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.
Bitcoin ETFs continue their rise with an all-time high
Bitcoin ETFs reach new highs, surpassing the $20 billion mark in cumulative net flows, an all-time high for these cryptocurrency-based investment products. In one week, these funds recorded an injection of $1.5 billion, bringing total assets under management to $65 billion.
While players like BlackRock saw their ETF (IBIT) attract $22.46 billion, others such as Grayscale GBTC saw massive outflows of $20.14 billion. This dynamic highlights growing interest in Bitcoin, despite significant fluctuations in capital flows, and reflects renewed investor confidence, supported by favorable macroeconomic conditions and political trends.
🔗 Read the full article here
1 million Ethereum validators in 2024: Growing interest from large companies
The Ethereum network has seen impressive growth in the number of validators, surpassing one million for the first time in June 2024. In one year, the number of validators increased by more than 30%, from 824,300 in September 2023 to 1,071 590. This development is a symbol of the growing interest of large companies and financial institutions in Ethereum, in particular because of its use for smart contracts and decentralized applications (dApps). Innovations like restaking and liquid staking have also made the validation process more attractive, allowing participants to maximize their returns while strengthening network security.
This increase in the number of validators contributes to the decentralization of the network, its increased security, and supports the transition to the Proof of Stake model. The future outlook looks promising, with an ever-increasing number of validators attracted by the institutional adoption and technological developments of Ethereum 2.0.
🔗 Read the full article here
Binance crushes the competition with an unprecedented record
Binance, the world's largest crypto exchange, has reached a historic milestone by reaching a cumulative trading volume of $100 trillion. This impressive figure covers both spot and derivatives markets and consolidates Binance's dominant position in the market, well ahead of competitors such as OKX ($24.9 trillion) and Bybit ($13.2 trillion) .
At the same time, the performance of Bitcoin, whose price exceeded $68,000, also contributed to the current dynamics of the crypto market. While some assets like Solana and memecoins have seen dramatic rises, other cryptos like Curve and Arbitrum have seen significant declines.
🔗 Read the full article here
Bitcoin on its way to $70,000
Bitcoin is approaching the crucial $70,000 threshold, after surpassing $68,000. Experts believe that if this mark is breached, it could trigger another major bullish wave for the remainder of 2024. This move comes after a prolonged consolidation phase since March, when Bitcoin peaked at $72,100. Technical indicators, like higher lows and an advancing high, portend an imminent explosive move.
The renewed investor confidence, associated with favorable macroeconomic factors, reinforces this upward dynamic. However, caution is advised as previous attempts to breach this $70,000 threshold have shown that it is a difficult resistance to break. If Bitcoin succeeds, it could mark a turning point for the crypto market at the end of the year.
🔗 Read the full article here
The SEC goes all out against Ripple
The legal battle between the SEC and Ripple takes a new twist with a last-minute appeal filed by the SEC. This appeal reignites the debate over the classification of XRP sales as securities, a central point in this case since the July 2023 decision by Judge Analisa Torres. Although the SEC is no longer challenging retail sales of XRP, it is questioning institutional sales and non-monetary transactions.
Ripple, meanwhile, has also filed a cross-appeal, claiming that the SEC's attempt will fail. This legal episode could well define the future of crypto regulation in the United States. If the appeals court rules in favor of the SEC, it could impose stricter regulations on institutional sales of cryptos. Conversely, a Ripple victory would mark a major blow to the SEC and strengthen the position of crypto companies in their fight against overregulation.
🔗 Read the full article here
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.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
