The recent Bitcoin price rally to a new ATH fueled a crypto market rally, pulling digital assets out of the Trump tariff-influenced slump. The same cryptos are facing another turmoil today, losing a significant portion of their recovery amid investors’ sentiments due to the influence of various technical and macroeconomic factors. Is the bull market over? Let’s discuss. Bitcoin Price Crash Trimmers Affect Crypto Market After a 4% crash in Bitcoin price, hours earlier, it currently trades at $108.7k. Its decline from the recent ATH rally has impacted investors’ sentiments, fueling the crypto market crash today. This drop resulted in the wiping out of more than $600M in leveraged positions, per Coinglass, and the top altcoins like XRP, SOL, DOGE, and others declined at least 1-2%. Some even faced extreme volatilities and higher bearish pressures. Notably, this happened amid Trump’s 50% Tariff announcement on the EU, starting June 1, 2025…. Read More at Coingape.com
Confusion spread across the crypto community after rumors suggested that ProShares would launch XRP ETFs on April 30. However, Bloomberg ETF analyst James Seyffart confirmed that there is no official launch date yet. The false reports were based on an old regulatory filing, leading to widespread misinformation online.
ProShares Clarifies XRP ETF Launch Plans
According to Bloomberg ETF analyst James Seyffar reports on ProShares would launch XRP ETFs on about an April 30 launch were inaccurate. He added that, although no official date is set, a launch is expected in the short to medium term.
Concurrently, a spokesperson for ProShares also commented, saying, “ProShares does not have any ETF launches scheduled for Wednesday, April 30. We have no further news to share at this time.” This statement further confirmed that there are no immediate plans to introduce the ETFs this week.
The rumors originated from a regulatory filing dated April 15, which some media outlets misrepresented as a new development. These errors led to incorrect reporting and social media sharing before verification. However, despite the clarification of the ETF launch, the XRP price has remained bullish with the price trading at $2.29, a 0.59% surge from the intra-day low. During the rally, the 24-hour market capitalization and trading volume surged by 1% and 28% respectively to $133.9B and $4.53B.
Futures-Based XRP ETFs Expected, Not Spot Products
Nate Geraci, President of The ETF Store, had earlier discussed the nature of the upcoming ProShares XRP ETFs. He explained that the new products are not spot ETFs and will not hold XRP directly.
Instead, the planned ETFs will offer exposure to XRP through futures contracts. According to Geraci, the ETFs will include leveraged and inverse options, giving investors different ways to gain exposure to XRP price movements.
He also mentioned that Teucrium launched a 2x Long XRP ETF (XXRP) earlier this month. This product uses swap agreements and seeks to provide twice the daily return of XRP. As of now, the XXRP fund manages around $42.79 million in assets under management.
SEC Scrutiny Remains Over ETF Applications
The Securities and Exchange Commission (SEC) has yet to approve any spot Ripple ETF applications, unlike in Brazil. Firms such as Grayscale, Bitwise, and Franklin Templeton are still awaiting a decision from the regulator.
Geraci raised concerns about why the SEC has allowed futures-based Ripple ETF while being cautious about spot products. Futures ETFs face fewer regulatory hurdles compared to spot ETFs, which are subject to more detailed risk reviews. According to Polymarket, the chances of a Ripple ETF to get approved this year has gone up by 8% to 78% boosted by the current talks of the ProShares XRP ETFs.
Ripple ETF Chances (Source: PolyMarket)
Concurrently, Bloomberg noted that the SEC has been reviewing applications carefully and has not yet indicated when or if approvals will be granted. The new US SEC Chair Paul Atkins is expected to play a crucial role in reviewing these applications later this year.
Winning over young voters with crypto-friendly policies has become a proven political strategy, and Donald Trump’s successful playbook has not gone unnoticed. As South Korea gears up for a crucial presidential election, the ruling People Power Party (PPP) is taking a page from Trump’s book, positioning itself as the champion of digital innovation.
Let’s dive into the evolving landscape.
South Korea’s Presidential Election: The Battle Lines
South Korea, a major Asian economic hub, is preparing for a high-stakes presidential election. The contest is primarily between the ruling People Power Party (PPP) and the opposition Democratic Party (DP).
According to recent polls, the Democratic Party currently leads with 47% support, while the PPP trails at 35%. In a bid to close the gap, the PPP is banking heavily on crypto reforms to win back disenchanted voters.
PPP’s Bold Crypto Agenda: Major Promises for 2025
At the heart of the PPP’s campaign is a direct appeal to the country’s growing crypto community. The party has promised to abolish the controversial law that requires crypto exchanges to form exclusive partnerships with local banks—a regulation that has stifled competition and forced many smaller exchanges to shut down or limit their services.
But the promises don’t stop there. The PPP’s 2025 agenda outlines several major crypto initiatives, including:
Launching corporate crypto trading platforms before the end of 2024.
Establishing a Virtual Asset Special Committee to oversee sector development.
Creating a stablecoin regulatory framework aligned with global standards.
Clarifying crypto tax regulations to foster greater transparency.
By aggressively targeting regulatory barriers, the PPP aims to position South Korea as a global leader in digital assets.
Where the Democratic Party Stands
While the Democratic Party hasn’t made sweeping crypto promises, it maintains a generally pro-crypto stance. Some leaders have floated the idea of establishing a national Bitcoin reserve, and the party has signaled its intention to reform South Korea’s existing crypto regulations.
However, their messaging is notably less aggressive compared to the PPP’s bold reform proposals.
Why Crypto Matters: The Battle for Young Voters
Both major parties recognize the political power of younger voters, many of whom see cryptocurrencies as symbols of financial freedom and technological innovation. By embracing crypto narratives, South Korea’s political forces hope to win over a generation that could ultimately decide the fate of the 2025 election.
The post People Power Party Bets Big on Crypto to Win South Korean Election appeared first on Coinpedia Fintech News
Winning over young voters with crypto-friendly policies has become a proven political strategy, and Donald Trump’s successful playbook has not gone unnoticed. As South Korea gears up for a crucial presidential election, the ruling People Power Party (PPP) is taking a page from Trump’s book, positioning itself as the champion of digital innovation. Let’s dive …
Tensions are heating up between India and Pakistan, following the former’s recent missile attack on the latter. This development is significant considering how it could negatively impact the crypto market, as war brings about market uncertainty.
India Retaliates Against Pakistan With Missile Attacks
According to a CNN report, India has launched a military operation against Pakistan, striking “terrorist infrastructure” in both Pakistan and the country’s administered Kashmir. According to the Indian Ministry of Defense, these steps come in the wake of the barbaric Pahalgam terrorist attack, which killed 25 Indians and one Nepali citizen.
The statement also stated that the attacks were focused, measured, and non-escalatory in nature, as no Pakistani military bases were targeted. However, Pakistan claimed that the strikes killed three civilians and injured twelve others.
Pakistani military spokesperson Ahmed Sharif Chaudhry made it clear that they plan to retaliate, which will further escalate tensions. Pakistan’s prime minister also stated that they are responding to India’s attack. The country has allegedly already shot down two Indian jets in retaliation for strikes on its “territory.”
Meanwhile, in an X post, the Indian army stated that Pakistan has again violated the ceasefire agreement by firing artillery in Bhimber Gali in the Poonch-Rajauri area. The army remarked that they are responding appropriately in a “calibrated manner.”
This development could significantly impact the crypto market, possibly leading to a crash. Following the attacks, the Bitcoin price sharply dropped below $95,000.
Crypto analyst Crypto TA King noted how a full-blown war could harm the market. Analyst Crypto King also predicted this could be a red market week, unless the India-Pakistan attacks settle.
Meanwhile, US President Donald Trump commented on the attack, stating that he hopes it ends quickly. The missile strikes comes just a day after India made big concessions in Trump’s trade war, another external factors which continues to hinder a crypto market rally to new highs.
