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Elon Musk's X to Launch Crypto Trading as NYSE Files to List Trump's Bitcoin (BTC) and Ethereum (ETH) ETF | Flash News Detail | Blockchain.News
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7/5/2025 9:28:23 PM

Elon Musk's X to Launch Crypto Trading as NYSE Files to List Trump's Bitcoin (BTC) and Ethereum (ETH) ETF

Elon Musk's X to Launch Crypto Trading as NYSE Files to List Trump's Bitcoin (BTC) and Ethereum (ETH) ETF

According to @StockMKTNewz, Elon Musk's social media platform X is preparing to launch investment and trading services "soon," as stated by CEO Linda Yaccarino. This move is part of a broader strategy to transform X into a financial "everything app," which could significantly impact the crypto market given Musk's known advocacy for assets like Dogecoin (DOGE) and Tesla's substantial Bitcoin (BTC) holdings. In a separate major development for crypto adoption, the New York Stock Exchange (NYSE) has filed for a rule change to list the Truth Social Bitcoin and Ethereum ETF. This proposed dual-asset fund from Trump Media would hold Bitcoin (BTC) and Ethereum (ETH) in a 3:1 ratio, with Crypto.com serving as the custodian and liquidity provider. This filing is a key procedural step towards public trading, though it does not guarantee final approval from the SEC.

Source

Analysis

The digital asset landscape is witnessing a powerful convergence of social media, political influence, and financial technology, creating new undercurrents for traders to navigate. Two significant developments underscore this trend: Elon Musk's X platform is reportedly preparing to launch investment and trading features, while Trump Media is advancing its own cryptocurrency exchange-traded fund (ETF). These moves, originating from two of the most influential figures in modern culture, signal a deeper integration of crypto into mainstream consciousness and infrastructure, potentially unlocking new waves of retail and institutional capital. While the broader market digests these long-term bullish signals, specific assets are already reacting. Bitcoin (BTC) and Ethereum (ETH) are holding relatively stable, with BTCUSDT showing a minor 0.17% gain to trade around $108,244 and ETHUSDT up 0.196% at approximately $2,520.51. The market's muted response suggests traders are adopting a wait-and-see approach, even as the foundational plates of the crypto economy shift beneath them.



Elon Musk's X Platform Prepares Financial Push


The ambition to transform X into an "everything app" akin to China's WeChat is taking a significant step forward. According to a Financial Times report, X CEO Linda Yaccarino confirmed that investment and trading capabilities will be introduced "soon." This development builds on the platform's partnership with Visa for its "X Money" digital wallet and aligns with Elon Musk's long-term vision. For crypto traders, this news is inextricably linked to Musk's public affinity for Dogecoin (DOGE) and his company Tesla's substantial Bitcoin holdings, which amount to roughly 11,500 BTC. The mere suggestion of crypto integration on a platform with hundreds of millions of users is a powerful catalyst. This sentiment is reflected in the trading data, where the DOGEBTC pair has seen a notable 1.835% increase, accompanied by a massive volume of 137,399 units. This spike indicates speculative buying, as traders anticipate that DOGE could play a central role in X's future payment or tipping features. While no official integration has been announced, the market is pricing in the possibility, making DOGE a high-beta play on any news related to X's financial services rollout.



Trump Media Advances Dual Bitcoin-Ethereum ETF


In a parallel move blending politics with digital finance, the New York Stock Exchange (NYSE) has filed for a rule change to list the Truth Social Bitcoin and Ethereum ETF. This filing, part of the SEC's 19b-4 process, is a critical procedural step toward bringing a dual-asset crypto product backed by Trump Media and Technology Group to the public market. The proposed ETF is structured with a 3:1 allocation favoring Bitcoin over Ethereum and designates Crypto.com as its custodian and execution partner. This follows Trump Media's earlier announcement of its intent to build a BTC treasury. The initiative represents a broader strategy to launch a suite of politically branded crypto products, including the "America First Bitcoin Fund." This politicization of crypto investment vehicles could attract a new demographic of investors and adds another layer of complexity to the market. Traders should monitor the progress of this ETF, as its approval could set a precedent and influence sentiment, particularly around BTC and ETH, as the election cycle progresses.



Trading Analysis: Navigating a Market of Catalysts


While the headline news from X and Trump Media provides a bullish long-term narrative, the immediate market presents a more nuanced picture for traders. The ETHBTC pair is up a slight 0.215% to 0.02329, suggesting that Ethereum is holding its ground against Bitcoin, a potentially positive sign for altcoins. Indeed, certain layer-1s are outperforming. The AVAXBTC pair is a standout, surging 6.733% on a significant volume of over 859 units, with its price pushing from a low of 0.00021210 to a high of 0.00022890. This indicates a potential rotation of capital into AVAX. Similarly, LINKBTC shows strength with a 1.017% gain on very high volume, suggesting renewed interest in oracle networks. Conversely, ADABTC has slipped 1.49%, indicating that the positive sentiment is not lifting all boats equally. Traders should look for opportunities in assets with strong specific catalysts, like DOGE's link to X or the outperformance seen in AVAX. The key is to balance the long-term potential driven by mainstream adoption with the short-term rotational trading that currently characterizes the market. The stability in BTC and ETH provides a steady backdrop, but the real alpha appears to be in select altcoins reacting to specific narratives and capital flows.

Evan

@StockMKTNewz

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