BREAKING: Spot ETF for Bitcoin Rejected by SEC

Bitcoin Spot ETF Rejection: everything you need to know on this breaking story.  Covered: SEC has rejected VanEck Spot ETF Bitcoin is down off the news, but only 2% on the day Bitcoin-related stocks like Hut mining are still up over 6% SEC claims investor protection is not “strong enough”, citing fraudulent trading concerns Tether […]

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Grayscale Files to Convert their Bitcoin Fund to Spot ETF

It’s ETF October, and the news continues to roll in. Grayscale, the proprietors of GBTC, the most popular traditional investment vehicle for Bitcoin in the US has filed to convert their Bitcoin fund into a spot ETF. Grayscale has the largest Bitcoin fund in the United States, with nearly 39 billion in assets under management. […]

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Ripples Legal Battle: SEC Appeal and Cross-Appeal Possibilities

Lawyers Kristi Warner and James Murphy discussed the current developments of the Ripple case, specifically on the SECs recent motion. They also considered whether they might be able to file a cross-appeal and what the ramifications of doing so might be for this case and the crypto market. The Ripple case has dominated much of […]

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Second XRP ETF Filing Hits The Market, How Did The XRP Price Respond?

The crypto ETF market is expanding at an alarming rate, with news of a second XRP Exchange Traded Fund (ETF) filing spreading across the space. Canary Capital, a boutique Sydney investment and corporate advisory firm has just filed an XRP ETF, following Bitwises lead. With the new ETF filing, the price of XRP could see a possible change in the future.  Canary Capital Files New XRP ETF On Tuesday, October 8, Canary Capital submitted an official S-1 filing for an XRP ETF with the United States Securities and Exchange Commission (SEC). This filing comes just after Bitwise, another top asset management company filed for an ETF on September 30, marking the first ever XRP–based ETF in the crypto market.  Related Reading: Dogecoin Vs. Bitcoin: Gauging The Performances Of Two Crypto Giants This Cycle According to Canary Capitals new filing, the Trusts investment goal is to provide direct exposure to the value of XRP, enabling investors to access this cryptocurrencys market through a brokerage account. Through this method, Canary Capital intends to limit the potential barriers to accessing the market and reduce the risks involved in acquiring and holding XRP.  Canary Capital has also stated that it aims to track the performance of XRP in the market, as measured by the Trusts Pricing Benchmark. This pricing benchmark will utilize a similar methodology to the real-time price of the Chicago Mercantile Exchange (CME) CF Ripple index.  While divulging the objectives and risk factors associated with an XRP ETF, Canary Capital failed to disclose the identity of the custodian for its potential XRP ETF. The investment management company also did not provide details on the ticker to be used for its XRP ETF, however, revealed that the Trustee for the investment product would be the Delaware Trust company.  Despite the optimism Canary Capitals new XRP ETF filing has generated in the crypto community, both its application and Bitwises still require approval from the SEC before they can launch in the market.  Presently, the likelihood of a swift approval appears low, considering Ripples ongoing legal battle with the regulator. Earlier this month, the US SEC submitted a new appeal to challenge the courts July 2023 ruling that programmatic sales of XRP are not considered securities.  XRP Price Falls As Regulatory Uncertainty Clouds Optimism Despite Canary Capital’s new XRP ETF filing, the price of XRP has been on a downward trend, showing no signs of moving out of bearish momentum trends. CoinMarketCaps data shows that XRP has fallen by 0.72% in the last 24 hours and another 0.79% over the past week.  Related Reading: Bitcoin Price Fails At MA-200, Is A Crash To $52,000 Coming? The cryptocurrency has been in the red for the past few weeks, only seeing slight gains when market conditions turn significantly favorable. With the new XRP ETF, many would expect the XRP price to rally, as anticipation for the investment product builds in the crypto space. However, XRP is still consolidating around the $0.5 mark, even experiencing a decrease in its 24-hour trading volume.  It is clear that XRPs bullish momentum has been completely overshadowed by regulatory uncertainty and negative sentiment. Despite this, many in the XRP community continue to maintain a positive outlook, expecting the price of XRP to break out to the upside soon.  Featured image created with Dall.E, chart from Tradingview.com

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