8-15 November 2024 DigitalX Weekly Crypto Update: Market Trends and Analysis
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Weekly Price Action
*All figures below are in USD unless otherwise specified.
This week in crypto...
1?? The Next Wave - The transition to Web3
Canary Capital has filed with the SEC to launch a groundbreaking Hedera HBAR spot ETF, the first of its kind. This proposed fund aims to offer direct exposure to the value of HBAR, the native asset of the Hedera Network, without relying on derivatives, futures, or other financial instruments. In light of an anticipated pro-crypto shift under a Republican administration, Canary has also submitted registration statements for spot ETFs in Litecoin, Solana, and XRP—pioneering new fund structures for each of these cryptocurrencies.
2?? Store of value > Medium of exchange > Access to credit
The Reserve Bank of Australia (RBA) has launched Project Acacia, a three-year initiative aimed at advancing wholesale CBDCs and asset tokenization. Partnering with the Digital Finance Cooperative Research Centre (DFCRC), the RBA seeks to go beyond wholesale CBDCs to investigate private digital money forms, such as tokenized deposits. Following its assessment that a retail CBDC offers limited benefit and scope, Project Acacia will concentrate on enabling settlement of tokenized assets in wholesale markets. The RBA is inviting industry feedback and is encouraging trials for wholesale tokenization use cases set to begin in 2025, with plans to establish an Industry Advisory Group in the near future.