The political landscape has significantly influenced the cryptocurrency sector. The re-election of President Donald Trump, a known advocate for digital assets, has fostered a more crypto-friendly regulatory environment. This shift has led to increased optimism regarding the approval of cryptocurrency exchange-traded funds (ETFs).
Notably, several asset management firms have filed applications with the Securities and Exchange Commission (SEC) to list ETFs tied to altcoins, including Solana and XRP. Analysts suggest that upcoming regulatory changes, particularly with the anticipated appointment of Paul Atkins as SEC Chair, will likely favor the approval of more crypto ETFs.
However, the market has experienced volatility. Bitcoin recently fell below $90,000 amid concerns over U.S. trade policies, leading to a broader market downturn affecting Ethereum and Solana, which saw declines of up to 15%.
