November 28, 2024November 28, 2024

XRP News Today: SEC’s Record Fines Spark Controversy as BTC Dips to $90k

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XRPUSD 271124 Daily Chart

BTC Avoids Sub-$90,000 as Profit-Taking Impacts Demand

On Tuesday, BTC continued to retreat. There were no catalysts to send BTC to $90k. Investors awaited Trump formally nominating the federal agency heads and the administration’s crypto czar.

US BTC-Spot ETFs Face Second Day of Net Outflows

Profit-taking impacted the US BTC-spot ETF market, which reported net outflows of $435.3 million on Monday, November 25. The US BTC-spot ETF market could see a second day of net outflows on Tuesday. According to Farside Investors:

Fidelity Wise Origin Bitcoin Fund (FBTC) had net outflows of $95.7 million.
Grayscale Bitcoin Trusts (GBTC) reported net outflows of $36.1 million.

Excluding flow data for iShares Bitcoin Trust (IBIT), net outflows totaled $122.8 million.

Despite the current downturn, optimism surrounds the potential for a pro-crypto SEC Chair to catalyze the US crypto-spot ETF market. Notably, Bitwise Invest and Hashdex filed new ETF proposals on Tuesday, reflecting growing anticipation of regulatory changes.

ETF Store President Nate Geraci remarked on the ETF industry on Tuesday, saying,

“Yup. Will be a boatload of crypto-related ETF filings as issuers test limits.”

The latest filings highlighted the likely influx of crypto-spot ETF products targeting investors looking for multi-crypto exposure.

Bitcoin (BTC) Price Prediction

On Tuesday, BTC declined by 1%, following a 5.16% slide on Monday, closing at $91,914. BTC dropped to $90,707 before steadying.

BTC price trends will likely hinge on updates from Trump’s transition team and BTC-spot ETF market flows. Pro-crypto leadership nominations for the SEC and CFTC roles could boost BTC demand. US BTC-spot ETF flows will also affect the supply-demand balance and BTC price trends.

Follow the latest on regulatory changes and their game-changing impact on crypto markets.

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