Intesa Sanpaolo purchases 11 bitcoins for over $1 million
Italy’s largest bank, Intesa Sanpaolo, has acquired 11 Bitcoins in a $1.03 million purchase, making it the first Italian bank to gain direct exposure to cryptocurrencies. The acquisition, confirmed on January 13, 2025, follows the establishment of a proprietary digital asset trading desk in 2023. This marks the bank’s first direct Bitcoin transaction.
Niccolo Bardoscia, Intesa Sanpaolo’s head of digital assets, confirmed the purchase but did not specify its purpose. It could either diversify the bank’s portfolio or serve as a pilot for future crypto services. This move isn’t Intesa’s first foray into blockchain; in July 2024, the bank led a $25.7 million digital bond issuance on the Polygon network in partnership with Cassa Depositi e Prestiti SpA. The bank has also expanded its crypto trading desk to include spot trading, complementing its existing crypto options, futures, and ETFs.
The purchase coincides with the implementation of the EU’s Markets in Crypto Assets (MiCA) regulation in December, easing digital asset ownership rules. This acquisition signals a broader shift in Italy’s financial landscape, despite warnings from the central bank governor about the risks of digital currencies.
As Bitcoin’s price continues to rise, driven by optimism about regulatory changes and market trends, Intesa Sanpaolo’s bold move could inspire other financial institutions to follow suit, potentially accelerating cryptocurrency adoption in Italy.
Source: Cryptopolitan
XRP price targets 60% gain amid Ripple’s SEC legal developments
XRP is positioned for a potential 60% price surge, with technical and legal factors supporting a bullish outlook. On January 11, XRP broke out of a symmetrical triangle pattern, a bullish continuation indicator, signaling a price target of $4. This breakout aligns with Ripple’s recent court victory, allowing certain sensitive documents to be sealed in its legal battle with the U.S. Securities and Exchange Commission (SEC).
The symmetrical triangle’s breakout suggests XRP could reach $4 within days, provided it maintains support above the upper trendline. A drop below this level, however, risks a reversal to around $2.30. XRP’s upward momentum reflects cautious optimism fueled by Ripple’s legal progress and changing SEC leadership.
Ripple’s recent win came ahead of the SEC’s January 15 deadline to file an appeal challenging key rulings in the case, including the decision that XRP’s regular sales did not meet the Howey Test. The case has driven XRP price volatility since mid-2023, but upcoming leadership changes at the SEC could shift the regulatory landscape.
Outgoing SEC Chair Gary Gensler, known for his stringent stance on crypto, is set to be replaced by former Commissioner Paul Atkins on January 20. Atkins, a proponent of free markets and reduced regulation, may take a more favorable approach toward Ripple and crypto in general. Legal experts predict that his leadership could decrease regulatory uncertainties, boosting investor confidence.
This combination of technical signals and legal optimism places XRP in a strong position to capitalize on its bullish momentum.
Source: Cointelegraph
Solana and XRP ETFs could attract billions in investments, says JPMorgan
JPMorgan predicts that Solana (SOL) and XRP-based exchange-traded funds (ETFs) could draw billions in new investments if approved, as optimism grows for a more crypto-friendly regulatory environment under the upcoming administration. Several major asset managers, including Grayscale, VanEck, and Bitwise, have submitted applications for Solana ETFs, with the U.S. Securities and Exchange Commission (SEC) expected to make preliminary decisions by late January.
In a report shared on January 13, JPMorgan estimates that Solana ETFs could attract $3–$6 billion in net assets, while XRP ETFs might bring in $4–$8 billion within their first six months. These projections are based on the adoption rates of Bitcoin and Ether ETFs, which achieved 6% and 3% market cap penetration, respectively, in the same timeframe. However, the report cautions that altcoin ETFs, such as those based on Solana and XRP, may face more volatile investor demand due to the episodic nature of the crypto market.
The anticipated approval of Solana and XRP ETFs comes after the success of the U.S. spot Bitcoin ETF, which amassed nearly $110 billion in assets by its first anniversary in January 2024. Historically, crypto ETFs have driven significant price movements; Bitcoin ETFs contributed to 75% of new investments when Bitcoin surpassed $50,000 shortly after their launch.
While excitement builds, some analysts remain cautious. Alejo Pinto, founder of Solana layer-2 network Lumio, noted that ETF approval for Solana could positively impact its price, as current market valuations do not yet reflect this possibility. Nevertheless, the ultimate success of these ETFs will depend on sustained investor interest and regulatory approval.
If approved, Solana and XRP ETFs could mark a pivotal moment for altcoin adoption and attract substantial institutional capital, further legitimizing the cryptocurrency market.
Source: Cointelegraph