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Franklin Templeton Files for XRP ETF Amid Rising Altcoin Adoption

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Franklin Templeton has filed for an exchange-traded fund (ETF) tracking the spot price of XRP, highlighting the growing interest of asset managers in digital assets beyond Bitcoin. The filing, submitted on Tuesday, is part of a broader trend of increasing cryptocurrency ETF applications, fueled by expectations of a more favorable stance from the U.S. Securities and Exchange Commission under President Donald Trump’s administration.

This move follows Franklin Templeton’s recent filing for a Solana-based ETF last month and Grayscale Investments’ launch of a Dogecoin fund in January.

XRP, developed by U.S. crypto firm Ripple, is the world’s fourth-largest cryptocurrency, with a market capitalization of approximately $124 billion, according to CoinGecko. The token has surged more than threefold over the past year and is among the digital assets Trump has proposed for inclusion in a new strategic reserve.

Franklin Templeton’s XRP ETF is set to be listed on the Cboe BZX Exchange, with Coinbase designated as the custodian for the fund’s XRP holdings.

Crypto Market Update: Bitcoin, Ether Decline as Volatility Hits Altcoins

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The cryptocurrency market saw a downturn on Monday, February 24, as Bitcoin and most altcoins registered losses across both national and international exchanges. Bitcoin’s value dipped by 1.20 percent over the past 24 hours on global platforms, bringing its price to $95,630 (roughly Rs. 82.8 lakh). Meanwhile, on Indian exchanges like CoinDCX and CoinSwitch, Bitcoin experienced a smaller decline of under one percent, hovering around $96,984 (roughly Rs. 84 lakh).

Over the weekend, Bitcoin briefly approached the $100,000 (roughly Rs. 86.6 lakh) mark before experiencing a correction, dropping below $95,000 (roughly Rs. 82.3 lakh). The decline was partly triggered by a massive $1.4 billion (roughly Rs. 12,131 crore) crypto hack on Friday, which led to significant withdrawals from investors. This incident affected the broader crypto market, causing notable losses in altcoins like Ethereum (ETH), XRP, and Solana. Analysts believe Bitcoin could experience further volatility if it falls below the crucial $94,000 (roughly Rs. 81.4 lakh) support level in the coming days.

Ethereum (ETH), the second-largest cryptocurrency, also faced a decline, dropping by one percent in the last 24 hours. On global exchanges, Ether is currently trading at $2,732 (roughly Rs. 2.33 lakh), while its price on Indian exchanges stands at around $2,757 (roughly Rs. 2.38 lakh). This downtrend in ETH, coupled with Bitcoin’s losses, suggests a cautious market sentiment as traders react to recent security concerns and market corrections.

With increased market volatility and external factors influencing investor behavior, experts advise caution in the short term. While Bitcoin’s ability to hold above key support levels will determine its next movement, the broader market remains under pressure. The upcoming days will be crucial in assessing whether a recovery is imminent or if further corrections are expected across major cryptocurrencies.

Bitcoin Drops to $94,000 Amid 9% Market Decline After Trump’s New Tariff Decisions

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Bitcoin Drops to $94,000 as Tariff Decisions Trigger Market Slump

Over the weekend, the cryptocurrency market saw a sharp increase in volatility following U.S. President Donald Trump’s announcement of new tariffs on imports from China, Mexico, and Canada. On Monday, February 3, Bitcoin experienced its most significant price drop in months, with the world’s leading cryptocurrency losing almost 7% of its value. According to CoinMarketCap, Bitcoin fell to $94,303 (approximately Rs. 82 lakh), down from its previous price of $104,002 (roughly Rs. 90.1 lakh) before the tariff decision. On Indian exchanges like BuyUcoin, BTC saw a smaller drop of around 5%, trading at $101,116 (roughly Rs. 88 lakh).

Ether Faces Even Bigger Losses

Ether, the second-largest cryptocurrency by market cap, faced even steeper declines than Bitcoin. On international platforms, ETH dropped by 19.51%, bringing its price down to $2,497 (around Rs. 2.17 lakh). Indian exchanges followed a similar trend, with Ether trading at $2,750 (roughly Rs. 23.9 lakh). The dramatic drop in Ethereum’s value underscores the broader market concerns, where macroeconomic factors are playing an increasingly influential role in digital asset valuations.

Market Reactions to Trump’s Tariff Decisions

The announcement of new tariffs set off a chain reaction in global markets, spilling over into the crypto space. Avinash Shekhar, co-founder of Pi42, explained that the performance of digital assets is heavily impacted by broader macroeconomic trends and investor sentiment. “The imposition of tariffs on Canada, Mexico, and China led to nearly $2 billion (roughly Rs. 17,425 crore) in liquidations across the crypto market, causing a widespread slump,” Shekhar stated. The market’s reaction highlights how sensitive cryptocurrencies are to political decisions, especially in the context of global trade tensions.

A Bleak Outlook for Crypto Assets

As global markets adjust to the implications of new tariffs, the outlook for cryptocurrencies remains uncertain. The price fluctuations of Bitcoin and Ether reflect the broader economic climate, where the confidence of investors is deeply influenced by geopolitical developments. The recent price drops have left many wondering whether this trend will continue, especially if other international policies contribute to ongoing instability in the market. For now, investors will need to navigate a landscape where digital assets remain highly volatile, with external factors continuing to play a significant role in their valuation.