Israel-Iran Ceasefire Uncertainty, Volatile Crypto Markets
A ceasefire agreement between Israel and Iran, announced by US President Donald Trump on Monday evening, appeared to be holding by early Wednesday. Despite Trump’s admonishments on Tuesday for alleged breaches, both Tehran and Jerusalem seemed to have scaled back their aerial strikes. The market’s attention was keenly focused on the durability of this deal, as recent hostilities between the Middle Eastern nations had significantly diminished risk appetite. Given its speculative nature, the cryptocurrency market was especially vulnerable to these shifts in sentiment. Although Bitcoin did recover some ground this week, it largely remained within its June trading range of $103,000 to $108,000.
Guotai Junan Shares Double On HK Crypto License
Guotai Junan International Holdings Ltd (HK:1788) shares surged over 100% after its Hong Kong subsidiary received regulatory approval for cryptocurrency asset trading. This enhanced license from the Hong Kong SFC allows the brokerage to offer crypto dealing services, capitalizing on Hong Kong’s growing crypto market, which offers an avenue for investors despite mainland China’s prohibitions. Hong Kong also recently enacted a stablecoin bill.
NYSE Arca Seeks To List Truth Social Crypto ETF (Bitcoin/Ether)
The NYSE has proposed a rule change to the SEC for listing a new cryptocurrency ETF, the Truth Social Bitcoin and Ethereum ETF, tied to Trump Media & Technology Group’s Truth Social. This passive ETF, detailed in a 19b-4 filing and prospectus, aims for a 3-to-1 bitcoin-to-ether ratio, with Yorkville America Digital as sponsor and Foris DAX Trust Company as custodian. NYSE Arca also previously filed for a Bitcoin-only ETF.
On Wednesday, broader cryptocurrency prices generally trailed Bitcoin, as the sector’s recent recovery lost momentum.
Ether, the world’s second-largest cryptocurrency, saw a modest increase of 0.4%, reaching $2,435.40, while XRP advanced by 2.2% to $2.22.
Solana recorded a gain of 2.2%, whereas Cardano’s value remained unchanged.
Among meme tokens, Dogecoin experienced an increase of over 2%, in contrast to $TRUMP, which declined by 0.6%.
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