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Altcoins ETF Filings, US FOMC, & Elon Musk’s DOGE Push

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The crypto market this week has concluded on a high note with several developments. Some of them stood out, like the launch of Bitcoin Miners ETF along with other altcoins ETF filings. Further, the U.S. FOMC happened this week and was able to offer clarity about what the cryptocurrency community can expect in terms of investments or price fluctuations. Meanwhile, Elon Musk pushed for DOGE, triggering speculation that the meme coin could rally by 900%.

Here’s a brief report of some of the most buzz-worthy market updates reported by CoinGape Media in the last week.

Crypto Market Updates: Bitcoin Miners ETF and Other Altcoins ETFs Filings

Grayscale Bitcoin Miners ETF

Grayscale helmed the launch of Bitcoin Miners ETF, ticker MNRS, with the aim to boost BTC mining and related ecosystems. The asset management firm, with MNRS, has enabled investors to gain passive exposure by allocating a portion of their portfolios to companies that comprise the Indxx Bitcoin Miners Index. David LaValle, Global Head of ETFs at Grayscale, talked about the launch of MNRS and acknowledged that Bitcoin miners were the backbone of the network.

Filings for XRP, Polkadot and Other Crypto ETFs

Also, Grayscale made another major development this week by filing for spot XRP ETF with NYSE. Grayscale is aiming to convert its XRP trust into ETF, which will be listed and traded on the New York Stock Exchange. The asset manager earlier filed for Litecoin ETF with the US SEC.

21Shares filed S-1 Registration with the US SEC for Polkadot ETF approval. If approved, this would be one of the first ETFs for the Polkadot ecosystem. The US SEC also cleared dual Bitcoin and Ethereum holding by Bitwise ETF.

US FOMC Interest Rate Update

The US FOMC two-day meeting concluded with the no rate cut and cautious outlook by the US Fed. It is now expected that the Federal Reserve will hold the current rate still for most of the year. The effective interest rate is in the range of 4.25% and 4.50% after the favorable vote of all twelve members of the committee. Interstingly, traders had predicted an unchanged rate which happened despite Donald Trump seeking rate cuts from authorities.

An unchanged interest rate by the US Federal Reserve aims to control inflation amid heavy speculation of the implementation of high tariffs and craft a better outlook for the economy. A lower interest rate enables investors to set aside a larger allocation to riskier investments in crypto. Nevertheless, overall sentiments are bullish, with MicroStrategy acquiring more BTC and asset managers filing for more ETFs with the US SEC.

Elon Musk Pushes for DOGE

Department of Government Efficiency Hints At Targeting US Debt

Tesla CEO Elon Musk pushed for DOGE by outlining that he plans to cut unnecessary spending by the Federal Government. An official announcement has highlighted that the Department of Government Efficiency was able to save almost $1 billion a day. DOGE is now targeting a $36 trillion US debt. The ticker symbol of the department has in turn brought attention to the meme coin, Dogecoin, as it is linked to D.O.G.E. The meme coin is speculated to rally by almost 900% in the future.

MuskIt and Dogecoin Meme Crypto

That being said, Elon Musk’s father Errol Musk made it to the headlines by emphasizing his plan to raise $200M by capitalizing on the MuskIt coin, a meme coin that shares their family name. Funds that he raises will be allocated to the Musk Institute, a for-profit think tank. MUSKIT coin, after this development, skyrocketed by 262.73% in 24 hours and its 24-hour trading volume surged by 7723.53%.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Altcoin

TRUMP Price Crashes 13% Despite Donald Trump’s Pump Attempt, What’s Next?

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2 hours ago

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February 2, 2025

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Solana-based Official Trump meme coin has come under strong selling pressure hours after Donald Trump posted about it on his social media platform Truth Social. The TRUMP price is down by 13% in the last 24 hours taking a dive under $20. On the weekly chart, the meme coin has lost more than 33% while it is down 70% from its all-time high of $75.

TRUMP Price Crashes Under $20

With the onslaught of the bears, the TRUMP price is down more than 13% to below $20. Also, the daily trading volume has surged by 65% to more than $3.4 billion as traders move to dump it.

Furthermore, the derivatives data from Coinglass shows that the TRUMP open interest has also slipped by more than 13% to $720 million while the 24-hour liquidations have soared to more than $15 million with $11 million in long liquidations.

Buy the Dip Opportunity for TRUMP Investors?

After hitting the daily low of $18.75, the TRUMP price bounced back and is currently trading at $21.09. Several market analysts believe that this is a buy-the-dip opportunity for crypto investors. Captain Faibik, a prominent market analyst, has weighed on it.

“Buying the $TRUMP dip! The falling wedge is still in play, expecting a strong bounce back,” Captain Faibik on X stated, pointing to the technical pattern suggesting a possible bullish reversal.

Source: Captain Faibik

The falling wedge, often seen as a precursor to price breakouts, has fueled speculation that TRUMP could stage a significant comeback. Another market analyst Edward Morra stated that the TRUMP price bounced back from the perfect support at $20. He further added that he would be going long on the altcoin from here. “Went a bit deeper than I expected. Loaded up on TRUMP (average $21.5). Ideally, looking for a bullish reclaim above $25 for continuation,” he said.

Donald Trump’s Attempt to Pump

With the TRUMP price crashing nearly 70% from its all-time high, President Donald Trump took to social media to promote his meme coin. “I LOVE $TRUMP!!” President Trump wrote in a Truth Social post asking users to get back and buy the meme coin.

However, crypto industry players have criticized this move with SkyBridge Capital founder Anthony Scaramucci slamming the President. In a message on the X platform, Scaramucci wrote:

“President Trump posted on Truth Social last night in an attempt to “pump” his $TRUMP memecoin (yes that’s a real sentence that many have normalized). The result has been an acceleration of the “dump,” now down 70% from its peak. The jig is up”.

The Official Trump token has slipped to the fourth spot losing in this latest fall, losing the third spot to PEPE Coin. The broader crypto market is down today as Trump tariffs kick in which could lead to another major crash ahead.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Why Is Crypto Market Down Today, Will Trade War Trigger Major Crash Ahead?

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3 hours ago

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February 2, 2025

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The global crypto market tumbled again in the last 24 hours while investors didn’t even recover from DeepSeek AI and Bank of Japan’s rate hike-led market crash last Monday. Bitcoin and Ethereum prices are now down 6% and 8% in a week, respectively.

The macro factors wreaked havoc on the stocks and crypto markets again as Donald Trump decided to immediately sign the order to impose tariffs on Canada, Mexico, and China. As a result, the global crypto market cap tumbled more than 3% from $3.49 trillion to $3.35 trillion. It means more than $140 billion erased from the crypto market in just under 24 hours.

Moreover, the Crypto Fear & Greed Index has dropped from Greed to Neutral at 47 today, indicating negative sentiment continues to build among investors.

Bitcoin Price and Crypto Market Downfall Due to Trump Tariffs

US President Donald Trump declared a national emergency citing fentanyl and immigrants under the 1977 International Emergency Economic Powers Act (IEEPA). This gave President Trump power to sign an executive order imposing 25% tariffs on Mexico and Canada, as well as 10% tariffs on imports from China.

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As a result, Bitcoin and altcoins fell on concerns of a trade war risking higher prices for U.S. consumers. US PCE inflation data on Friday indicated that inflation has increased for three consecutive months. Notably, US stock indexes ended the week lower.

Besides, economists say blanket tariffs with multiple top trading partners are bad for the US, inflation, and lead to higher prices and layoffs. The decision has triggered a trade war as Canada, Mexico, and China retaliate.

Crypto Market Sees $700 Million in Liquidations

Coinglass data indicates over $700 million in crypto liquidations, with over 250K traders liquidated in the last 24 hours. The largest single liquidation order of ETHUSDT valued at $11.84 million happened on Binance.

It is important to note that the largest liquidation happened during the crypto market crash last Monday. An investor liquidated BTCUSDT valued at $98.46 million on crypto exchange HTX.

Nearly $520 million long and $80 million short positions were liquidated, with BTC, ETH, SOL, DOGE, XRP, TRUMP and RUNE leading the liquidations. In the last 12 hours, $350 million in longs were liquidated causing the crypto market to bleed.

Crypto Market Liquidations 4-Hr ChartCrypto Market Liquidations 4-Hr Chart
Crypto Market Liquidations 4-Hr Chart. Source: Coinglass

Experts Predict Crypto Market Correction

Crypto trader Skew predicts “short-term mayhem” in the crypto market as uncertainty around how far tariff bluffing will go. He used the term “bluffing” because these tariffs are unlikely to be the final standing percent due to retaliatory tariffs by Canada and other countries.

According to The Telegraph, hedge funds are betting big that the stock market to suffer a devastating crash due to tariffs by US President Donald Trump. Moreover, data from Goldman Sachs is sending shockwaves through financial circles, revealing a dramatic surge in ‘short’ positions against US stocks.

With the crypto market in the crosshairs due to Bitcoin ETFs and institutional interest, Bitcon price fell to a 24-hour low of $99,022. Whereas, ETH price tumbled more than 5% to a low of $3,069. Also, top altcoins XRP, SOL, DOGE, ADA, LINK and others have plunged more than 5% in the last 24 hours.

Meanwhile, the US dollar index (DXY) has jumped to 108.50 indicating a strengthening dollar. Also, the 10-year Treasury yield is spiking above 4.54%. Notably, BTC price usually moves in opposite to DXY and US Treasury yields.

A major selloff may happen only if Bitcoin price tanks below the $95K level. Traders are even staying away due to double-top pattern formation in the daily timeframe.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space.

At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting.

Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Top Analyst Predicts XRP Price Surge To $70, Here’s How

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16 hours ago

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February 1, 2025

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XRP’s price is gaining attention as analysts predict a possible surge to $70. Market experts suggest that if the cryptocurrency follows historical patterns and technical indicators, it could reach new highs in the future.

XRP Market Cap Could Reach Trillions

Crypto analyst EGRAG CRYPTO has projected in an X post that XRP’s market capitalization could rise significantly. This analysis follows a recent projection by attorney John Deaton predicting that XRP may surpass Ethereum in market capitalization.

According to the analysis, XRP’s market cap might hit $300 billion in the near future, pushing the price between $5 and $6. If the asset follows past cycles, the first stage could reach $1.1 trillion, potentially driving XRP’s price to $20.

The analysis also suggests that if XRP maintains its upward trend, the market cap could eventually grow to $4 trillion.

ImageImage

If this scenario unfolds, XRP’s price may rise to approximately $70. However, timing such a move remains uncertain due to market volatility and external economic factors.

Historical Performance in February

Data from Cryptorank shows that XRP has historically experienced mixed performance in February. Since 2014, the cryptocurrency has ended the month in positive territory only four times. Its highest recorded February gain was in 2022, when it rose by 26.3%. Other positive years included 2016, 2019, and 2024, with gains of 23.8%, 1.13%, and 17.1%, respectively.

On the other hand, XRP has recorded an average monthly return of -3.00% for February, indicating a tendency for losses during this period.

The worst February decline occurred in 2014, when the price dropped by 33.4%. Despite past trends, analysts believe that broader market conditions and increased adoption could support a positive performance this year.

XRP’s Price Breakout Looming? 

XRP price has recently broken out of a long-term descending channel, signaling strong bullish momentum. Analysts highlight that the cryptocurrency’s ability to hold above key support levels could further validate an upward trend.

EGRAG CRYPTO’s analysis indicates that XRP has surpassed the crucial $1.83 resistance level, which now serves as a support zone. This breakout follows years of consolidation, suggesting a shift in market sentiment. At the time of the analysis, XRP was trading at approximately $2.083, marking a 48.01% gain for the month.

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Concurrently, further upside potential exists, with projections indicating a possible move toward $4.50 if bullish momentum continues. However, if XRP fails to sustain its breakout, a retest of lower levels, including the $1.83 support, could occur.

Market watchers also note a “Val Hell” zone near $0.4929, which has historically acted as a bearish control area. Despite this caution, XRP remains well above this level, suggesting a strong position for continued upward movement.

Current XRP Price Trends and Market Outlook

At the time of writing, XRP price is trading at $2.9725, showing a slight decline of 3.48% over the past day. Analysts have noted that the cryptocurrency has found strong support around $3.0073, suggesting the potential for a bullish reversal.

Crypto analysts have also identified key resistance levels, with a breakout above $3.0549 possibly pushing XRP toward $4.

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Additionally, market observers have pointed out a pattern similar to previous price movements, indicating that XRP may be nearing the end of a falling wedge formation. If this pattern continues, the next target could be around $4.77.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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