XRP Experiences $300 Billion Influx, Impacted by Market Surge
In a recent publication, Forbes Senior Contributor Billy Bambrough highlighted the positive impact of a $300 billion influx on the cryptocurrency market, specifically benefiting Bitcoin and major coins like XRP. Bambrough noted that Bitcoin has surged past the $70,000 mark, approaching its all-time high of $73,850 within the past 24 hours.
Furthermore, Bambrough emphasized that XRP and other leading cryptocurrencies have also experienced significant rallies, contributing to a total crypto market capitalization increase of $300 billion over the past week.
As Bambrough rightly pointed out, XRP has been one of the top performers recently, reaching an intraday high of $0.6594 after a 5.1% rally. Over the course of seven days, the asset has seen a more substantial increase of 15%, starting from a low of $0.5725.
With the market’s renewed vigor following weeks of severe price corrections, Bambrough highlighted the growing interest in cryptocurrencies among Goldman Sachs’ hedge fund clients. He noted that these clients are observing the recent gains in the crypto market and experiencing FOMO, especially after the approval of multiple U.S. Bitcoin spot ETFs.
Max Minton, Goldman’s Head of Digital Assets for Asia Pacific, stated in a Bloomberg interview, “The recent ETF approval has triggered a resurgence of interest and activities from our clients. Many of our largest clients are active or exploring getting active in the space.”
Mathew McDermott, another executive at Goldman Sachs, echoed this sentiment, saying, “The price action… has still been driven primarily by retail investors. But it’s the institutions that we’ve started to see come in. You really see now the appetite is transformed.”
Although Goldman’s clients primarily show interest in Bitcoin, Minton mentioned the potential for a shift if Ethereum secures approval for a U.S.-listed spot ETF.
However, Bambrough noted that recent reports indicate that Ethereum’s deadline for approval in May is becoming increasingly unlikely, with fewer engagements from the U.S. SEC being cited as a contributing factor.
It is worth noting that Grayscale, which has a pending application for an Ether spot ETF, has stated that critical issues have already been addressed during their Bitcoin spot ETF applications, leading them to remain optimistic about the approval outlook.
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