XRP and Solana Experience Profit-Taking Amid Continued Crypto Market Optimism
Bitcoin is currently trading around $107,000 as crypto markets experience a pullback after profit-taking in major cryptocurrencies. Key points include:
- XRP decreased over 4%, reversing earlier gains.
- Solana fell 3%, testing the $140 support level.
- BNB, Dogecoin, Cardano, and Ethereum recorded losses below 2%.
- This pullback follows a positive week influenced by cooling inflation and reduced geopolitical risks.
- Jeff Mei from BTSE suggests Bitcoin may exceed its all-time high of approximately $112,000, citing improved macro conditions.
- U.S. inflation data shows continued deceleration, boosting market risk appetite.
- The S&P 500 reached a new high, with positive inflows into crypto ETFs indicating institutional interest.
- The Trump administration is reportedly considering tariff reductions to ease inflation, which may lead to potential Federal Reserve rate cuts.
- Eugene Cheung from OSL noted institutions remain bullish despite geopolitical uncertainty and highlighted Hong Kong's new regulatory framework promoting digital assets.
- Hong Kong's Policy Statement 2.0 aims to position the region as Asia’s digital asset hub, offering clearer regulations for stablecoins and tokenization.