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 notable news from the past week around Bitcoin, Ethereum, Binance and Solana, and Ripple.
Gary Gensler clarifies: Bitcoin remains a commodity
Gary Gensler, Chairman of the SEC, reaffirmed that Bitcoin is not a “security” (financial security), but rather a commodity, a crucial distinction for the applicable regulatory framework. This clarification is based on the decentralized nature of Bitcoin, distinguishing it from other cryptocurrencies often controlled by a central entity. As a commodity, Bitcoin is comparable to gold or silver, and escapes the stricter financial regulations of securities. Now, investors can buy Bitcoin through ETFs on Nasdaq and NYSE. Despite this openness, Gensler recalls that the crypto sector remains under increased vigilance to protect investors against abuse and manipulation.
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Ethereum reaches its limits: Vitalik Buterin alerts the community
Vitalik Buterin, co-founder of Ethereum, recently warned that the network is nearing a critical saturation point. Mass adoption of Layer 2 (L2) solutions, which use blobs to improve Ethereum performance, is pushing these storage spaces to around 75% of their maximum capacity. Faced with this situation, Buterin suggests increasing the capacity of blobs per block to avoid a slowdown in L2 protocols. A new enhancement proposal, EIP-7623, aims to increase call data cost to limit block size, while increasing storage capacity. This change is supported by several community stakeholders, including Jesse Pollak of Coinbase L2 Base, who sees it as a lever to promote the growth of L2s without compromising network performance.
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CZ regains his freedom: What future for Binance?
Changpeng Zhao, the founder of Binance, has been released after four months of incarceration. However, the terms of his legal agreement prevent him from returning to a position of responsibility within Binance. Although he remains a majority shareholder, his direct influence on company decisions could be limited by this agreement. Richard Teng, current CEO of Binance, appears firmly entrenched in his position, and any attempted overthrow could cause further tensions with the authorities. CZ, however, retains room to maneuver as a shareholder to influence major decisions. Furthermore, his recent philanthropic initiatives, such as a free education project, suggest that he could move away from Binance's day-to-day operations and focus on other priorities.
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Ordinals relaunch the NFT market on Bitcoin
Ordinals on the Bitcoin network are experiencing an impressive resurgence, marking a turning point in the digital asset market. While NFTs on Ethereum and Solana struggle to regain momentum, Ordinals collections, such as NodeMonkes, Quantum Cats and Pizza Ninjas, are seeing substantial increases. NodeMonkes even saw its floor price rise to 0.2 BTC (around $13,000). This return of Ordinals comes after a temporary domination of Runes, a protocol which captured up to 70% of Bitcoin transaction volume in August. Today, Ordinals are attracting more and more investors and rekindling interest in Bitcoin in the NFT universe. Since their launch in 2023, they have disrupted the ecosystem and generated a market valued at $759 million.
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HMSTR airdrop turns into a fiasco, crypto community angry
The highly anticipated Hamster Kombat (HMSTR) token airdrop turned into a disaster, sparking immense frustration among investors and the crypto community. The September 26, 2024 launch was marked by surprise disqualifications of many active participants, perceived as favoring influencers. In addition, multiple postponements and technical problems prevented many users from claiming their tokens, which generated a climate of anger. The final blow came with the token's launch price, set at just $0.01, followed by a rapid 60% drop in its value, well below the figures announced by some influencers.
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XRP is fueled by speculation according to the SEC
The SEC recently highlighted the crucial role that speculation plays in the valuation of XRP, the cryptocurrency associated with Ripple. A key document from the SEC's lawsuit with Ripple reveals that speculation is not only a driver of XRP's price, but also a critical part of its utility, including providing the liquidity needed for integration into products like On-Demand Liquidity (ODL). However, this reliance on speculation raises concerns for the stability of XRP in the long term. If speculative activity declines, it could affect the liquidity of XRP and call into question its role in cross-border payment solutions. The prospect of the ongoing trial is also weighing on the current performance of XRP, whose price is stagnating around $0.59. The outcome of this trial could determine the future of cryptocurrency.
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This is the main thing to remember for this week. But if you want a more detailed recap and in-depth analysis straight to your inbox, feel free to subscribe to our weekly newsletter.
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