On Friday, Solana (SOL) reached a new all-time high (ATH), trading at over $261. This accomplishment outperforms the previous peak established in November 2021.
Solana’s ascent to a new all-time high is a more than 32-fold gain from its December 2022 low.
Solana hits all-time high as Gary Gensler plans resignation
Solana’s journey to this new height has been everything but easy. After hitting its prior peak in 2021, the platform had a decline in 2022 due to a larger crypto bear market, which was worsened by technical concerns and network downtimes.
The fall of FTX in November 2022 lowered Solana’s price to roughly $8.
Solana has been at all time high by marketcap for a while actually
Now, we’re finally in price discovery
The flippening is coming. pic.twitter.com/HShrsGL2OL
— Birch (@BitcoinBirch) November 21, 2024
However, Solana has made an impressive rebound, climbing more than 32-fold since its low. Solana aficionados now anticipate that SOL will ultimately outperform Ethereum (ETH) in terms of market valuation.
The increase in Solana’s market value corresponds with the announcement of SEC Chairman Gary Gensler’s departure, which is scheduled for January 20, 2025, when Donald Trump takes office.
Gensler’s resignation marks a potential change toward a more crypto-friendly government, despite his reputation for harsh regulatory stances on cryptocurrencies. As a result, this political shift is fueling speculation regarding the approval of a Solana exchange-traded fund (ETF). According to Fox Business writer Eleanor Terrett, the SEC has began discussions with issuers on the prospect of a Solana ETF.
🚨SCOOP: Talks between @SECGov staff and issuers looking to launch a $SOL spot ETF are “progressing” with the SEC now engaging on S-1 applications, according to two people familiar with the matter. These people say there’s a “good chance” we’ll see some 19b4 filings from…
— Eleanor Terrett (@EleanorTerrett) November 21, 2024
Previous attempts to create a Solana ETF were stymied by regulatory hurdles, frequently ending prematurely. However, the shifting political atmosphere and the SEC’s greater transparency have sparked hope in the crypto community. Canary Capital and BitWise’s recent registrations for a Solana ETF demonstrate increased demand and anticipation of regulatory clearance.
Despite these hopeful advances, the chances of a Solana ETF clearance in 2024 remain slim, with Polymarket estimating it at roughly 4%.
Meanwhile, the cryptocurrency world is keeping a careful eye on Bitcoin as it approaches the much-anticipated $100,000 milestone. On Friday, Bitcoin reached a new high of about $99,300. This milestone is regarded as a watershed point for Bitcoin (BTC), with potential implications for other cryptocurrencies like as Solana.
MicroStrategy’s Michael Saylor has $3B rescue plan as MSTR Stock tanks 16%
Michael Saylor’s MicroStrategy completes a $3 billion note issuance for new Bitcoin acquisitions, as MSTR stock trades for $50 billion.
MicroStrategy Executive Chairman Michael Saylor announced the successful conclusion of its $3 billion sale of senior convertible notes to purchase more Bitcoins. The statement comes as the Bitcoin price rises to a new all-time high of $99,314 with another 1.4% increase. Following a 106% rise to a record high of $473 in November, the MSTR stock fell 16% on Thursday. However, the stock’s direction shifted after hours on the prospect of a $3 billion influx into the Bitcoin market.
MicroStrategy’s Michael Saylor to buy $3B in Bitcoin
Earlier today, Michael Saylor’s MicroStrategy stated that it has completed the previously announced issuance of 0% convertible notes due in 2029. This is part of the company’s upcoming Bitcoin purchase ambitions.
“MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin and for general corporate purposes,” the company noted.
Earlier this week, the Bitcoin holding company announced the acquisition of 51,780 BTC for an astounding $4.6 billion investment. As a result, the company’s reserves include 331,200 Bitcoins.
Crypto market specialists predict that Michael Saylor will quickly invest the additional $3 billion in Bitcoin. If this is the case, the BTC price might rise much higher to $135,000 by the end of the year. Given Saylor’s reputation for purchasing BTC at any price, the announcement for the next mega-Bitcoin acquisition might come anytime soon.
Several worldwide firms, like Metaplanet and Semler Scientific, have embraced Michael Saylor’s Bitcoin approach, adding BTC to their balance sheets. Saylor has also asked computer behemoth Microsoft (NASDAQ: MSFT) to assist with their Bitcoin purchases. Microsoft will have a shareholder vote next month, in December, to determine this topic.
MSTR Stock is Wall Street’s favourite
Microstrategy stock. This week, MSTR attacked Wall Street with rising trade volume, taking the lead in the Bitcoin Industrial Complex. It has also surpassed the most liquid corporations in the “Magnificent 7” category in terms of trading volumes.
The Bitcoin Industrial Complex, led by MSTR, had $70 billion in trading activity yesterday, according to Bloomberg Senior ETF strategist Eric Balchunas. Along with MSTR stock, the leveraged MicroStrategy ETFs have performed well on Wall Street.
ETFs linked to MicroStrategy accounted for $50 billion of the day’s total volume, with the 2x leveraged MSTR ETFs – T-Rex 2X Long MSTR Daily Target ETF (MSTU) and Defiance’s 2X long ETF (MSTX) witnessing $3 billion and $2 billion in transactions, respectively. To put that in context, their total $6 billion volume in the first two hours was more than double that of Apple.
The BlackRock Bitcoin ETF (IBIT) recorded $5 billion in trading volume, its second-highest day ever. The total inflows into spot Bitcoin ETFs exceeded $1 billion yesterday, with IBIT contributing more than $600 million. The Bitcoin ETF options launched this week remain in the spotlight, with IBIT options seeing high trading volumes.
Peter Schiff slams the stock rally
On Thursday, the MSTR stock closed 16.6% down, falling below $400. Following the release of the convertible notes, the stock price rose 3% in aftermarket trading.
Yesterday, MicroStrategy’s implied volatility rose to 200%, indicating a 12.6% daily price swing. Following the decrease, implied volatility increased to 270%, implying a daily change of 16%, according to 10X Research.
As Bitcoin and MSTR moved in different directions on Thursday, Bitcoin skeptic Peter Schiff wrote:
“Based on today’s rise in Bitcoin and the reversal in MSTR, which sold another $3 billion in convertible debt to buy more Bitcoin, MSTR was likely today’s big Bitcoin buyer. The game ends when MSTR runs out of suckers willing to lend it money and buy its overpriced shares”.
XRP price rally to $2 as Paul Atkins leads to replace US SEC Chair Gary Gensler?
The price of XRP rose 26% to $1.40 on the announcement that Paul Atkins will succeed SEC Chair Gary Gensler. Is XRP about to reach a new all-time high?
The XRP price rose 26% in hours after US SEC Chair Gary Gensler announced his retirement. Ripple’s native cryptocurrency XRP reached a high of $1.43, which was last witnessed during the 2021 bull run. A crypto market researcher forecasts that the rise will continue all the way to $2 after a bullish pattern breakthrough. The revelation that pro-crypto Paul Atkins will replace Gensler as SEC Chair might propel the XRP spike even further.
XRP price rally to $2 coming?
Following SEC Chair Gary Gensler’s retirement announcement, the XRP bulls pushed in, resulting in another 26% price rise. Gensler’s final day at work will be January 20, 2025, the same day that President-elect Donald Trump takes over the White House. The XRP community clearly views Gensler’s resignation as a positive development given the difficult four-year legal struggle in the Ripple litigation.
Ali Martinez, a cryptocurrency market researcher, expects that the surge will continue to $2. Martinez argued that Gensler’s departure from the SEC would be a huge watershed moment for Ripple, potentially alleviating regulatory constraints on the business.
“Gary Gensler leaving the SEC is the best thing that could happen to Ripple,” Martinez told me. He also mentioned that the XRP price might now set its eyes on a $2 objective, following a new breakthrough from the flag-and-pole pattern.
CrediBULL Crypto, a cryptocurrency expert, stated that XRP’s monthly Relative Strength Index (RSI) is approaching overbought territory for the first time in three years. “XRP/ETH just reclaimed and retested a 4 year long range, with the first target being ~250% higher,” according to him.
Paul Atkins to replace US SEC Chair Gary Gensler?
As Gary Gensler steps down, the main issue on everyone’s mind is who Donald Trump will select as the new SEC Chairman. According to Fox Business, former SEC Commissioner Paul Atkins is the most likely candidate to succeed Gary Gensler.
Paul Atkins is known for his free-market regulatory strategy and pro-crypto position. He has also received significant backing from the business community and the digital asset industry. His appointment might also pave the way for the spot XRP ETF in 2025.
In the last two months, 21Shares, Canary Capital, and Bitwise have all registered with the US Securities and Exchange Commission for the XRP ETF. The introduction of this investment instrument may boost institutional interest in XRP.
Gary Gensler’s decision not to complete his tenure at the SEC has received considerable support from the business community, which has been critical of his regulatory strategy. The narrative towards the end of the Ripple vs SEC litigation became increasingly evident.
As of press time, XRP is trading 26% higher at $1.40, with a market capitalization of $80 billion. According to Coinglass statistics, the open interest in XRP has increased 35% to $2.47 billion. In the previous 24 hours, XRP positions totaling $25.64 million were liquidated, including $14 million in short liquidations and $11.62 million in long liquidations.
