PakGazette – PakGazette has prepared a summary of the three most important news of the weekend.
Spot XRP ETF to be approved this year, according to top analyst
In a recent post from Spot-based XRP ETF will receive approval this year. As PakGazette reported, President Monica Long recently stated that XRP would be the next to get an SEC-approved spot ETF after Bitcoin and Ethereum. Several XRP ETF applications are currently pending from companies such as WisdomTree, Bitwise, Canary Capital, and 21Shares. However, BlackRock (NYSE 🙂 has ruled out pursuing additional altcoin ETFs for now, despite the success of its Bitcoin ETF.
US Congressman Reveals XRP, SOL and BTC Holdings
Rep. Guy Reschenthaler (R-Pa) recently revealed his cryptocurrency purchases. According to data provided by quiverquant.com, the purchases include XRP, (SOL) and Bitcoin (BTC), each within the range of $1,000 to $15,000. Other lawmakers, such as Mike Collins (R-Ga), have also disclosed their investments, with Collins purchasing Ski Mask Dog (SKI) earlier this year. Barry Moore (R-Al) and Jeffrey Jackson (D-NC) also previously reported major crypto transactions. Meanwhile, the US Senate plans to establish a committee dedicated to digital assets, led by Senator Cynthia Lummis (R-Wyo), known for her ambitious Bitcoin purchase bill. The US House of Representatives Ethics Committee requires lawmakers to disclose cryptocurrency holdings over $1,000 in 2018. Before that, US lawmakers’ cryptocurrency transactions were unknown, as disclosure rules for Stocks and bonds did not include the new asset class.
8.32 trillion in 24 hours, open interest soars
On Friday, January 10, Shiba Inu experienced a rally, with open interest (OI) rising over 36% over the course of 24 hours as the price surpassed $0.0000211. According to CoinGlass, 8.34 trillion SHIB, valued at $181.45 million, were opened in outstanding derivatives contracts, reflecting increased investor interest amid recent price volatility. The Gate.io exchange dominated the OI figures, accounting for more than half of the total transactions, while Bitget and OKX followed in second and third place. This price recovery can be attributed to significant token burning activities, in which 21,709,094 SHIB tokens were withdrawn from circulation. Analysts suggest that with SHIB approaching an oversold state, the asset could be primed for further price increases, generating interest among investors and traders. However, at press time, SHIB is trading at $0.00002018, down 6.97% in the last 24 hours, according to CoinMarketCap.
