Ethereum
Bitcoin, Binance, Ethereum, Solana and Ripple: The biggest crypto news of the past week
9:46 ▪ 6 min read ▪ by Luc Jose A.
Between groundbreaking announcements, technological advances, and regulatory turbulence, the crypto ecosystem continues to prove that it is both a territory of limitless innovation and a battleground of regulatory and economic conflicts. Here is a summary of the most significant news from the last week around Bitcoin, Ethereum, Binance, Solana, and Ripple.
Mt. Gox: Creditors Repaid After Ten Years of Waiting
After a decade of legal battles and complex procedures, Former Bitcoin Exchange Mt. Gox Finally Starts Paying Back CreditorsFounded in 2010 and handling up to 70% of global bitcoin transactions at its peak, Mt. Gox went bankrupt in 2014 after losing 850,000 BTC due to a security breach. Refunds are being made in bitcoin (BTC) and bitcoin cash (BCH) via designated exchanges, with 47,288 BTC already transferred for refunds. Creditors must confirm the validity of their accounts to receive their compensation. However, this news has had disastrous repercussions on the crypto market, leading to massive liquidations reaching $675 million in 24 hours, mainly due to the selling of newly refunded BTC, which could intensify the sell-off and put pressure on the bitcoin price.
Ethereum Introduces EIP-7732, Shifts into High Gear
Ethereum developers have introduced EIP-7732, a proposal to revolutionize block validation on the blockchain by separating the process into two parts: consensus and execution. This initiative, supported by Vitalik Buterin, proposes the Enshrined Proposer-Builder Separation (EPBS), which divides the creation of blocks between a consensus proposer and an execution proposer, with the Payload Timeliness Committee (PTC) overseeing the timings. The goal is to reduce the computational burden on validators, thus increasing the efficiency and speed of transactions, now confirmed between five and twenty seconds. This advancement could strengthen Ethereum’s competitive position, requiring a complete network upgrade and community approval.
Cryptocurrency Market Panic: Bitcoin and Ethereum Collapse
A shockwave hit the cryptocurrency world last week, with Bitcoin suddenly dropping 8% and Ethereum more than 10% in a matter of hours.The dramatic drop led to massive liquidations of $580 million, including on highly leveraged bullish positions that could not withstand the price decline. The massive movement of funds from Mt. Gox, transferring more than $2.7 billion in bitcoin to a new address in anticipation of repayments, intensified the selling pressure. At the same time, the liquidation of part of Germany’s bitcoin holdings added to the uncertainty. Traders, already nervous about macroeconomic uncertainties and the upcoming US presidential elections, responded by selling their positions massively, leading to significant losses. This increased volatility plunged the Fear and Greed Index to alarming levels, leaving the market’s short-term outlook uncertain.
Solana sets new records with its memecoins
The memecoin universe on Solana is experiencing unprecedented excitement and has performed beyond all expectations. After a difficult start, Solana has managed to establish itself as a key player in the meme cryptocurrency sectorsurpassing Ethereum by 800% year-to-date. This success is attributed to Solana’s ability to attract talented developers and create an environment conducive to memecoin growth. Meme coins like Dogwifhat (WIF), Bonk (BONK), and Billy (BILLY) contributed to this surge, with Dogwifhat soaring 12.34% in 24 hours and Billy seeing its market cap explode 97% to $117 million. The Solana community, technological innovations, and celebrity and investor support have been key factors in this momentum. Solana now dominates the memecoin sector with a 9.64% market share.
Ripple partners with cryptocurrency exchange Binance to counter SEC
Ripple is taking advantage of a recent court ruling in favor of Binance to bolster its defense in its litigation against the SEC. On June 28, the U.S. District Court for the District of Columbia partially dismissed the SEC’s claims that certain sales of cryptocurrencies by Binance amounted to sales of securities. Ripple quickly seized on the opportunity, noting that the court adopted a similar logic to that of Judge Analisa Torres in her July 2023 lawsuit against the SEC. Judge Amy Berman Jackson had distinguished secondary market sales from institutional sales, criticizing the SEC’s approach of regulating the bitcoin and alternative cryptocurrency industry through litigation without providing regulatory clarity. Ripple sees these observations as support for its argument that clarity on the legal status of cryptocurrencies is needed, questioning the severity of the sanctions sought by the SEC.
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Luc José A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I made a commitment to raise awareness and inform the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. I strive every day to provide an objective analysis of current events, decipher market trends, relay the latest technological innovations and put into perspective the economic and societal challenges of this ongoing revolution.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be considered investment advice. Do your own research before making any investment decision.