As we start the week, what’s on the agenda in the finance world?
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Top 5 Altcoins Searched Worldwide Last Week:
- Akash Network
Bitcoin Enthusiast Milei Wins with Promise to Shut Down Central Bank in Argentina
In Argentina, struggling with an economic crisis, the far-right and Bitcoin-friendly candidate Javier Milei emerged victorious from the election.
Milei thanked his supporting team, stating that the reconstruction of Argentina has begun and this historic night will mark the beginning of efforts to solve the country’s problems. In Argentina, where annual inflation exceeds 140%, two out of every five people live below the poverty line. During his campaign, Milei promised to overcome Argentina’s economic issues with radical solutions.
Among Milei’s promises were shutting down the Central Bank of Argentina and adopting the US Dollar in place of the Argentine Peso.
The US Securities and Exchange Commission (SEC) delayed the ETF applications submitted by two companies
The SEC announced in its latest press release that it has postponed the final decisions for the Global X Bitcoin Trust and Franklin Templeton’s Franklin Bitcoin ETF applications.
The regulatory body set the final date for the Global X Bitcoin Trust ETF application as December 22, while the decision date for the Shares of Franklin Bitcoin ETF has been postponed to early 2024.
The SEC has created a comment period for the public to express their opinions on the Global X Bitcoin Trust ETF, indicating it is ready to listen to all feedback within the next 35 days.
The SEC, which recently postponed both Grayscale’s application for a futures Ethereum (ETH) exchange-traded fund (ETF) and Hashdex’s application to convert an existing futures Bitcoin ETF into a spot ETF to a later date, did not surprise with its latest postponement move.
The SEC has a number of spot Bitcoin and Ethereum ETF applications to decide upon. Experts believe the SEC is currently postponing decisions on applications to buy time, but there is a very high likelihood that these spot Bitcoin ETF applications will be approved in 2024.
With the postponement of ETF applications, Bitcoin, which had been stagnant, began to see an optimistic atmosphere on the Bitcoin side after the announcement of the election results in Argentina on Sunday and the victory of Bitcoin-friendly Javier Milei with a majority vote. Should it break the $38,000 resistance, we might see an acceleration in purchases.
On the downside, the important levels to watch are $36,820 and $36,400.
James Wallis, the head of Ripple’s department related to CBDCs (Central Bank Digital Currencies), spoke about the advantages of digital currency. In a short video shared on the company’s official YouTube channel, Wallis emphasized the international role of the projects. The Ripple executive stated that CBDCs would increase participation in the financial system, highlighting its significance for low-income individuals and financial institutions.
Wallis believes that digital currencies, due to their low costs, will have a positive impact on borrowing costs. Ripple, a leading company in the cryptocurrency and blockchain space, collaborates with central banks. According to recent official information, Ripple is providing support for CBDC projects to twenty different central banks worldwide.
On the technical side, we will be monitoring the 0.7480 resistance level for XRP. If it breaks, further upward movement may occur. In case of declines, we will be watching the 0.6240 support level. If a breakthrough occurs, profit-taking could accelerate.
To stay updated on current events in the market, take a look at our articles published every Monday in the Weekly Newsletter category.
“The investment information, opinions, and recommendations contained in this research report are not within the scope of investment advisory.”
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