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Ethereum
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BNB
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$613.41 -0.35937
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Solana
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$242.62 1.61066
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Shiba Inu
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Bitcoin
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Ethereum
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BNB
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$613.41 -0.35937
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Solana
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$242.62 1.61066
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XRP
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$1.12 2.0223
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Shiba Inu
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Pepe
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BNB
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Solana
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$242.62 1.61066
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XRP
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$1.12 2.0223
XRP price
Shiba Inu
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$0.0000241 -2.08078
Shiba Inu price
Pepe
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$0.0000194 -5.35155
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Bonk
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$0.000052 -7.21565
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XRP ETF, CZ returns, Bitcoin retests ATH, on-chain tokenization | Weekly Recap

xrp-etf-czs-returns-bitcoin-all-time-high-weekly-recap
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Recap
XRP ETF, CZ returns, Bitcoin retests ATH, on-chain tokenization | Weekly Recap

In today’s edition of the weekly recap: 21Shares files for an XRP ETF; Binance founder Changpeng Zhao makes first public appearance after prison; Bitcoin got close to its all-time high; on-chain tokenization gaining steam.

21Shares eyes XRP ETF

  • Last week, leading asset manager 21Shares submitted an S-1 filing with the U.S. Securities and Exchange Commission, seeking approval to launch a spot XRP (XRP) exchange-traded fund.
  • Potentially dubbed the 21Shares Core XRP Trust, the product represents the third filing from an asset manager aiming to launch a spot XRP ETF, following similar submissions by Canary Capital and Bitwise early last month.

Zhao’s first public appearance 

  • Binance founder and former CEO Changpeng Zhao made his first public appearance after prison during the Binance Blockchain Week held in Dubai. 
  • In an interview, Zhao shared his experience in prison, describing how he formed new friendships with fellow inmates. Further, he stressed that he remains bullish on the crypto market.
  • He highlighted how he was the first to go to jail for violations of the Bank Secrecy Act and confirmed that he has no intention of leading a company in the future. 

Bitcoin retests ATH

  • The crypto market witnessed a bullish push last week, with Bitcoin (BTC) leading the charge. VanEck’s head of digital assets research said on Oct. 28 that the current Bitcoin setup is favorable going into the US election. 
  • Having begun the week at $67,000, Bitcoin recorded consecutive bullish intraday closes to breach the $71,000 peak on Oct. 29, clinching a four-month high. 
  • The uptrend continued, allowing the premier crypto asset to soar past the $73,000 mark for the first time since March, as it retested its recent all-time high before witnessing a pullback.

On-chain tokenization

  • Last week observed a trend around on-chain tokenization. Wellington Management, a leading asset management firm, partnered with Ondo Finance to boost liquidity for its tokenized Treasury fund.
  • Base, the Ethereum layer-2 solution from Coinbase, on-boarded FOBXX, a $410 million-valued tokenized U.S. Treasury fund from Franklin Templeton. This made Base the sixth network to welcome the product. 
  • UBS Asset Management, the investment arm of the multinational UBS Group AG, announced the launch of UBS USD Money Market Investment Fund Token, its first tokenized investment product on the Ethereum network. 

US political developments

  • Crypto.news reported on Oct. 28 that crypto investment products witnessed a net inflow of $901 million for October. CoinShares head of research James Butterfill identified the U.S. political atmosphere as the major factor behind these inflows.
  • Leading trading firm Robinhood revealed the launch of a trading contract that tracks the U.S. presidential election. The contract would allow investors to bet on the forthcoming polls.
  • Ripple Chairman Chris Larsen, in an interview last week, expressed confidence that Democratic nominee Kamala Harris would approach crypto regulations differently than the Biden administration. Larsen has donated millions to the Harris campaign. 
  • Republican nominee Donald Trump maintains a lead among bettors on Polymarket but is losing support in Iowa, a state he has won twice.

SEC strikes again

  • Meanwhile, the U.S. SEC sustained its enforcement in the crypto industry as the election looms. Blockchain-based gaming platform Immutable became the latest crypto project to receive a Wells notice from the securities regulator.
  • The Wells Notice, which Immutable highlighted on Nov. 1, disclosed the SEC’s intentions to take legal action against Immutable for the sale of its IMX tokens in 2021. Immutable plans to challenge the SEC’s position.