This week, Bitcoin has surged again, surpassing the $107,000 mark due to two significant announcements: SoFi's return to crypto trading and the planned launch of a new ETF by Trump Media.
SoFi's Return to Crypto Trading
SoFi, a well-known financial technology company based in San Francisco, announced its plans to bring back Bitcoin and Ethereum trading later this year. This is a notable change from its decision to halt crypto services in 2023. SoFi's CEO, Anthony Noto, stated that blockchain technology would be a key part of SoFi's future services. The company already holds a BitLicense in New York, which allows it to operate with virtual currencies. SoFi aims to become a full-service crypto bank, seeing a more welcoming environment for crypto businesses under the current U.S. administration.
Trump Media's ETF Launch
The New York Stock Exchange has filed to launch a new ETF called the Truth Social BTC and Ether ETF, supported by Trump Media and Yorkville America. This fund aims to allocate 75% of its capital to Bitcoin and 25% to Ethereum. Crypto.com will manage the secure storage and trading of these assets. While the ETF still requires approval from the U.S. Securities and Exchange Commission (SEC), many analysts see it as a strategic move by Trump Media to connect with cryptocurrency supporters.
Market Impact of the News
These announcements have positively influenced Bitcoin, which is currently trading at $108,740 after breaking through recent downward trends. Over the last 24 hours, Bitcoin has increased by 1.35%. Analysts are monitoring for a breakout above $108,740, which may signal further gains at $110,490 and $112,080. Recently, Bitcoin ETFs in the U.S. experienced significant inflows of over $588 million, contributing to the recent price rally.
The positive news surrounding the return of companies like SoFi and the launch of new ETFs reflects an optimistic outlook for the crypto market, driving Bitcoin prices higher. Market participants are closely watching the situation for further developments.
