Bitcoin
Bitcoin, Binance, Ethereum, Solana, and Ripple: Last Week’s Biggest Crypto News
12:00 ▪ 4 min reading ▪ by Luc Jose A.
Between revolutionary announcements, technological evolutions and regulatory turbulence, the crypto ecosystem continues to prove that it is both a land of limitless innovation and a battleground of regulatory and economic issues. Here is a summary of the most significant news from the past week regarding Bitcoin, Ethereum, Binance, Solana and Ripple.
ICBC elevates Bitcoin and Ethereum to strategic resources
The Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, recently published a groundbreaking report which compares Bitcoin to digital gold and Ethereum to digital oil. Bitcoin is praised for its scarcity and robustness, making it a safe haven similar to gold. Ethereum, on the other hand, is recognized for its central role in the development of Web3 applications and programs, as well as its continuous technological innovations in security, scalability and sustainability. This recognition marks a significant step in the acceptance of cryptocurrencies by traditional financial institutions and highlights their growing importance in the global economy.
Solana reinvents payments with Shopify
Solana Pay has expanded its plugin for Shopify, now allowing acceptance of over 100 cryptocurrencies. This upgrade, facilitated by Helio, offers merchants a decentralized payment solution with reduced fees, including real-time conversion for stablecoins such as USDC, EURC, PYUSD, and USDY. Plugin aims to onboard millions of traders into crypto trading, improving the payment experience, loyalty programs and Web3 features. With competitive 0.75% transaction fees and access through the Helio dashboard, Solana Pay simplifies the mass adoption of crypto payments, making transactions faster and more flexible for Shopify users.
The Fed maintains rates
The United States Federal Reserve (Fed) announced the maintenance of its monetary policy, planning only a quarter-point rate cut before the end of the year. This decision, disappointing for investors who expected several reductions, generated an atmosphere of uncertainty around Bitcoin. Considered a hedge against inflation, Bitcoin reacts strongly to the Fed’s monetary policies. A restrictive policy strengthens the US dollar, putting downward pressure on the price of Bitcoin, while a rate cut could reverse this trend. In the short term, Bitcoin’s moderate volatility suggests that the market anticipated this decision. However, the long-term outlook remains complex as future rate cuts could signal a recession, prompting investors to turn to safe-haven assets like Bitcoin.
Ethereum ETF: an imminent approval according to Gary Gensler
SEC Chairman Gary Gensler recently reignited investor hopes by suggesting that Ethereum ETFs could receive final regulatory approval by the end of the summer. This prospect promises to facilitate investment in Ethereum, the second largest cryptocurrency by market capitalization. Several major financial players such as VanEck and BlackRock have already received initial approval for their Ethereum ETFs, and a final validation would allow these new products to be traded on the markets. Analysts anticipate a positive impact on the crypto market, supported by signs of slowing inflation in the US and a possible easing of monetary policy. Despite current market volatility, the approval of Ethereum ETFs could usher in a new era for digital assets and financial markets.
That’s the essential thing to remember this week. But if you want a more detailed recap and in-depth analysis straight to your inbox, don’t hesitate to subscribe to our weekly newsletter.
Maximize your Cointribune experience with our ‘Read to Win’ program! Earn points for each article read and gain access to exclusive rewards. Register now and start accumulating benefits.
Click here to join ‘Read to Earn’ and turn your crypto passion into rewards!
Lucas José A.
Graduated in Science from Toulouse and holder of a blockchain certification consultant delivered by Alyra, I am back on the Cointribune adventure in 2019. Harness the potential of blockchain to transform various sectors of the economy, and gain price engagement to raise awareness and inform the big public about this constantly evolving ecosystem. My goal is to enable you to better understand blockchain and take advantage of the opportunities it offers. I strive now to provide an objective to analyze current affairs, to decrypt market trends, to convey the latest technological innovations, and to measure in perspective the economic and social outcomes of this revolution in March.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.