Crypto Markets Rally Amid Positive Economic News; CBOE Resubmits Bitcoin ETF Options Application and More

Crypto Markets Rally Amid Positive Economic News; CBOE Resubmits Bitcoin ETF Options Application and More

Why Are Crypto Markets Surging Today?

Cryptocurrency markets have experienced a notable surge, echoing gains seen in U.S. stocks, following news that the American economy may be healthier than previously believed.

On Thursday, Bitcoin, Ethereum, and Solana all saw significant price increases. Bitcoin climbed to approximately $61,000, marking a 6% rise in the last 24 hours. Ethereum surged even more, with a 10% increase, trading at $2,672. Solana also saw a 3% rise, now priced at $158, according to CoinGecko data.

Earlier this week, digital assets faced a downturn due to concerns over a potential U.S. recession sparked by last Friday’s jobs report. However, investor fears were eased on Thursday after data revealed a decrease in unemployment benefit filings, calming anxieties about the economy.

CBOE Resubmits Enhanced Application for Bitcoin ETF Options

In a significant move, the CBOE has withdrawn its initial application for options on spot Bitcoin ETFs, only to resubmit a more comprehensive version shortly after. Bloomberg ETF analyst James Seyffart noted on X that there is “definitely some movement on Bitcoin ETF options,” highlighting that the new filing, a 44-page document, replaces the original 15-page application.

The updated application provides additional details, particularly regarding position limits and market manipulation concerns, suggesting that the SEC may have offered feedback leading to the improved submission.

Pump.fun Eliminates Token Deployment Fees and Introduces Creator Rewards

Pump.fun, a popular launchpad for Solana-based memecoins, has announced a new update eliminating token deployment costs. The platform now offers token creators a reward of 0.5 SOL (approximately $80) once their tokens surpass the bonding curve.

Under the new system, the initial buyer of a memecoin will cover the token creation fee, replacing the previous model where creators paid 0.02 SOL ($3) in fees. This change allows for the creation of tokens without the creator needing to purchase any supply. Even if they don’t hold the tokens they create, they’ll still receive the 0.5 SOL reward, funded by Pump.fun’s 1.5 SOL migration fee.

Pump.fun has gained popularity recently, with its user-friendly interface and Solana’s low transaction fees fueling the creation of various themed cryptocurrencies.

OKX Cracks Down on Tornado Cash Users Amid Sanctions Compliance

In other news, OKX CEO Star Xu has announced stringent measures to comply with international sanctions by terminating accounts linked to Tornado Cash, a decentralized mixing service known for obscuring the origins of cryptocurrency transactions.

This move comes in response to concerns over Tornado Cash’s potential misuse for money laundering. Xu emphasized that interactions with entities like Tornado Cash and Garantex could trigger OKX’s risk control mechanisms, leading to account closures to ensure adherence to U.S. sanctions policies.

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