UBS has raised its gold price forecast from rising central bank demand and geopolitical tensions. Meanwhile, the meme coin TRUMP surged over 30% in 24 hours after former President Trump’s appearance at the Libertarian National Convention, marking a 98,352.40% increase over the last year. President Biden faces a deadline to veto or sign a resolution overturning the SEC’s crypto rules, which passed Congress despite a veto threat. In the UK, the FCA has approved the first physically backed bitcoin and ethereum ETPs for listing on the London Stock Exchange. Many positive developments related to crypto suggest the cryptocurrency market is turning bullish, such as regulatory approvals and political backing.
UBS Raises Gold Price Targets, TRUMP Coin Hits All-Time High, and More — Week in Review
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UBS Raises Gold Price Forecast Amid Rising Central Bank Demand and Geopolitical Tensions
UBS has raised its gold price forecast following a record surge in gold prices, driven by anticipated Federal Reserve rate cuts and a weakening U.S. dollar. The main factors behind the investment bank’s upgraded gold price prediction include softer U.S. economic data, increased central bank demand, and ongoing geopolitical uncertainties.
TRUMP Coin Taps All-Time High, Up Over 30% in 24 Hours Post-Convention
Following former President Donald Trump’s appearance at the Libertarian National Convention, the meme coin associated with his name, maga (TRUMP), has soared more than 30% in the past day. Current statistics show that the meme coin TRUMP is the top-performing cryptocurrency over the last 12 months, boasting a 98,352.40% increase.
Deadline Looms for Biden to Veto Congressional Overturn of SEC’s Crypto Rules
The deadline for President Joe Biden to decide whether to veto or sign a resolution overturning the U.S. Securities and Exchange Commission (SEC)’s controversial crypto rules is approaching. The resolution passed both the House of Representatives and Senate despite a prior White House veto threat.
UK Approves First Physically Backed Bitcoin and Ethereum ETPs for Listing on London Stock Exchange
The Financial Conduct Authority (FCA), the UK’s top financial regulator, has approved physically backed bitcoin and ethereum exchange-traded products (ETPs) for listing on the London Stock Exchange for the first time. “FCA approval in this respect could result in greater institutional adoption of the asset class,” Wisdomtree stated.
Riding a Wave of Positive News, Crypto Markets Turn Bullish
The cryptocurrency market could be entering a bullish phase, driven by significant regulatory approvals and political support. The U.S. SEC’s approval of spot ether ETFs and former President Trump’s pro- crypto stance signal growing acceptance and regulatory clarity. With record inflows into spot bitcoin ETFs, these developments indicate increasing mainstream adoption and support for the crypto industry.
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