XRP Takes the Stage, Cathie Wood Shares Bitcoin Optimism, Huge Inflows to Crypto Funds

Written by BTSE

November 7, 2023

The cryptocurrency market has shown a mix of subtle downtrends and sudden upticks in the past 24 hours. Bitcoin (BTC) marginally dipped by 0.26% to stand at $34.9K, reflecting a cautious sentiment among investors. Ethereum (ETH) witnessed a similar slight decline of 0.10%, hovering around the $1.88K mark. In contrast, XRP took the lead with a significant 11.5% surge overnight, momentarily reaching a high of $0.71, eventually steadying at approximately $0.68 at the time of writing. Could XRP be the next token in the spotlight, following Solana’s explosive growth last week? 


Ark Founder Cathie Wood Bullish on Bitcoin (BTC) for Both Inflation and Deflation: Cathie Wood from ARK Invest has shared her insights, proclaiming Bitcoin as a suitable hedge against both inflationary and deflationary climates. On a Bloomberg podcast, Wood emphasized Bitcoin’s merits, highlighting its absence of counterparty risk and transparent transaction history – drawing a stark comparison with the conventional banking system’s lack of transparency. She recalled the regional bank crisis in March and Bitcoin’s subsequent price rally, suggesting growing confidence in cryptocurrency as an alternative financial system. As Bitcoin maintains its stature as “digital gold,” Wood’s perspective signals a broader recognition of its intrinsic value. Could Bitcoin’s role in economic crises herald a new era for decentralized finance?

Crypto Funds Surge with $767M Inflows: The cryptocurrency investment landscape is witnessing a promising trend, with crypto funds experiencing the most substantial inflows since the 2021 bull run, as reported by CoinShares. Last week alone saw a fresh injection of $261 million, culminating in a six-week total of $767 million. Bitcoin continues to spearhead the inflow, complemented by a notable increase in Ether investments, hinting at renewed investor confidence in the second-largest digital currency. The Solana and Chainlink funds also enjoyed a lucrative week. With institutional demand seemingly on the rise, the market is potentially gearing up for a robust growth trajectory. How do you think these sustained inflows will influence the future of cryptocurrency markets?

The U.S. SEC’s Office of Inspector General Report (OIG) on Crypto: The SEC has cited crypto regulation as a significant challenge in its annual report, pointing to the agency’s difficulty in enforcing securities laws on crypto market participants and recognizing gaps in oversight. The report reveals a lack of comprehensive case law, calling for better legislation and collaboration. Additionally, the SEC’s efforts to hire crypto experts are hampered by conflicts of interest arising from personal crypto holdings, with an anticipated closer review of hiring practices. Could crypto’s inclusion in this SEC report show the agency is finally getting serious about crypto regulation?


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