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.
SEC relaunches the offensive against Ripple
On October 2, 2024, the SEC officially appealed the ruling in favor of Ripple in 2023, creating further uncertainty around the legal status of cryptocurrencies. This new appeal concerns the judgment which concluded that secondary sales of XRP, Ripple's token, did not constitute sales of securities, unlike initial sales to institutional investors. This split decision was a victory for Ripple and the crypto industry and established a distinction between institutional sales and those on the secondary market. The SEC's appeal, which aims to reexamine this distinction, could redefine the regulatory rules for the entire crypto ecosystem.
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Bitcoin crushes everything in Q3, while DeFi collapses
In the third quarter of 2024, Bitcoin confirmed its status as the king of cryptos with dominance reaching 56.8%, a level not seen since April 2021. Despite a stable overall market capitalization, demand for Bitcoin has exploded, in part thanks to its role as a safe haven in the face of global economic uncertainties. Trading volumes increased by 12.6%, and the relatively favorable regulatory framework strengthened its position in institutional portfolios. Meanwhile, decentralized finance (DeFi) saw a severe fall, with a 21.4% drop in total value locked (TVL). The lending sector, once a mainstay of DeFi, also declined by 9%, as regulatory uncertainty continues to weigh on institutional adoption. Although innovative initiatives are underway, particularly in interoperability, DeFi struggles to compete with more speculative emerging sectors such as meme tokens and AI.
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End of reign for the crypto exchange Binance?
Binance, long the undisputed leader of the crypto market, is seeing its dominance crumble under the pressure of global regulations. As of September 2024, its market share in spot trading has fallen to 27%, a level not seen since 2020. This drop is mainly explained by increased regulatory measures in countries such as Canada, the Netherlands, and Germany, forcing Binance to scale back its ambitions. Its trading volume also fell by 20% in one month, and in the derivatives market its market share fell from 41% to 27%. While Binance fights against these constraints, its competitors like OKX and Bybit are taking advantage of them to eat up market share, strengthening their positions.
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Israel-Iran conflict: Bitcoin threatened to fall to $55,000 💥
The geopolitical conflict between Israel and Iran caused a 4% drop in Bitcoin, which fell below $60,282 before rebounding slightly above $63,000. The Israeli attacks and the Iranian response with more than 180 missiles shook the markets, particularly affecting cryptos. While oil saw a slight rise of 2% and stock markets like the S&P 500 fell only 1%, Bitcoin showed its vulnerability with forecasts suggesting a potential decline to $55,000 . Despite this volatility, the long-term outlook remains bullish for Bitcoin thanks to accommodative monetary policies from the Fed and the People's Bank of China, which are expected to support cryptos through 2025. Additionally, a $6 billion injection expected following repayments from FTX clients could improve market liquidity.
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BlackRock disappointed by performance of Ethereum ETFs
BlackRock, one of the world's largest asset managers, has expressed disappointment with the performance of Ethereum spot ETFs, which are struggling to attract investor interest compared to Bitcoin ETFs. According to Robert Mitchnick, head of digital assets at BlackRock, the complexity of Ethereum's ecosystem, notably its smart contracts and its decentralized architecture, is holding back the mass adoption of its ETFs, unlike Bitcoin, seen as a more valuable store of value. simple and accessible. While Bitcoin ETFs continue to see massive inflows ($61 million in one week), Ethereum ETFs are facing net outflows of $12 million. Despite these challenges, BlackRock remains optimistic and is focused on educating investors to better understand the potential of Ethereum, hoping to make its products more attractive in the long term.
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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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