Last night, crypto assets experienced a general rise of 10% to 30%. There are many important factors behind this phenomenon. First, Fidelity submitted a second revision to its application for a Bitcoin spot ETF. At the same time, the SEC stated that it had received Bitwise Capital's application for a Bitcoin spot ETF and officially started the review process. This shows that more and more well-known institutions are beginning to seek to launch compliant crypto asset products, which brings positive signals to the market.
Another important factor is that a US judge ruled that Ripple (XRP) is not a security. Previously, the SEC filed a lawsuit against Ripple, arguing that the tokens it issued were securities, which led to some projects also receiving regulatory attention from the SEC. However, the judge's ruling showed that XRP did not meet the definition of a security, which brought hope to other projects to get rid of the risk of SEC regulation. Coinbase also urgently stated that the previous delisting of XRP was a misunderstanding and planned to re-list XRP, which further boosted market confidence.
In addition, the US Consumer Price Index (CPI) shows that the annual interest rate is 3%, falling for 12 consecutive months. This shows that the market's expectations for interest rate hikes are weakening, which has a positive impact on risky assets. After investors see such data, the investment attractiveness of crypto assets may increase.
In addition, the difficulty of Bitcoin mining has risen again by 6.45%, reaching a new all-time high. This reflects the security of the Bitcoin network and the increase in mining activity, which may have a positive impact on market sentiment.
There are many reasons behind the general rise of crypto assets last night. The progress of ETF applications, court rulings, and macroeconomic data have jointly driven the rise in market sentiment. Investors are optimistic about the development prospects of the crypto asset market. However, it should be noted that the crypto asset market is still highly volatile and risky, and investors should remain cautious and rational and do adequate risk management.