Gemini shares soar after winning CFTC approval for prediction market: CNBC Crypto World

Core Insights - Major cryptocurrencies experienced declines following the Federal Reserve's latest rate cut, with Bitcoin briefly falling below $90,000 before recovering slightly [1][2] - 21 Shares launched a new spot XRP ETF, responding to increased client demand for diversified crypto exposure [8][9] Cryptocurrency Market Trends - Bitcoin fell below $90,000 but recovered shortly after, while Ether dropped over 5% to $3,174, and XRP traded just below $2 [2] - The launch of the spot XRP ETF by 21 Shares is part of a broader trend where crypto firms are expanding into prediction markets to diversify revenue streams [4][8] Company Developments - Gemini's shares surged over 20% after the company announced it received a CFTC license to offer prediction markets to US users, a process that took five years [3] - Bitwise launched a new ETF tracking 10 cryptocurrencies, including Bitcoin, Ether, and XRP, aiming to provide traditional investors with broader crypto exposure [5][6] Regulatory Environment - The regulatory landscape in the US is seen as favorable for crypto firms, with 21 Shares citing regulatory tailwinds as a reason for launching the XRP ETF [10][14] - The Clarity Act is expected to facilitate the issuance and custody of tokenized instruments on public blockchains, contributing to the growth of tokenized real-world assets [20] Future Predictions - 21 Shares predicts that global crypto ETFs will outpace the NASDAQ 100 ETF by the end of 2026, with an expected market size of $400 billion [14][15] - The firm forecasts that tokenized real-world assets will grow from $35 billion to over $500 billion in 2026, driven by regulatory advancements and institutional adoption [19][20] - Predictions for stable coin supply suggest it could reach $1 trillion by 2026, supported by increasing adoption and regulatory developments [22][24]