Connect with us

24/7 Cryptocurrency News

Robinhood Launches Solana Transfers Amid ETF Hype, SOL Price to $200 Next?

Published

6 hours ago

on


In a bid to address the needs of its growing customer base, commission-free brokerage Robinhood has initiated transfers for Solana (SOL). This move is significant for both Robinhood and Solana, as the flexibility in handling SOL can bring value to both ecosystems.

Robinhood Solana Transfer, the Major Catch

For Robinhood that operates a somewhat closed system, activating transfers for Solana is a major validation. As the brokerage revealed, this option is only available to its users in the EU. Now, customers of the platform can now withdraw and deposit  Solana and earn with a 1% reward.

Robinhood Crypto has made several moves to expand its services over the past year. Last week, the platform launched Bitcoin and Ethereum Futures trading. This product helped it match up with some of its counterparts including Coinbase, Binance and Bybit with similar products.

Additionally, the community’s conversations around a stablecoin for the company has grown in the past months. While the firm has not officially announced plans for a stablecoin  yet, many believes this move is inevitable. With Ripple pushing for RLUSD stablecoin, and Paypal issuing PYUSD, it becomes natural for Robinhood to explore this payments niche.

Another major catch with the new product launch is the regulatory strain governing the operations of the exchange. After receiving a Wells Notice from the United States Securities and Exchange Commission (SEC), Robinhood has now concentrated its efforts to serving more offshore markets.

Before the Solana activation, Robinhood Crypto launched transfer service for 24 coins earlier this month.

Solana ETF Hype, SOL Price Uptick Underway

The Robinhood offering comes at a time when conversations around a Solana ETF is growing. Entities like VanEck and 21Shares have made a move to launch the product in US market. While the chances of a SOL ETF remains limited per expert’s projection under the current administration, there are advances in other regions.

For instance, Brazil has launched its first Solana ETF with Canada making a similar move in this regard. Earlier today, VanEck announced that it has launched staking service for its Solana ETP in the EU.

All these positive sentiment around the cryptocurrency has helped ignite the sentiment around price. As of writing, the coin is up 2.83% to $163.43. It has traded within two extremes in the past 24 hours from a low of $159.05 to a high of $171.43.

With the Robinhood allowance, its growing memecoin ecosystem and ETF hype, it remains to be seen if SOL price will finally breach the $200 level this month.

✓ Share:

Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on X, Linkedin

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

24/7 Cryptocurrency News

Litecoin Founder Comments On ETF Approval Following Canary Capital Filing

Published

3 hours ago

on

October 21, 2024

By


Litecoin founder Charlie Lee recently spoke about enthusiasm for the ETF application, especially regarding rising institutional interest in Litecoin and possible approval.

He also pointed out the importance of the demand, reflected by the more than daily 2% growth of the Grayscale Litecoin Trust, which is currently trading at more than double its NAV.

He added comparisons with Litecoin’s peer-to-peer transactional similarities with Bitcoin, saying the likelihood of the Litecoin ETF approval anytime soon is extreme.

Litecoin Founder Charlie Lee Says ETF Approval Coming Soon

Litecoin founder Charlie Lee recently expressed delight over Canary Capital’s recent filing for a Litecoin ETF because this indicated that the cryptocurrency was finding interest among both institutional and retail investors.

Sounding confident, he projected that permission for the LTC ETF would not take much time because crypto ETF products were gathering pace in the market. If this happens, some market experts predict the Litecoin price will jump to $400 and more than $1,100 by 2026.

At the same time, market sentiment reflects the rising demand for Litecoin, which may also serve to justify the approval of this ETF. This interest follows a wider trend of institutional adoption of cryptocurrencies, underlining the changing dynamics across the digital asset landscape.

With the recent approval of Bitcoin and Ethereum ETFs by the SEC, the door is finally open for spot ETF applications to be approved for other cryptocurrencies, including Solana’s SOL, XRP, and Litecoin LTC.

Of course, one of the big surprises last week was Canary Capital’s application for a Litecoin ETF alongside its XRP request. Litecoin is up 6% weekly at the time of writing, trading at $70.88.

Rollercoaster Ride: ETF Filing Fuels Volatility

The Litecoin founder pointed to the growing interest in Litecoin, using the increasing value of Grayscale’s Litecoin Trust as proof that this institutional demand is on the rise. He said the trust was trading at more than double its net asset value, NAV, which was a sign of excellent market interest in the cryptocurrency.

He finally added that Litecoin shares much in common with Bitcoin in many aspects since both are commodities. This optimism aligns with the broader trend of increasing institutional involvement in cryptocurrency.

In the wake of the latest filing, the LTC price increased significantly, reaching a monthly high of $75.88 and recovering from a low of $62.12. However, the uncertainty associated with the approval, along with general volatility in the market, has placed the Litecoin price at $71.44, a drop of 5.04%.

Canary Capital Files for Litecoin ETF, Following XRP Filing

At the time, James Seyffart, an ETF analyst at Bloomberg Intelligence, only confirmed that Canary, who previously filed for an XRP ETF, has now applied for a Litecoin ETF.

Seyffart agrees with the Litecoin founder but also said that Litecoin is already a member of Europe through listing exchange-traded products. “Some ETPs already hold Litecoin, such as $LITE in Switzerland from CoinShares and $ELTC in Germany from ETC Group,” Seyffart said. He further explained that in the US, the Grayscale Litecoin Trust traded under the symbol LTCN.

This latest ETF filing is very different because it’s a single ETF focusing on Litecoin, whereas previous filings have focused on major cryptocurrencies. Even Eric Balchunas, the senior ETF analyst at Bloomberg, added his voice to this regarding the importance of this filing. He explained that it’s not just the first Litecoin ETF in the U.S. but potentially the first one globally.

“Even 21Shares does not have one at this point,” he stated.

This move comes hardly a week after Canary Capital filed for an XRP ETF on October 8, gathering massive crypto community attention. Filing for XRP came after similar filings by Bitwise, a leading crypto asset manager. If approved, Litecoin founder Lee hopes that both the Litecoin and XRP ETFs will offer new ways for traditional investors to get exposure to the assets.

✓ Share:

Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

24/7 Cryptocurrency News

MEW Price Shoots Up 14% On Major Exchange Listing After SHIB and DOGE

Published

10 hours ago

on

October 21, 2024

By


Solana meme coin Cat in a Dogs World stole the spotlight across the meme crypto sector on Monday as MEW price witnessed a remarkable surge. Recent market data reveals that the Solana meme token’s price shot up nearly 14% in light of listing on a renowned cryptocurrency exchange. Notably, South Korean crypto exchange pioneer Upbit revealed that the token is being listed pegged to the Korean Won (KRW) pair on the trading platform. This decision has echoed a market frenzy, as the Solana-based coin emerges as the third meme coin to achieve such a feat after DOGE and SHIB.

Cat in a Dogs World (MEW) Secures Listing On Upbit After DOGE & SHIB

In an official Upbit announcement dated October 21, the crypto exchange revealed that it is adding Cat in a Dogs World to the KRW market today. This means that users can trade the MEW/KRW pair on the exchange starting at 16:00 UTC today. Buy orders are restricted for approximately 5 minutes after the trading support, the announcement notified.

Further, deposits and withdrawals are only supported through the guided network MEW-Solana, as mentioned by the S. Korean crypto exchange. Also, deposits and withdrawals can only be made via personal wallet addresses, given confirmation of ownership is completed. Nevertheless, the listing, offering enhanced trade offerings in the Asian market, ignites bullishness as it paves the way for additional trader and investor interaction with the asset.

It’s noteworthy that the Solana-based token is the third meme coin that has been integrated into the exchange with the KRW peg after DOGE and SHIB. Simultaneously, MEW price today rode bullish waves following the Upbit listing announcement.

Solana Meme Coin Extends Gains

MEW price noted an uptick of 14% in the past 24 hours and is currently trading at $0.009561. The coin’s intraday low and high were recorded as $0.008382 and $0.01043, respectively. Traders also appear to have reacted positively to the listing announcement, as the coin’s intraday trading volume noted a staggering 370% increase to $358.26 million.

Meanwhile, market watchers anticipate further gains for the asset, primarily attributable to the listing announcement whilst reflecting on previous data. Notably, the Solana meme token also rallied remarkably the previous month as Upbit revealed listing for it in BTC and USDT markets. This past performance has brought significant attention to the latest KRW pair listing.

In addition, Coinglass data indicated that the Solana-based coin’s futures OI upsurged nearly 16% to $165.43 million today. Moreover, even the derivatives volume gained 302% to $1.32 billion, sparking optimism. Coupled with today’s price gains, data indicates that MEW is currently on an uptrend.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

24/7 Cryptocurrency News

Coinbase Co-Founder Backs XRP Lawyer John Deaton Against Senator Warren

Published

13 hours ago

on

October 21, 2024

By


John Deaton, XRP lawyer and Republican candidate from Massachusetts, continues to gain support in his firm fight against powerful opponent Senator Elizabeth Warren. Coinbase co-founder and CEO Brian Armstrong has been the latest to extend support to Deaton while lashing out at Senator Warren recently.

Coinbase Co-Founder Supports John Deaton

In a post on the X platform on October 21, Coinbase co-founder Brian Armstrong stated: “Massachusetts residents should vote for John Deaton”. He also showered strong criticism of Senator Elizabeth Warren while highlighting her role in appointing Gary Gensler as the chair of the US SEC.

Armstrong has accused Warren of encouraging Gensler to take actions aimed at undermining the crypto industry in the US. He also criticized Senator Warren for being “anti-freedom” while suggesting that she advocated for a government-controlled financial system.

Coinbase co-founder slammed Senator Warren and her policies that harmed the country significantly. He said that her combating actions against crypto haven’t worked well while the industry continues to flourish. “Luckily they did not succeed as we and others fought back,” wrote the Coinbase co-founder.

XRP Lawyer John Deaton has been receiving support from other crypto industry supporters as well in recent days. Popular crypto lawyer MetaLawMan writes:

“If you live in Massachusetts you should vote for John Deaton. Deaton has done more for crypto freedom than all other candidates combined. His opponent Senator Warren believes you should be debanked if you make investment choices she disapproves”.

Senator Warren Faces Huge Backlash

For her heavy-handed approach concerning crypto, Senator Elizabeth Warren has faced a huge backlash from the crypto industry. Apart from the Coinbase co-founder, most of the crypto industry veterans have accused her of attacking crypto-friendly banking institutions like Silvergate Bank, Custodia Bank, and others. Many also believe that she is the key architect of Operation Choke Point 2.0 along with her colleagues in the Fed, and the SEC.

Moreover, crypto industry leaders such as the Winklevoss twins also donated over $1 million in political campaigns in order to unseat Senator Warren. Last month, Senator Warren lashed out at crypto-funded groups stating that they don’t want “fair regulations” for the crypto industry. “They’re upset since I have called for fair regulations around the industry that protect the working people,” she said.

However, Democratic candidate Kamala Harris has been taking a pro-crypto stand recently and is planning to replace Gary Gensler with other pro-crypto candidates.

✓ Share:

Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon