the next target will be 42.06. The level of 45.80 above this stands out as a stronger resistance area. On the downside, the 37.67 level should be watched as a critical support area. In case of a pullback below this level, the probability of the price falling towards the 35.63 and then 32.95 levels may increase. In the current situation, it is understood that the price is moving towards the 40.30 resistance, but has entered a consolidation process in which whether it can break this level or not will be decisive.
SOLANA (SOL)
SOL is priced at $ 202.76 as of the morning hours with a 1.61% loss in value. It is observed that the price has recently displayed a strong uptrend and reached the resistance point at 205.00. This level stands out as a critical threshold for the continuation of the short-term upward movement. If the price exceeds this level and closes above it, the next target will be 215.27. Above this, the levels of 225.21 and 230.89 are stronger resistance areas. In the event of a downward move, the first support level for the price will be the red area at 196.00. This level represents a possible reversal from previous resistance to support. A pullback below this level could take the price towards 183.38. Further below, the 163.70 level should be watched as a strong support.
