Crypto Market Shifts: XRP ETF Excitement, Bitcoin Uncertainty & Regulatory Focus
Crypto Market Shifts: XRP ETF Excitement, Bitcoin Uncertainty & Regulatory Focus
The crypto landscape is buzzing with significant developments. A nationally chartered bank, SoFi, has initiated crypto trading for US customers and announced plans for its own stablecoin, highlighting growing institutional adoption. Major news for XRP holders emerged as Canary Capital filed for a spot XRP ETF, with a potential launch this week, marking a crucial step for the asset. On the regulatory front, the Bank of England expressed concerns about the stability risks posed by relaxed stablecoin rules. Meanwhile, Bitcoin's short-term outlook suggests a period of consolidation due to macro uncertainty, though some market participants remain optimistic for gains in November. In business news, a substantial $2 billion acquisition deal between Coinbase and stablecoin startup BVNK has reportedly fallen through.
SoFi CEO Anthony Noto says the bank also plans to introduce a stablecoin called SoFi USD and views blockchain and crypto as a “super cycle technology.”
Canary Capital’s XRP ETF is set to be the first US-based fund to directly hold the token, following the company’s key SEC filing that could see it launch on Thursday.
Bank of England deputy governor Sarah Breeden has backed the central bank’s proposed rules for stablecoins, some of which the local crypto industry had criticized.
Bitfinex says macro conditions signal consolidation, but others are optimistic that Bitcoin will gain as usual in November.
Fortune reports that Coinbase’s $2 billion acquisition of BVNK fell through during due diligence, the final stage before closing a deal.