- Bitcoin has risen 7% weekly to US$108,319 following the Middle East ceasefire announcement, with crypto markets generally holding their gains.
- Solana leads the top ten cryptocurrencies with a 16% weekly increase, driven by expectations that SOL-staking ETF applications may receive imminent approval.
- The potential Solana ETF approval is based on SEC communications with REXShares indicating no further questions about their filing remain outstanding.
- Trump’s tariff deadline of 9 July creates uncertainty for markets, with analysts suggesting current pricing may underestimate the potential impact of these trade policies.
Crypto markets have held onto the gains made following last week’s Middle East ceasefire announcement. Bitcoin’s price jumped over 7% on the weekly chart, and is currently trading at US$108,319 (AU$165,724).
XRP has posted similar gains – up 9% – and now trades for US$2.20 (AU$3.36).
Meanwhile, the biggest increases among the top ten by market capitalisation were in Solana (up 16% week-on-week), while Ethereum and Dogecoin each gained around 12%.
SOL’s push comes as experts believe that at least one application for a SOL-staking exchange-traded fund (ETF) is about to be approved. Although no decision has yet been made, Eric Balchunas, Bloomberg ETF analyst, said that the chances are high for an “imminent launch”.
The industry has long been waiting for staking to be included in crypto ETFs and the absence of staking in the US Ethereum funds is seen as a limiting factor for the adoption of Ether ETFs.
The rumours seem to be based mainly on email communication between the US Securities and Exchange Commission (SEC) and potential SOL-ETF issuer REXShares. In the email exchange the SEC seems to clarify that it has no further questions or comments on the filing – suggesting a launch could be imminent.
Related: Stablecoins Overtake Visa and Mastercard on-Chain, Becoming the Internet’s Default Settlement Layer
Trump Tariff Fears Loom
Though a staked Solana ETF would be welcomed news by the crypto industry, Donald Trump continues to dominate the macro environment. 9 July is fast approaching, a deadline for his tariff plans.
While talks continue in the background, the worries that no deal is reached remain. Though Kyle Rodda, Melbourne-based senior market analyst at Capital.com, told Bloomberg that the market may currently underestimate the effects of these deadlines.
He said markets could inch higher if the talks go well and result in a reduction of tariffs, or lead to a reversal if no deal is reached.
Australia’s PM Anthony Albanese said that US tariffs on the country “should be zero” as the deadline approaches.
Read more: Synergist’s Andrew McPhee Sounds Alarm on Australia’s Crypto Brain Drain
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