Recapping Day 2 of Trump Presidency: Key Crypto Developments You Need to Know
Since Donald Trump took office on Monday as President of the U.S., the crypto industry has continued to see a flurry of positive developments.In a tweet today, Nate Geraci, President of The ETF Store, shared key crypto updates from Day 2 of President Donald Trumps administration. Specifically, significant developments have emerged from potential futures contracts for XRP to the registration of a Dogecoin Trust.Rumored CME Futures for XRP and SolanaMarket attention centered on rumors regarding the possible introduction of XRP and Solana futures by CME Group. A staging version of the CME website temporarily displayed details about the contracts, including sizes of 50,000 XRP and 500 SOL, alongside micro versions of 2,500 XRP and 25 SOL. This sparked speculation before the page was removed. Subsequently, a CME Group spokesperson clarified that the site was a mock-up draft that was inadvertently made public. The company emphasized it has yet to reach a formal decision regarding such futures. Despite this, industry analysts noted CMEs tendency to test new offerings on its staging site before official announcements, maintaining speculation that the products may be under consideration.https://TWITTER.com/EleanorTerrett/status/1882240279970972149Bitwise Registers for Dogecoin TrustMeanwhile, Bitwise Asset Management is laying the groundwork for a potential Dogecoin exchange-traded fund (ETF). The firm registered the Bitwise Dogecoin ETF as a Delaware statutory trust, a preparatory step commonly undertaken before an ETF filing. While the registration does not guarantee an imminent filing, it reflects Bitwises interest in expanding its crypto product lineup.Market analysts have suggested the price of Dogecoin could reach $15 amid ETF filings.Bitcoin to Reach $700KIn another significant development, BlackRock CEO Larry Fink shared projections for Bitcoin at the World Economic Forum in Davos. Fink noted that sovereign wealth funds were exploring allocations of 2% to 5% in Bitcoin portfolios. He highlighted that Bitcoins appeal lies in its ability to hedge against political and economic instability.Fink suggested that widespread adoption by institutional investors, including sovereign wealth funds, could propel Bitcoins value between $500,000 and $700,000.Recapping Trump Day 1 In OfficeIn his commentary, Geraci pointed out these recent developments as additional positive indicators that Trump's administration could be beneficial for the crypto market.Notably, his first day in office marked the initial filings for meme coin ETFs. In addition, significant leadership changes are underway at the SEC and CFTC, with the appointment of acting chairs.At the SEC, the agency has also formed a crypto task force to provide the long-awaited regulatory clarity for the crypto industry.
Text source: The Crypto Basic
