XRP and Dogecoin experience price surges driven by spot ETF application progress, while Bitcoin remains relatively stable despite outflows from ETFs. Jupiter's JUP token also gains ground on the back of a buyback program.
Bitcoin held steady around $97,000 despite continued outflows from U.S.-listed spot exchange-traded funds ( ETF s). The 11 spot Bitcoin ETF s listed in the U.S. experienced a cumulative net outflow of $650 million this week, according to data. However, Bitcoin's price resilience in the face of high inflation and improving regulatory clarity offered hope for a strong rally in the coming weeks. Meanwhile, alternative cryptocurrencies, or altcoins, made significant gains on Friday.
XRP and Dogecoin (DOGE) saw strength fueled by optimism surrounding spot ETF applications, while Solana-based decentralized exchange Jupiter's JUP token surged due to the platform's buyback program. The U.S. Securities and Exchange Commission (SEC) has acknowledged Grayscale's applications for XRP and Dogecoin spot ETFs, marking a significant step forward. These filings will now be submitted to the SEC's federal register, triggering a 240-day review and decision period.This wave of altcoin ETF filings, which also includes Solana's SOL and Litecoin (LTC), highlights expectations for accelerated integration of cryptocurrencies into mainstream finance. Potential approval of XRP and DOGE spot ETFs, regulated and familiar investment vehicles, would make it easier for institutions to gain exposure to these coins without directly purchasing and holding them. This could enhance market liquidity and boost demand for these tokens. XRP traded higher at $2.73, up 10% on a 24-hour basis, becoming the best-performing top 100 cryptocurrency by market value. Dogecoin, meanwhile, traded 4% higher according to data sources CoinDesk and Coingecko. Jupiter also announced a buyback program, aiming to reduce the token's circulating supply and enhance platform sustainability. The plan involves locking JUP tokens for three years from Feb. 17. Analyst Valentin Fournier believes these developments, coupled with positive regulatory signals and easing trade tensions, are contributing to a slight upward momentum in digital assets. He anticipates that if approved, these ETF products could significantly expand institutional access to altcoins, injecting liquidity and potentially setting the stage for an alt-season later this year
CRYPTOCURRENCY BITCOIN XRP DOGE ALTCOIN ETF SEC JUPITER BUYBACK
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