Bitcoin, Binance, Ethereum, Solana and Ripple: The biggest crypto news of the past week

Between revolutionary announcements, technological developments and regulatory turbulence, the crypto ecosystem continues to prove that it is both a territory of limitless innovation and a field of regulatory and economic battles. Here is a summary of the most significant news of the past week around Bitcoin, Ethereum, Binance and Solana, and Ripple.

1 million addresses now hold at least 1 Bitcoin

Bitcoin hits a major milestone with over 1 million addresses holding at least one BTC, according to IntoTheBlock. This trend shows growing adoption and increased confidence in Bitcoin as a store of value. The number of addresses holding a whole Bitcoin, known as “wholecoiners,” has reached 1,010,777. This accumulation reflects continued confidence despite market volatility. Bitcoin’s scarcity, limited to 21 million units, increases its appeal as an investment asset. Institutional adoption, with businesses and financial institutions accumulating BTC, reinforces Bitcoin’s stability and credibility. Currently, Bitcoin is trading around $61,640, with expectations of continued growth in the long term.

VanEck files for Solana ETF

VanEck, the investment manager, has filed an application with the SEC to launch a Solana-based ETF, titled “VanEck Solana Trust.” The move follows the successful launch of VanEck’s Bitcoin ETF in Australia. If the Solana ETF is approved, it will track the Solana spot price and be listed on the Cboe BZX exchange. The announcement of this request had an immediate positive impact on the market, increasing the price of Solana (SOL) by 6% to $148. . The move could signal a growing trend toward diversification of crypto investment products offered to traditional investors, allowing them to gain exposure to cryptos without having to directly hold the assets. VanEck's filing for a Solana ETF therefore represents not only a step forward for Solana as a cryptocurrency, but also for the entire industry, by promoting greater institutional adoption and increased recognition of cryptos as an asset class legitimate.

Ripple releases 1 billion XRP in July

Ripple plans to unlock 1 billion XRP on July 1, representing a market value of $470 million. This monthly unlocking process, in place since 2017, risks putting downward pressure on the price of XRP. Using two wallets, Ripple releases 500 million XRP each, divided into several contracts, scheduled until January 2025. In June, Ripple sold 200 million XRP, marking the largest monthly sale in its history. This sell-off led to a 9.25% drop in the price of XRP, currently at $0.467. Investors should remain vigilant, as past unlocks have often negatively influenced the price of XRP.

The specter of Mt. Gox looms over Bitcoin: JPMorgan predicts a stormy summer

Creditors of the former Mt. Gox exchange will begin receiving their Bitcoin repayments in July, with approximately 142,000 bitcoins (estimated value of $9 billion) expected to be distributed between July and October. JPMorgan anticipates that the majority of these repayments will occur in July, potentially triggering a massive selloff of Bitcoin in the market. Creditors, having waited nearly 10 years, may be tempted to sell their holdings quickly, which could put significant selling pressure on the price of BTC and other cryptocurrencies. While there may be some short-term volatility, JPMorgan expects an August rebound after the initial wave of selling. Meanwhile, other repayments in the crypto ecosystem, such as those from Gemini Earn and FTX, are adding to the complexity of the market, making the coming months particularly eventful for cryptocurrencies.

Ethereum gas fees plummeting

Yesterday, June 30, 2024, Ethereum recorded its lowest gas fees since 2016, averaging 3 Gwei (roughly $0.14), a historically low level despite high transaction activity. This drop is attributed to technological improvements such as increased Layer 1 efficiency, the integration of Layer 2 volumes, and the introduction of “blob transactions” via EIP-4844. This fee reduction could attract new developers and users to Ethereum, reviving its appeal as a platform for dApps and everyday transactions. However, this drop raises questions about the network’s security, as high fees have historically protected against DDoS attacks. Additionally, a reduction in fees burned makes Ethereum less deflationary, influencing supply and demand dynamics. While this news is positive for users in terms of costs, it requires continued vigilance on security and economic sustainability issues.

That's the bottom line for this week. But if you want a more detailed recap and in-depth analysis delivered straight to your inbox, feel free to sign up. to subscribe to our weekly newsletter.

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