Solana ETF Applications Surge, German Government "Returns" Bitcoin, Republicans Back Crypto: Market Winds ShiftThe cryptocurrency market is showing positive signs lately, with the surge in Solana ETF applications, the German government "returning" Bitcoin, and Republicans' support for cryptocurrencies all signaling a subtle shift in the market winds.Solana ETF Applications Surge, Market Confidence ReturnsOn July 9th, Bitcoin prices rebounded above $56,000, reaching a high of $57,275, demonstrating a strong recovery
Solana ETF Applications Surge, German Government "Returns" Bitcoin, Republicans Back Crypto: Market Winds Shift
The cryptocurrency market is showing positive signs lately, with the surge in Solana ETF applications, the German government "returning" Bitcoin, and Republicans' support for cryptocurrencies all signaling a subtle shift in the market winds.
Solana ETF Applications Surge, Market Confidence Returns
On July 9th, Bitcoin prices rebounded above $56,000, reaching a high of $57,275, demonstrating a strong recovery. Meanwhile, Solana, known as the "Ethereum killer," also experienced a strong rebound, gaining nearly 8%.
This surge is closely related to the recent wave of Solana ETF applications. The well-known exchange Cboe BZX has filed 19B-4 forms for the 21Shares Core Solana ETF and VanEck Solana Trust, aiming to obtain approval from the US Securities and Exchange Commission (SEC) for crypto ETFs.
In both applications, CBOE stressed that Solana, similar to Bitcoin and Ethereum, can withstand price manipulation and possesses other means to prevent fraudulent and manipulative acts and practices. Therefore, CBOE believes it is reasonable to cancel the necessary monitoring share protocol.
VanEck and 21Shares submitted registration statements for their respective Solana ETFs in late June, and CBOE's applications undoubtedly increase the likelihood of Solana ETFs being listed. While some believe it remains to be seen whether Solana ETFs will be a hit, the active actions of institutions like CBOE and VanEck have undoubtedly released market confidence in Solana, providing a reference for the development of other cryptocurrency ETFs.
German Government "Returns" Bitcoin, Exchange's Uncommon Action Draws Attention
At the same time as Solana ETF applications heat up, the incident of the German government "returning" Bitcoin has also sparked market discussion.
On July 9th, the German government transferred over 10,000 Bitcoin to exchanges and market makers, but subsequently, the exchanges unusually "returned" nearly 3,000.
Data from Arkham Intelligence shows that Germany has received 2,898 Bitcoin, approximately $163 million, primarily from Coinbase, Kraken, and Bitstamp.
Steven Zheng, Head of Research at The Block, analyzes that exchanges may have chosen to return the Bitcoin to Germany as they couldn't sell it within their target price range. He explains that some Bitcoin being returned to the German government from Coinbase might be unsold tokens, part of a sales agreement between the cryptocurrency exchange and Germany.
This "return" action not only reflects the German government's positive attitude towards cryptocurrencies but also indirectly reflects the market's expectations for Bitcoin's price. While exchanges "returning" Bitcoin might be due to significant market fluctuations, preventing them from selling within the expected price range, it doesn't necessarily imply a loss of market confidence in Bitcoin. Instead, it might suggest the anticipation of future price increases, with exchanges choosing to "wait for the right time" to sell.
Republicans Support Cryptocurrencies, New Opportunities Await the US Digital Asset Market
Besides the market attention drawn by Solana ETF applications and the German government "returning" Bitcoin, Republicans' support for cryptocurrencies has injected new vitality into the US digital asset market.
A document recently released by the Republican National Committee indicates that the Republican Party led by Trump has officially adopted a platform supporting cryptocurrency innovation. This platform outlines the priorities of Trump and Republican congressional candidates entering the November election, reflecting the party's growing interest in digital assets.
The document explicitly states that Republicans will end the Democrats' "illegal and un-American crackdown" on cryptocurrencies and oppose the creation of a central bank digital currency. Republicans will also defend the right to mine Bitcoin, ensuring that every American has the right to hold their own digital assets and engage in transactions without government surveillance or control.
Trump's attitude towards cryptocurrencies has also shifted from skepticism to firm support. He has even launched several NFT sets under his own brand. Trump's campaign team and affiliated political action committees also accept cryptocurrency donations.
Republicans' support for cryptocurrencies not only provides political protection for the development of crypto but also foreshadows new opportunities for the US digital asset market.
Future Prospect: Market Sentiment Recovers, Stay Alert to Risks
The surge in Solana ETF applications, the German government "returning" Bitcoin, and Republican support for cryptocurrencies all demonstrate that the cryptocurrency market is undergoing a positive transformation.
Although market sentiment is recovering, investors still need to remain cautious and be aware of the following risks:
- Regulatory Uncertainty: Regulatory policies in the cryptocurrency field are still incomplete, and regulators' attitudes can significantly impact the market.
- Market Volatility: The cryptocurrency market is highly volatile, and investors need to implement risk control measures to avoid overinvesting.
- Technological Risks: Cryptocurrency technology is still in its developmental stage, posing technological risks. Investors should carefully select projects.
In summary, the cryptocurrency market is at a stage filled with opportunities and challenges. The surge in Solana ETF applications, the German government "returning" Bitcoin, and Republican support all indicate that the market is going through a positive transformation. However, investors need to stay rational, rationally perceive market fluctuations and implement effective risk control measures to seize profits in opportunities and navigate challenges with stability.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
