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- Florida CFO Announces $800 Million in Crypto Investments
Florida CFO Announces $800 Million in Crypto Investments
News on the Blockchain
November 02, 2024
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@newsontheblockchain, 02/11/2024
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🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 759
Market Cap: $2.34T (↑ 1.40%)
24h Volume: $97.79B (↑ 14.45%)
Bitcoin Dominance: 58.90% (↓ 1.28%)
Ethereum Dominance: 13.00%
ETH Gas Price: 4.58 Gwei
Fear & Greed Index: 57/100
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin | $69,594.70 | 0.75% | $1.38T | $49.76B |
Ethereum | $2,514.76 | 0.35% | $302.80B | $20.14B |
Tether | $0.9995 | 0.09% | $120.51B | $75.84B |
BNB | $574.04 | 0.47% | $82.72B | $1.70B |
Solana | $166.85 | 1.00% | $78.56B | $3.13B |
💹 Market Highlights:
Total DeFi Volume: $4.07B (4.16% of total volume)
Stablecoins Volume: $91.26B (93.32% of total volume)
Coin with Highest % Change: GRASS ($1.45, ↑ 27.18%)
🔥Heat Map:
📈 Preview On Today’s News:
- Florida CFO Announces $800 Million in Crypto Investments
- 21Shares Files for XRP ETF Amid Ongoing SEC Battle
- Crypto Market Update: Bitcoin Dips Amid Economic Uncertainty
Keep reading for more!
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Today’s Important News:
1)
Florida CFO Announces $800 Million in Crypto Investments
Florida's Chief Financial Officer, Jimmy Patronis, revealed that the state currently holds $800 million in cryptocurrency investments, emphasizing the asset class's increasing significance in the financial landscape. In an interview, Patronis expressed confidence in expanding the state's crypto exposure over the coming year and dismissed skepticism about the industry, asserting that cryptocurrencies are here to stay. He envisions Miami as a potential "crypto capital of the world" and highlighted the importance of embracing this growth to maximize returns for state employees' investments.
Florida's CFO, Jimmy Patronis, confirms the state holds $800 million in crypto investments and plans to increase exposure in the coming year.
Patronis advocates for the importance of cryptocurrencies, dismissing skepticism and aiming to position Miami as a leading hub for the crypto industry.
2)
21Shares Files for XRP ETF Amid Ongoing SEC Battle
21Shares has officially filed for an XRP exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC), joining Bitwise and Canary Capital in this endeavor. This filing comes shortly after Ripple CEO Brad Garlinghouse expressed optimism about the inevitability of an XRP ETF, despite the ongoing legal disputes between Ripple and the SEC over the classification of XRP. If approved, this would mark the United States' third crypto-based ETF in 2024, following the successful launches of Bitcoin and Ethereum ETFs earlier this year.
New ETF Filing: 21Shares has filed for an XRP ETF with the SEC, becoming the third firm to do so, following Bitwise and Canary Capital.
Legal Context: The filing occurs amid ongoing legal battles between Ripple and the SEC regarding XRP's status, though recent rulings have shifted perceptions of its classification as a security.
3)
Crypto Market Update: Bitcoin Dips Amid Economic Uncertainty
On November 2, 2024, cryptocurrency prices experienced a significant pullback after an initial rally, with Bitcoin (BTC) falling to approximately $69,626.47, down 0.76%, after briefly reaching $71,400. Other cryptocurrencies, including Ether (ETH) and Solana (SOL), also saw declines. This downturn followed reports of weak U.S. employment growth in October, which marked the lowest job creation since late 2020, along with a drop in the Manufacturing PMI. Despite these fluctuations, Bitcoin remains nearly 15% higher over the past 30 days, driven in part by renewed interest in U.S.-based spot Bitcoin ETFs.
Market Trends: Bitcoin prices dipped to $69,626.47 after a peak of $71,400, with other cryptocurrencies also experiencing declines amid weak U.S. employment data.
Overall Performance: Despite recent volatility, Bitcoin has gained nearly 15% in the past month, reflecting a growing interest in spot Bitcoin ETFs.
