Bitcoin prices have surged, approaching the $100,000 mark, as optimism around crypto exchange-traded funds (ETFs) grows. Analysts predict bitcoin’s value could skyrocket to $30 trillion, fueled by BlackRock’s continued backing of spot bitcoin ETFs. This surge also follows rumours that a country may be quietly accumulating bitcoin, further driving demand.
SEC Softening Stance on Crypto ETFs
A leaked report suggests the U.S. Securities and Exchange Commission (SEC) is warming up to crypto ETFs, particularly a solana spot ETF. Talks between SEC staff and ETF issuers are reportedly “progressing,” according to Fox Business reporter Eleanor Terrett. Applications for spot solana ETFs from firms like VanEck, Bitwise, and 21Shares are already underway, with optimism mounting for approval in 2025.
Ethereum and Altcoins Gain Momentum
Ethereum, the second-largest cryptocurrency, secured its spot ETF in July, although it hasn’t matched the success of bitcoin ETFs. Meanwhile, altcoins such as solana, XRP, and cardano have seen double-digit gains, pushing the total crypto market cap to $3.5 trillion. Despite these gains, approval of solana and other crypto ETFs is still uncertain, with potential hurdles from the SEC.
Trump’s Presidency Spurs Crypto Hopes
The resignation of SEC chair Gary Gensler, known for his tough stance on crypto, has bolstered market confidence. His replacement, expected to be a Trump appointee, could signal a more crypto-friendly SEC under the incoming administration. Traders are hopeful this shift will accelerate ETF approvals and further integrate crypto into mainstream finance.
