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.
Ethereum ETFs are finally hitting the market!
July 23, 2024 marks a momentous milestone for the cryptocurrency market with the long-awaited launch of Ethereum ETFs, approved by the SEC. After years of deliberation, financial giants like BlackRock and Fidelity are finally offering these exchange-traded funds, giving investors a new path to Ethereum after Bitcoin. The launch has been met with a mix of excitement and caution, and first-day trading volumes were relatively high. However, initial fluctuations and uncertainty from traditional investors point to lingering challenges. How these ETFs fare in the coming weeks will be critical to their adoption and impact on the broader crypto market.
Bitcoin Aims for New Highs
Bitcoin recently rebounded after hitting key support at $63,193.80 and suggests a possible bullish recovery. Analysts are projecting short-term price targets around $71,972.46, with a potential return to the all-time high of $73,835.57. Growing demand for Bitcoin ETFs and positive fundamental indicators, such as MVRV, support this trend. In the long term, VanEck projects that Bitcoin could reach $2.9 million per BTC by 2050, driven by mass adoption and scalability solutions. However, challenges such as regulation and macroeconomic uncertainties persist.
Solana: The future star of ETFs
Franklin Templeton, after the success of its Bitcoin and Ethereum ETFs, is considering launching a Solana-based ETF. This decision is based on the rise of Solana, which has demonstrated rapid adoption and robust technological capability. Franklin Templeton has expressed confidence in Solana due to its ability to handle a high number of transactions per second and its attractive fees. The potential launch of a Solana ETF could materialize in 2025, attracting many investors, thereby increasing Solana’s liquidity and solidifying its position in the crypto market.
Ferrari now accepts crypto in Europe
Ferrari is expanding its crypto payment program to Europe after a successful launch in the United States. The Italian automaker, in partnership with BitPay, now allows its European customers to pay for their purchases in Bitcoin, Ether and USDC. This initiative aims to meet the expectations of a modern and tech-savvy customer base. Ferrari has observed a strong demand for crypto payments, encouraging this strategic expansion. However, the acceptance of these payments is subject to local regulations, ensuring strict legal compliance. By embracing crypto, Ferrari simplifies international transactions and positions itself as an innovative company, while facing the challenges of digital asset volatility and the need to educate dealers and customers on this new payment method.
XRP Holds Up Despite Legal Issues
XRP has seen an impressive surge of nearly 35% in two weeks, driven by legal developments and increased activity on the XRP Ledger. In early July, its price surged from $0.40 to $0.6387, buoyed by expectations of a resolution in the lawsuit between Ripple and the SEC. Although the secret SEC meeting that had fueled these hopes was canceled, causing the price to drop slightly to $0.54, optimism remains strong. Furthermore, the positive momentum in the crypto market in general and institutional interest in altcoins like XRP are reinforcing this trend. Data from Santiment reveals a notable increase in activity on the XRP Ledger, with 1,721 new wallets created in one day. This resilience and growing interest suggest a bright future for XRP, despite the ongoing legal uncertainties.
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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