Welcome to the US Cryptocurrency Morning Briefing. We'll briefly summarize today's key cryptocurrency developments.
While drinking coffee, check how Dogecoin's ETF hopes are progressing under the new SEC chair, how the Fed's rate freeze impacts cryptocurrency sentiment, and what Buffett, CPI, and Bitcoin trends suggest about the market's next move.
Dogecoin in Focus, ETF Momentum Under New SEC Leadership
On Wednesday, 21Shares announced a partnership with Dogecoin House. This received support from the Dogecoin Foundation for a new Dogecoin ETP.
This move came after the US Senate approved Paul Atkins as SEC chair, amid discussions about a potential spot Dogecoin ETF.
"A spot Dogecoin ETF is not about fundamentals. It's about driving cultural momentum. Easy to laugh off, but retail demand drives markets. This product proves that. Whether you see it as a meme or a movement, offering it in a regulated package shows how far cryptocurrency has come from the margins to the center of culture." – Mike Kayhill, CEO of Duro Labs, told BeInCrypto.
According to Kayhill, the focus is on meeting existing market interest rather than technical advantages:
"With Paul Atkins as SEC chair, we'll see a significant shift in institutional and governmental tone towards cryptocurrency. He has historically favored market access and light regulation, which could open doors to new products like a spot Dogecoin ETF. However, his role as SEC chair is not just about Dogecoin. It will signal that the SEC is ready to treat digital assets as a mature asset class, a crucial component of the US economy."
Emmanuel Cardozo, market analyst at Bricken, discussed how the SEC's leadership change could impact memecoins' future in regulated markets.
"Paul Atkins has a pro-cryptocurrency background. He's been in this space for a long time, and with the Trump administration creating a crypto-friendly atmosphere, I think the possibilities are higher. Especially since Bitcoin and Ethereum ETFs set a precedent last year, I believe Atkins could open the door to such things." – Cardozo told BeInCrypto.
Atkins is particularly known for his openness to innovation in digital assets.
"The possibility of a Dogecoin ETF certainly increases with Atkins taking responsibility. He's known to want clear rules for cryptocurrency, which could make the SEC more open to approving it. Especially since there are already dozens of other cryptocurrency ETF proposals on their desk."
According to Cardozo, momentum is building, but approval is not guaranteed.
"That doesn't mean it's definite. Dogecoin, like all cryptocurrencies, has a history of high volatility, which could make regulators hesitant and want to ensure it's not too risky for investors."
However, despite optimism about regulatory progress, macroeconomic pressures continue to shape cryptocurrency's short-term outlook. After Trump's 90-day tariff extension and a hawkish FOMC minutes, the possibility of a May Fed rate cut dropped to 15%.
Policymakers cited ongoing inflation risks—especially due to tariffs on core goods—as reasons to maintain rates.
This news dampens hopes for short-term monetary easing and pressures the cryptocurrency market due to reduced liquidity expectations and a strong dollar.
Today's Cryptocurrency Chart
The possibility of a DOGE ETF being approved in 2025 is currently 64% in the prediction market.
Today's Key News
– All eyes are on today's CPI (Consumer Price Index) announcement. This is a key inflation indicator that could impact the cryptocurrency market based on consumer price movements.
– Warren Buffett's Berkshire Hathaway is holding a record $334 billion in cash after selling stocks ahead of a 2025 downturn. He continues to avoid Bitcoin despite increasing interest and ETF adoption.
– Trump's tariff extension triggered a market rally and pushed Bitcoin above $80,000, but experts warn it could be a 'dead cat bounce' before another decline.
– Bitcoin spot ETFs have recorded outflows totaling $127 million for five consecutive days. This suggests weakening investor confidence, though futures data still shows bullish sentiment.
– Paul Atkins was confirmed as SEC chair in a Senate vote of 52-44. This indicates cryptocurrency regulation will continue to be relaxed under the Trump administration.
– The SEC approved options trading for BlackRock's Ethereum ETF. This increases ETH's legitimacy and liquidity, though market focus remains on tariff issues.
