Solana, HBAR and litecoin spot ETFs launch in the US. Western Union announces USDPT stablecoin.
Crypto markets retreated 6.5% last week, after Fed Chairman Powell signalled that a December interest rate cut is not a foregone conclusion, which dampened investors expectations for looser financial conditions going forward in the short-term, writes Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro.
.Leading up to last Wednesday’s interest rate decision, the market’s probability of a cut at December’s FOMC meeting stood as high as 96%. After the press conference this dropped drastically to less than 70% chance.
Looking forward to this week, we could have a slew of economic data being released – dependant on the US government shutdown ending – that could turn the tide of a further cut happening at December’s FOMC meeting, including JOLTS job openings, PCE inflation data and the latest non-farm payrolls and unemployment rate.
If the government shutdown carries on, more emphasis will be on Wednesday’s ADP employment change data.
Signs of a weakening labor market could reinforce expectations for a rate cut and restore ‘risk-on’ sentiment in crypto markets.
BIGGEST MOVERS
$DASH was one of the biggest movers last week, up over 70% due to the ongoing demand for privacy cryptoassets.
Posting on X, the Dash project team also noted that there will be new tools for spending and DEX’s coming out soon, as well as smart contracts next year, which has further reignited interest in this cryptoasset.
Discover more here: https://www.etoro.com/discover/markets/cryptocurrencies/market-movers
EYE-CATCHING STORIES
Solana, HBAR and litecoin spot ETFs launch in the US
A number of altcoin spot ETFs, specifically solana, HBAR and litecoin launched last week in the US.
Firstly, Canary Capital launched their HBAR and litecoin ETFs last Tuesday. Speaking to Bloomberg, Canary Capital CEO Steven McClurg cited the recently approved generic listing standards to getting these ETFs approved despite the ongoing US government shutdown.
Bitwise, also last Tuesday, launched the BSOL solana staking ETF, the first US exchange traded product with 100% direct exposure to solana and offering investors the opportunity to benefit from staking rewards. Despite the overall crypto market downturn, the ETF has seen net inflows of $197 million since launch.
Grayscale’s spot solana ETF GSOL launched on NYSE Arca last Wednesday, following conversion from a closed-end trust, seeing $2.2 million net inflows so far.
Western Union announces USDPT stablecoin
Western Union last week announced plans to launch a US dollar stablecoin USDPT.
Built on Solana and issued by Anchorage Digital Bank, the proposed stablecoin is anticipated to launch in the first half of 2026. Western Union also plans for users to access USDPT via partner exchanges, allowing broad accessibility and ease of use.
Western Union serves more than 100 million customers worldwide. The move to issue a stablecoin marks a transition of the company from legacy payments systems into the digital asset era.
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