Coindesk

Bitcoin (BTC) continues to dawdle, failing to capture trader enthusiasm amid chatter about prices being overvalued, while gold remains strong ahead of the release of the U.S. jobs report, which will influence the Fed's rate plans.Recent analysis from CryptoQuant indicates that bitcoin's fair value lies between $48,000 and $95,000, highlighting that it appears overvalued at its current market price, which hovers just above $98,000. The analytics firm's Bitcoin's Network Activity Index has plummeted 15% from its peak in November to 3,760 points, the lowest level in over a year. The downturn is driven by a staggering 53% drop in daily transactions, which have fallen to 346,000 from September's all-time high of 734,000.Since its recovery from the slide early Monday, BTC...

Investment firm VanEck predicts Solana's SOL will touch $520 by the end of 2025 as the demand for smart contract platforms (SCP) grows and M2 money supply increases in the coming months.M2 money supply measures how much money is circulating in the U.S. economy, which tends to influence the crypto market. M2 money supply includes cash, checking deposits, and easily convertible near money like savings deposits and money market funds.VanEck predicts M2 money supply will grow to $22.3 trillion by 2025 from the current $21.5 trillion. When central banks increase M2 by lowering interest rates or through quantitative easing, more money enters circulation, leading to more liquidity in the economy and encouraging investments in risk assets, such as cryptocurrencies.On the...

The U.S. Securities and Exchange Commission took the first step toward allowing new crypto exchange-traded funds (ETFs) tracking the price of assets like Litecoin and Solana, as well as new ways of redeeming funds from existing crypto ETFs on Thursday, while companies took another step toward launching XRP ETFs in a further sign of the new crypto-friendlier administration at the agency.Earlier Thursday, the SEC acknowledged a filing by Grayscale for a Solana (SOL) ETF, meaning that the Commission now has until October to approve or deny the application.The SEC had previously refused to acknowledge several applications for ETFs tracking SOL and had told Cboe to take down its previously uploaded 19b-4s for those ETFs.Eric Balchunas, senior ETF analyst at Bloomberg...

Donald Trump Jr. believes crypto to be the future of American dominance, he said in a conversation at the Ondo Summit in New York City on Thursday. "I think it's perhaps the future of American hegemony, in terms of our economic status, our economic might," Trump Jr. said.The son of the U.S. president made a surprise appearance at the event after World Liberty Financial (WLF), the crypto project backed by the Trump family, bought Ondo's native cryptocurrency (ONDO) earlier today. "We do have to create that framework in which , which I believe to be the future of finance, where we can play, where there is an understanding of what that is but also where it's not so over-regulated by...

The chief lawyer of U.S. crypto exchange Coinbase (COIN) testified about the abuse of authority from regulators who erected barriers between banks and crypto firms in a hearing of the House Financial Services Committee on Thursday, marking the latest advance in the digital assets industry's reversal of policy resistance in Washington.Coinbase Chief Legal Officer Paul Grewal's complaints about "regulation by exhaustion" were met with wide agreement from Republican lawmakers eager to criticize the Biden administration's crypto performance. The lawmakers also agreed with Grewal's view that financial regulators such as the FDIC publicly insisted that they weren't against crypto while privately directing banks away from the industry.The House hearing, led by the panel's oversight subcommittee, came directly on the heels of...