29 November - 6 December 2024 DigitalX Weekly Crypto Update: Market Trends and Analysis
DigitalX Limited (ASX:DCC)
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Weekly Price Action
*All figures below are in USD unless otherwise specified.
This week in crypto...
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1?? The Next Wave - The transition to Web3
WisdomTree has entered the arena by filing for a spot XRP ETF with the SEC. The asset manager has also registered an XRP entity in Delaware, signaling its commitment to launching the WisdomTree XRP Fund, which would trade on the Cboe BZX Exchange pending regulatory approval. Other issuers joining the race include Bitwise, 21Shares, and Canary Capital, all seeking to bring spot XRP ETFs to market. This momentum is buoyed by the recent legal clarity provided by Judge Torres, who ruled that XRP did not violate securities laws. Coupled with the prospect of a more crypto-friendly regulatory environment under the incoming Trump administration, these factors could pave the way for the SEC’s approval of a spot XRP ETF.
2?? Store of value > Medium of exchange > Access to credit
El Salvador’s digital asset issuer, NexBridge, raises $30M via US Treasury offering. The offering of USTBL - the first publicly listed issuance - built on the Bitcoin blockchain and runs through the layer-2 protocol Liquid Network, targeting total issuance of $200 million worth of US Treasury securities. Subject to El Salvador’s securities laws, USTBL is a product overseen by the country’s digital assets agency, the National Commission for Digital Assets. In steps towards being traded in the secondary market, USTBL aims to capture market share from the proliferation of tokenised T-Bills in the market, primarily from BlackRock and Franklin Templeton.