The cryptocurrency markets experienced a night full of positive volatility; Ethereum continued its strong advance to reach $4,880, nearing the $5,000 barrier for the first time. The Polymarket platform raised its estimates for the probability of achieving this goal before the end of the year to 88%, based on strong inflows from ETF funds and a clear increase in institutional participation, with major treasury funds ready to inject over $27 billion into the market.
The Binance BNB coin has recorded a new all-time high of $900, driven by a strategic investment announcement from China Renaissance worth $100 million in partnership with YZi Labs. The BNB Chain network also saw a jump in stablecoin market capitalization to $10.5 billion, an increase of nearly 50% during the second quarter.
In parallel, the race for alternative ETF funds has intensified; VanEck has submitted a request to launch the first spot fund for Solana (SOL) supported by the JitoSOL token, contributing to the coin breaking the $200 barrier. Grayscale has also filed a request with the Securities and Exchange Commission (SEC) to launch a similar fund for XRP, while 21Shares registered a similar product in Delaware, coinciding with the nearing end of the Ripple-SEC dispute.
On another note, Federal Reserve Chairman Jerome Powell's statements regarding the resilience of monetary policy and labor market risks directly impacted Bitcoin, as the market saw inflows of $300 million into futures on the Binance platform, raising open interest to $13.3 billion, amid increasing expectations for interest rate cuts in September.
In a striking political-financial scene, former U.S. President Donald Trump attacked Powell, accusing him of delaying easing decisions, while his family company World Liberty Financial added nearly $5 million worth of ETH to its portfolio, in a move interpreted as a dual bet combining politics and finance.
On the regulatory front, Trish Turner, head of the crypto unit at the IRS, announced her sudden resignation, adding to a series of previous withdrawals within the Securities and Exchange Commission, amid rising legislative controversy and political scandals related to crypto, the latest of which shook the Czech government.
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