- The global crypto market cap fell 1.7% to $3.5 trillion on Wednesday.
- Bitcoin, Solana, and XRP remained firm above their respective critical support levels at $103,000, $3, and $250.
- President Trump’s decision to pardon Ross Ulbricht has boosted investor confidence in privacy-preserving technologies.
Bitcoin Market Updates: Trump Inauguration Sends Bitcoin Price to All-Time High
- Bitcoin price saw a relatively long period of consolidation on Wednesday, settling above $103,500 at press time.
- Bitcoin ETFs saw four straight days of inflows, collecting $802 million that day.
Performance of the Bitcoin ETF, as of January 23, 2025, source: SosoValue
During the four-day buying streak dating back to January 15, US-based Bitcoin ETFs led by Blackrock acquired $3.2 billion worth of BTC.
This comes amid ongoing discussions regarding potential approvals of altcoin ETFs and the recent introduction of President Donald Trump’s meme coin, $TRUMP, deepening crypto adoption across the United States.
Notably, Larry Fink, CEO of BlackRock, suggested that the price of Bitcoin could climb as high as $700,000 if more funds allocated 2-5% of their investments into the cryptocurrency.
Altcoin Market Updates: SOL, XRP Lead Gains Amid ETF Outlook
- Solana (SOL) has seen a notable price increase, currently trading at $257.56, with an intraday high of $270.39.
Polymarkets traders rate the Solana ETF as 93% likely to be approved.
This rise is attributed to the high likelihood of a Solana ETF being approved in 2025, with Polymarket data suggesting a 93% probability.
XRP is trading at $3.17, maintaining its position with minimal change from the previous close.
XRP’s stability is supported by an imminent listing on the world-renowned CME Group derivatives exchange, adding luster to Ripple’s regulatory credentials.
Meme Coin Market: Race to adopt Trump’s meme tokens fuels ETF deposits
President Donald Trump’s recently launched coin, $TRUMP, has quickly accumulated a market capitalization of $8.4 billion.
This event attracted both interest and criticism from investors due to potential conflicts of interest and ethical concerns.
In response to the coin’s popularity, asset management firms REX Advisers and Osprey Funds have sought regulatory approval to launch an ETF tied to $TRUMP and other meme coins including DOGE and BONK, as well as ‘to established tokens like Solana and XRP.
Chart of the Day: Layer 1 Sector Plunges 2.4% Amid Mixed Market Reactions and Intense Speculation
The Layer 1 sector saw a 2.4% decline today, reflecting mixed market reactions and increased speculation. Avalanche (AVAX) is trading at $36.61, down 1.32% from the previous close. Hedera (HBAR) stands at $0.324433, down 3.61%. Cardano (ADA) is priced at $0.980223, reflecting a decline of 3.52%. These moves suggest a sense of caution in the market as investors evaluate recent developments.
Layer 1 Sector Performance, January 24, 2025 | Source: Coingecko
Notably, President Donald Trump’s full pardon of Silk Road founder Ross Ulbricht and the reversal of sanctions against Tornado Cash by a Texas district court had a significant impact on the market.
These actions triggered a dramatic increase in the number of privacy coins. Monero (XMR) rose to $222.51, up 1.3%. Dash (DASH) is at $35.74, down 3.2%. Toncoin (TON) is trading at $1.72, down 2.27%.
The rise of XMR highlights growing investor interest in privacy-focused cryptocurrencies.
Additionally, the potential approval of altcoin ETFs has generated optimism. Reports indicate that Solana and XRP are currently filing ETF applications with US regulators.
Investors are hoping that these developments could pave the way for institutional adoption of layer 1 altcoins.
Crypto News Updates:
- BlackRock CEO Larry Fink Thinks Bitcoin Could Hit $700,000
At the World Economic Forum in Davos, BlackRock CEO Larry Fink spoke about Bitcoin’s growth potential, suggesting it could reach $500,000 to $700,000 per token.
This estimate assumes that large investors allocate 2-5% of their portfolios to cryptocurrency, reflecting its potential adoption by the general public.
Fink clarified that his comments were theoretical and not promotional, emphasizing that such growth depends on broader adoption and investor participation.
Fink also highlighted Bitcoin’s potential to improve financial security in economically unstable regions. He highlighted his growing appreciation of the democratizing benefits of cryptocurrencies, particularly their ability to provide financial inclusion in emerging markets.
- Coinbase Exec Identifies 430 Ross Ulbricht-Linked BTCs Untouched Since Silk Road Era
Conor Grogan, Coinbase’s director of product strategy and business operations, discovered 430 Bitcoins linked to wallets associated with Silk Road founder Ross Ulbricht.
These funds, untouched for more than 13 years, are separate from the 174,000 BTC previously confiscated by American authorities.
This discovery coincides with the presidential pardon granted to Ross Ulbricht, thus ending more than a decade of imprisonment.
- Coinbase resolves Solana delays, plans infrastructure upgrades
Coinbase reported significant delays in Solana transactions, citing increased activity on the Solana blockchain as the cause.
In response, the exchange committed to implementing infrastructure upgrades to improve service reliability and speed up transaction processing times.
The company is working with the Solana Foundation to resolve the issues and reassures users that all assets remain secure and fully guaranteed.
These efforts aim to restore trust and improve availability of the Solana network.
- Virtune launches Finland’s first crypto ETPs on Nasdaq Helsinki
Virtune, a crypto asset manager regulated in Sweden, has listed Finland’s first crypto exchange-traded products (ETPs) on Nasdaq Helsinki.
This development allows Finnish investors to access regulated financial instruments denominated in euros to invest in crypto assets.
Offerings include single-asset and staked ETPs, as well as an altcoin index, enabling diversified investments across major cryptocurrencies.
