The post Trump’s Return To Power Revives Optimism For XRP, Solana, And Litecoin ETFs, Report appeared on BitcoinEthereumNews.com.

Following Donald Trump’s victory in Tuesday’s election, members of the crypto community are celebrating a renewed sense of hope for their ETF ambitions. The change in political leadership is seen as a potential turning point for the approval of cryptocurrency ETFs focused on altcoins such as Solana, XRP and Litecoin. Solana Gains Ground In ETF Approval Race  Unlike the Biden administration, which approached digital assets with ongoing enforcement actions and a hostile regulatory environment, President-elect Trump has embraced the industry with key promises to spur growth in the nascent financial sector.  Trump’s pro-crypto stance has encouraged Wall Street to push forward with ETF applications that had previously appeared unlikely to succeed. With the US Securities and Exchange Commission (SEC) receiving numerous applications for funds tracking XRP, Solana and Litecoin, there is a palpable sense of optimism in the air. Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, noted that “these altcoin ETFs were going to be pretty much dead-on-arrival if Harris won, but with Trump, they at least have a fighting chance.” While he stresses that success is not guaranteed, the regulatory hurdles appear less daunting under the new administration. The cryptocurrency market has been buoyed by the recent approval of ETFs that hold Bitcoin and Ethereum, which have attracted significant investment—over $24 billion in net inflows for Bitcoin alone.  This momentum is expected to extend to altcoins, particularly Solana, which has garnered substantial institutional interest due to its competitive positioning against Ethereum. Noelle Acheson, author of the “Crypto Is Macro Now” newsletter, believes that Solana ETFs are most likely to gain approval, citing the token’s strong performance and clearer narrative. In contrast, XRP faces challenges as many investors find its use case less understood. Trump’s Election Spurs Crypto Market Rally Bitcoin, often perceived as a “Trump trade,” has…

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Filed under: News - @ November 8, 2024 6:21 am