Crypto Quill

The cryptocurrency market continued its upward momentum on Thursday, with the total market valuation nearing $3.6 trillion. This marks a notable rebound from earlier losses, driven by significant inflows of $252 billion since the market’s crash halted on Tuesday.

Market Update: XRP and BNB Lead the Charge

In the past 24 hours, Ripple (XRP) and Binance Coin (BNB) saw impressive price movements, with XRP clearing the $2.40 resistance level and BNB breaking past $725. The rally for both assets coincided with increased optimism in the crypto market, fueled by dovish signals from the latest US Consumer Price Index (CPI) data and the fading geopolitical concerns surrounding the Syrian crisis.

• XRP: XRP rebounded 2%, reaching the $2.40 mark, priming itself for another attempt at breaking into the $3 territory. The recent approval of the RLUSD stablecoin is expected to further boost liquidity and network demand for XRP.
• BNB: Binance Coin surged 2.5% on Friday, marking a strong performance among the top-10 crypto assets. The breakout above the $725 resistance level indicates a recovery in retail-driven markets, particularly those on Binance.

Bitcoin’s Steady Performance

Bitcoin maintained its position firmly above $100,000, reflecting sustained investor confidence despite ongoing market fluctuations.

BlackRock’s Ethereum ETF Sets Record with $1.5 Billion in Inflows

BlackRock’s iShares Ethereum Trust (ETHA) set a remarkable new milestone, recording 16 consecutive days of net inflows. The fund saw $200 million in inflows on Thursday alone, bringing its total to $1.5 billion since November 20. This streak highlights the growing institutional demand for Ethereum ETFs, especially in light of the post-election optimism and the expected regulatory changes under Paul Atkins’ leadership at the SEC.

• ETHA Growth: BlackRock’s Ethereum ETF has positioned itself as a leader in the space, now holding $3.6 billion in assets. This signals a shift toward increased institutional interest in Ethereum, with products like the ETHA catching up to Bitcoin-focused ETFs.

Ethereum ETFs Gaining Ground

While Bitcoin has traditionally dominated Wall Street’s interest, Ethereum ETFs are now gaining traction. Investors are expecting more balanced regulation for altcoins, which is pushing the demand for Ethereum-focused products.

Other Crypto News Highlights

• MicroStrategy’s Potential NASDAQ-100 Inclusion: MicroStrategy, primarily valued for its Bitcoin holdings, may be added to the NASDAQ-100 if its classification as a technology company is confirmed. This could trigger $2.1 billion in ETF-driven purchases, significantly boosting MicroStrategy’s stock.
• BiT Global vs. Coinbase: BiT Global has filed a lawsuit against Coinbase, accusing the exchange of unfairly delisting Wrapped Bitcoin (wBTC) to favor its own in-house product, Coinbase Wrapped Bitcoin (cbBTC). The suit claims that Coinbase’s actions amounted to market manipulation and demanded over $1 billion in damages.
• CHILLGUY Token Controversy: The creator of the CHILLGUY token, Philip Banks, is facing scrutiny after his account was allegedly hacked. A tweet from his account granting IP rights to the CHILLGUY token team led to a 30% price spike, followed by a rapid decline amid rumors of a compromised account and phishing scams.