In a significant development for the cryptocurrency landscape, South Korea’s largest crypto exchange, Bithumb, is reportedly exploring the possibility of listing on the US NASDAQ. This news emerged during a shareholder meeting on September 30, where the company expressed openness to considering “all possibilities” regarding its upcoming initial public offering (IPO).
A Shift in Focus From KOSDAQ To NASDAQ
The Korea Economic Daily broke the news, indicating that Bithumb’s plans for an IPO are evolving. Initially, the exchange was set to pursue a listing on the KOSDAQ, South Korea’s equivalent of the NASDAQ, aiming for a launch in late 2025. However, recent discussions suggest a strategic pivot towards international markets, potentially broadening its appeal and investment reach. Samsung Securities has already been tapped as the underwriter to draft the prospectus, a crucial step in the IPO process.
Bithumb’s ambitious IPO plans have not been without hurdles. An internal review revealed that the company has faced significant challenges, particularly in light of controversies surrounding former chairman Lee Jeong-hoon. Furthermore, Bithumb’s financial performance has taken a hit. Despite a surge in trading volume, the exchange reported a staggering 57% drop in revenue, plummeting from 3.201 billion won in 2022 to just 1.358 billion won in 2023. Net profits also fell dramatically by 74.5%, landing at 243 billion won.
The reasons behind this decline are multifaceted, including plummeting cryptocurrency prices and the implementation of a fee-free trading policy, which began in the fourth quarter of 2023. While this strategy aimed to attract more users, it has yet to translate into financial stability.
Achievements Amidst Adversity
Despite the setbacks, Bithumb has managed to carve out a significant market presence. The exchange achieved record Bitcoin trading volumes, surpassing its primary competitor, Upbit, and hitting a remarkable market share peak of 72% in early 2023. According to CoinMarketCap, Bithumb remains the second-largest spot crypto trading platform in South Korea, boasting a 24-hour trading volume exceeding $666 million, compared to Upbit’s impressive daily trading volume of nearly $2 billion.
What Lies in Store for Bithumb?
Bithumb’s exploration of a NASDAQ listing reflects not just a strategic shift, but a broader ambition to position itself as a key player on the global stage. As it navigates the complexities of IPO planning amidst financial challenges and leadership controversies, the exchange’s next steps will be closely watched by investors and market analysts alike.
In conclusion, Bithumb’s potential move to the NASDAQ could signify a turning point, offering the exchange an opportunity to revitalize its brand and expand its investor base. With a keen focus on overcoming its current challenges, Bithumb may yet emerge stronger and more competitive in the dynamic world of cryptocurrency trading. As the company continues to explore its options, the crypto community will undoubtedly be eager to see how this narrative unfolds.
Arizona Governor Katie Hobbs has vetoed Senate Bill 1025, which would have authorized the state to create a Bitcoin reserve.
The decision, made on May 2, marks the first time a sitting US governor has rejected a state-backed strategic Bitcoin reserve (SBR) initiative, despite growing interest in such measures across several states.
Arizona’s Bitcoin Reserve Bill Vetoed Despite Bipartisan Support
In a letter to Senate President Warren Petersen, Hobbs emphasized that the Arizona State Retirement System (ASRS) must continue to prioritize stable, well-vetted investments.
She described virtual currencies as “untested” and unsuitable for the retirement savings of Arizona residents.
“The Arizona State Retirement System is one of the strongest in the nation because it makes sound and informed investments. Arizonans’ retirement funds are not the place for the state to try untested investments like virtual currencу,” the governor stated.
Meanwhile, Senate Bill 1025 was one of two digital asset-related proposals forwarded to Hobbs’ desk this session.
The second, Senate Bill 1373, would give Arizona the authority to retain cryptocurrencies obtained through legal seizures. It would also empower the state treasurer to lend these assets to generate additional income.
The status of this bill remains unclear in the wake of Hobbs’ opposition to SB 1025.
Arizona now joins a group of states—including Oklahoma, Montana, North Dakota, and Wyoming—where efforts to formalize Bitcoin reserves have stalled or failed.
Nonetheless, momentum continues elsewhere. New Hampshire is nearing a potential breakthrough, with its SBR proposal advancing past committee review and now awaiting a full vote in the second legislative chamber. If approved, it will proceed to the governor for final consideration.
“The BITCOIN Act is the only solution to our nation’s $36T debt. I’m grateful for a forward-thinking president who not only recognizes this, but acts on it,” Lummis stated.
Lummis is pushing the BITCOIN Act bill, which will allow the US to acquire up to 1 million BTC over five years. The lawmaker claims such a move would help stabilize US fiscal policy and enhance the nation’s role in global financial innovation.
PI’s price has climbed 7% over the last seven days, signaling modest upward momentum. It currently trades at $0.65.
However, technical readings reveal that the rally largely lacks conviction from bullish traders, suggesting the price growth is more reflective of overall market growth than demand for PI.
PI Climbs, But Momentum Stalls
A key indicator supporting this outlook is the Relative Strength Index (RSI), which has remained largely flat despite the price uptick. This indicates a balance between PI’s buying and selling pressure, rather than a surge in bullish sentiment that typically accompanies sustainable rallies.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.
When it is flat like this, there is a balance between buying and selling pressure, with no clear momentum in either direction. This signals market indecision or consolidation, rather than a strong trend, despite PI’s price hike.
Further, PI’s Super Trend indicator, which continues to act as dynamic resistance above the token’s price, adds to the cautious outlook. This is currently at $0.85
The indicator helps traders identify the market’s direction by placing a line above or below the price chart based on the asset’s volatility.
As with PI, when an asset’s price trades below the Super Trend line, it signals a bearish trend, indicating that the market is in a downtrend and selling pressure is dominant.
As PI struggles to break above this level, the trend line reinforces bearish sentiment and suggests pushing the asset higher in the short term will be difficult.
PI Risks Drop to $0.40 Without Renewed Demand
PI currently trades at $0.65, resting below its 20-day exponential moving average (EMA). This indicator measures an asset’s average price over the past 20 trading days, giving more weight to recent prices.
When the EMA is positioned above the asset’s current price, it signals a short-term downtrend, indicating that recent prices are lower than the average of the past 20 days. If demand wanes further, PI could extend its losses and revisit its all-time low of $0.40.
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.]
Grab a coffee as we delve into market sentiment about XRP ETFs (exchange-traded funds) in the US. As prospects for this financial instrument continue to grow, experts have weighed in on the possible impact on Ripple’s XRP token.
Crypto News of the Day: XRP ETF Inflows to Reach $8.3 Billion, Standard Chartered Predicts
There has been much chatter this week in crypto about XRP ETFs, ranging from false rumors and reports to delays in key decisions. However, one thing appears certain: the conversation is growing more than ever.
In a recent US Crypto News publication, ETF analyst Eric Balchunas indicated they have raised their odds to 85%. Based on this, analysts offer diverging outlooks on how such a product might perform.
“XRP price could rise to $12.23 or $22.20 after ETF Approval if XRP ETFs Get 15% to 30% of Bitcoin ETF Inflows,” a popular account on X shared.
BeInCrypto data shows that XRP was trading for $2.22 as of this writing, down by almost 1% in the last 24 hours.
Against this backdrop, BeInCrypto contacted Standard Chartered for a commentary. The bank’s head of digital assets research, Geoff Kendrick, said it was challenging to predict precise inflow figures.
However, he indicated that comparative data from Europe could provide some guidance.
“The amount of eventual inflows to XRP ETFs is difficult to estimate. However, Bitwise has listed ETPs in Germany for XRP, Solana, Litecoin, BTC, and ETH, which may provide an apples-for-apples comparison,” Kendrick told BeInCrypto.
Drawing on his prediction of how an XRP ETF could perform and the associated impact on XRP price, Kendrick compared Bitcoin, Ethereum, and other altcoins.
Citing Bitwise data, the Standard Chartered executive noted that altcoins garner a larger percentage of ETP (exchange-traded product) net asset value (NAV) as a percentage of coin market capitalization than Bitcoin and Ethereum.
However, he acknowledged that this could be because fewer ETPs are available for altcoins. Kendrick added that NAV-to-market-cap ratios from already approved US spot ETFs provide a useful benchmark.
Based on these assessments, Geoff Kendrick projected that a US-listed spot XRP ETF could attract as much as $8.3 billion in inflows within its first year.
“Of the US spot ETFs approved so far, NAV as a percentage of market cap is 3% for Ethereum and just under 6% for Bitcoin. At current XRP market cap, that would imply a range of $4.4 billion to $8.3 billion as a future total NAV measure for an XRP ETF, which seems like a reasonable target range for inflows in the first 12 months,” Kendrick added.
Kendrick Sees Ripple Price at $8, Bitfinex Analysts Question Investor Interest for XRP ETFs
The Standard Chartered executive said he expects XRP price gains to keep pace with Bitcoin price growth targets.
He forecasted the Ripple price to rise to $8 by 2026, contingent on spot XRP ETF approvals in the US. This would constitute a 260% surge above the current price of $2.22.
“In real terms, XRP inflation is currently 6%, versus 0.8% for Bitcoin. As such, we target the XRP-USD price levels of $5.50 at end-2025, $8.00 at end-2026, $10.40 at end-2027, $12.50 at end-2028 and $12.25 at end-2029,” Kendrick explained.
Meanwhile, analysts at Bitfinex caution against optimism, saying that investor interest in a US-based spot XRP ETF may not match that witnessed in Bitcoin ETFs.
“We expect limited inflows into an XRP ETF as some investors may choose to broaden their exposure across available crypto ETFs. However it is unlikely to see the level of flows experienced by Bitcoin,” Bitfinex analysts told BeInCrypto.
The contrasting assessments reflect broader uncertainty over how altcoin ETFs might perform in a regulated US market.
Bitcoin’s dominance and changing regulatory attitudes toward digital assets still heavily influence the crypto market in the US.
So far, Grayscale, Wisdom Tree, Bitwise, Canary, and 21Shares have filed for XRP ETF approvals with the SEC. Bitwise’s application received official acknowledgment on February 18, triggering several timelines for approving, denying, or extending the application.
The final deadline is October 12, 240 days after official receipt. This date is equivalent to the ‘final deadline’ of January 10, 2024, for BTC ETF approvals, the day they were approved.
However, with other applications beyond XRP ETF pending approval, including Solana and Litecoin, Kendrick noted that other applications in the pipeline could affect the timeline for XRP ETF approval.
“Litecoin seems most likely to progress the fastest, providing early insight into how the new SEC leadership will treat altcoin ETFs,” Kendrick said.
As a hard fork of Bitcoin, Litecoin could already be viewed by the SEC as a commodity rather than a security. According to Kendrick, its similarity to Bitcoin may make it conceptually easier for investors to understand.
“We expect a wave of cryptocurrency ETFs next year, albeit not all at once. First out is likely the BTC + ETH combo ETFs, then probably Litecoin (because it is a fork of BTC, [therefore it’s a] commodity), then HBAR (because it’s not labeled security), and then XRP/Solana (which have been labeled securities in pending lawsuits),” Balchunas stated.
