BTC, Solana, and XRP get $3.5 trillion boost as Ross Ulbricht and Tornado Cash rulings spark optimism

• The global market value of cryptocurrencies fell 1.7% to $3.5 trillion on Wednesday.
• Bitcoin, Solana, and XRP held steady above their respective critical support levels at $103,000, $3, and $250.
• President Trump’s decision to pardon Ross Ulbricht has boosted investor confidence in privacy-preserving technologies.

Bitcoin Market Updates: Trump’s inauguration has sent the price of Bitcoin to all-time highs

• Bitcoin price saw a relatively long period of consolidation on Wednesday, settling above $103,500 at press time.
• Bitcoin ETFs recorded four consecutive days of inflows, generating $802 million on the day.

Bitcoin ETF performance, as of January 23, 2025, Source: SosoValue

In a four-day buying spree dating back to January 15, US Bitcoin ETFs led by BlackRock acquired $3.2 billion worth of Bitcoin.

This comes amid ongoing discussions about potential approvals for altcoin ETFs and the recent introduction of President Donald Trump’s coin, TRUMP, which has deepened cryptocurrency adoption across the United States.

Notably, BlackRock CEO Larry Fink suggested that the price of Bitcoin could rise to $700,000 if more funds allocated between 2% to 5% of their investments in the cryptocurrency.

Altcoin Market Updates: SOL, XRP Gains Amid ETF Outlook

• Solana (SOL) saw a notable price increase, currently trading at $257.56, with an intraday high of $270.39.

Polymarkets traders price a 93% chance of Solana ETF approval.

This increase is due to the high probability that the Solana ETF will receive approval in 2025, with Polymarket data indicating a 93% probability.

XRP is trading at $3.17, maintaining its position with minimal change from the previous close.

XRP’s stability is supported by the imminent listing on CME Group’s world-renowned derivatives trading exchange, adding luster to Ripple’s regulatory credentials.

Meme Market: Race to Adopt Trump’s Meme Token Fuels ETF Files

President Donald Trump’s recently launched meme, $TRUMP, has quickly amassed a market cap of $8.4 billion.

The event attracted both investor attention and criticism due to potential conflicts of interest and ethical concerns.

In response to the coin’s popularity, asset managers REX Advisers and Osprey Funds sought regulatory approval to launch an ETF tied to $TRUMP and other cryptocurrencies, including DOGE and BONK, as well as tokens such as Solana and XRP.

Today’s chart: The first-tier sector declines by 2.4% amid mixed market reactions and intense speculation

The Tier 1 sector saw a 2.4% decline today, reflecting mixed market reactions and heightened speculation. Avalanche (AVAX) is trading at $36.61, down 1.32% from its previous close. Hadera (HBAR) stands at $0.324433, down 3.61%. Cardano (ADA) is priced at $0.980223, reflecting a decline of 3.52%. These movements indicate cautious sentiment in the market as investors evaluate recent developments.

First-tier sector performance, January 24, 2025 | Source: Koenjiku

It is worth noting that President Donald Trump’s full pardon of Ross Ulbricht, founder of Silk Road, and the cancellation of the sanctions imposed on Tornado Cash by a Texas District Court, had a significant impact on the market.

These actions have sparked significant increases in privacy coins. Monero (XMR) price rose to $222.51, up 1.3%. DASH price reached $35.74, down 3.2%. Toncoin (TON) is trading at $1.72, down 2.27%.

The surge in XMR highlights growing investor interest in privacy-focused cryptocurrencies.

Additionally, the potential approval of altcoin ETFs has generated optimism. Solana and XRP reportedly have ongoing ETF applications with US regulators.

Investors hope that these developments will pave the way for institutional adoption of tier-1 altcoins.

Crypto News Updates:

• BlackRock CEO Larry Fink expects Bitcoin to reach $700,000

At the World Economic Forum in Davos, BlackRock CEO Larry Fink discussed Bitcoin’s growth potential, noting that it could reach $500,000 to $700,000 per token.

This estimate assumes that large investors allocate between 2% and 5% of their portfolios to the cryptocurrency, reflecting its potential mainstream adoption.

Fink clarified that his comments were theoretical rather than promotional, stressing that such growth depends on broader adoption and investor participation.

Fink also highlighted Bitcoin’s ability to enhance financial security in economically unstable regions. He noted his growing appreciation for the democratization benefits of cryptocurrencies, particularly their ability to provide financial inclusion in emerging markets.

• Coinbase Exec Identifies 430 BTC Tied to Ross Ulbricht, Untouched Since Silk Road Era

Conor Grogan, director of product strategy and business operations at Coinbase, discovered 430 bitcoins tied to wallets linked to Silk Road founder Ross Ulbricht.

These funds, which have been untouched for more than 13 years, are separate from the 174,000 Bitcoins previously seized by US authorities.

This discovery coincides with Ross Ulbricht receiving a presidential pardon, ending more than a decade of imprisonment.

• Coinbase addresses Solana delays and plans to upgrade infrastructure

Coinbase reported significant delays in Solana transactions, citing increased activity on the Solana blockchain as the reason.

In response, the exchange has committed to implementing infrastructure upgrades to enhance service reliability and speed up transaction processing times.

The company is partnering with the Solana Foundation to resolve the issues and reassure users that all assets remain secure and fully supported.

These efforts aim to restore trust and improve uptime on the Solana network.

• Virtune has launched Finland’s first exchange-traded cryptocurrency product on Nasdaq Helsinki

Virtune, a Swedish-regulated cryptocurrency asset manager, has introduced its first cryptocurrency exchange-traded products (ETPs) on the Nasdaq Helsinki exchange.

This development provides Finnish investors with access to regulated, euro-denominated financial instruments to invest in crypto assets.

Offerings include exchange-traded products for individual and staked assets, along with an altcoin index, enabling diversified investments in major cryptocurrencies.