Ethereum
Bitcoin, Binance, Ethereum, Solana, Ripple
9:16 a.m. ▪ 5 min reading ▪ by Luc Jose A.
Between groundbreaking announcements, technological developments, and regulatory turbulence, the crypto ecosystem continues to prove that it is both a field of limitless innovation and a battlefield of regulatory and economic challenges. Here is a summary of the most significant news from the past week around Bitcoin, Ethereum, Binance, Solana, and Ripple.
Ethereum ETFs are finally coming to market!
July 23, 2024 marks a pivotal moment for the cryptocurrency market with the long-awaited launch of Ethereum ETFs, approved by the SEC. After years of deliberation, Financial giants like BlackRock and Fidelity are finally offering these exchange-traded funds.offering investors a new way to access Ethereum after doing so for Bitcoin. The launch has been met with a mix of excitement and caution, with first-day trading volumes relatively high. However, initial fluctuations and hesitancy from traditional investors point to lingering challenges. How these ETFs evolve in the coming weeks will be crucial to their adoption and overall impact on the cryptocurrency market.
Bitcoin Aims for New Highs
Bitcoin recently rebounded after hitting key support at $63,193.80, hinting at a potential bullish recovery. Analysts are predicting near-term price targets around $71,972.46, with a potential return to the all-time high of $73,835.57. The growing demand for Bitcoin ETFs and positive fundamental indicators, such as MVRV, support this trend. In the long term, VanEck predicts that Bitcoin could reach $2.9 million per BTC by 2050, driven by mass adoption and scalability solutions. However, challenges such as regulation and macroeconomic uncertainties remain.
Solana: the future star of ETFs
Following the success of its Bitcoin and Ethereum ETFs, Franklin Templeton plans to launch a Solana-based ETF. This decision is based on Solana’s rapid adoption and strong technological capabilities. Franklin Templeton has expressed confidence in Solana due to its ability to handle a high number of transactions per second and its attractive fees. The potential launch of a Solana ETF could come to fruition in 2025, attracting many investors, increasing Solana’s liquidity and solidifying its position in the cryptocurrency market.
Ferrari now accepts cryptocurrencies in Europe
Ferrari is expanding its crypto payment program to Europe after a successful launch in the United States. The Italian automaker, in partnership with BitPay, now allows its European customers to make purchases in Bitcoin, Ether and USDC. This initiative aims to meet the expectations of a modern and tech-savvy clientele. Ferrari has observed a strong demand for crypto payments, encouraging this strategic expansion. However, the acceptance of these payments is subject to local regulations, ensuring strict legal compliance. By adopting crypto, Ferrari simplifies international transactions and positions itself as an innovative company, while facing the challenges of the volatility of digital assets and the need to raise awareness among dealers and customers about this new payment method.
XRP withstands legal challenges
XRP has seen an impressive surge of nearly 35% in two weeks, driven by legal developments and increased activity on the XRP Ledger. In early July, its price surged from $0.40 to $0.6387, driven by expectations of a resolution to the lawsuit between Ripple and the SEC. Although the secret SEC meeting that had fueled these hopes was canceled, causing the price to drop slightly to $0.54, optimism remains strong. Additionally, the positive momentum in the overall cryptocurrency market and institutional interest in altcoins like XRP are reinforcing this trend. Data from Santiment reveals a notable increase in activity on the XRP Ledger, with 1,721 new wallets created in one day. This resilience and growing interest suggest a promising future for XRP, despite lingering legal uncertainties.
That’s the top news this week. If you’d like a more detailed summary and in-depth analysis delivered straight to your inbox, feel free to Subscribe to our weekly newsletter.
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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 am committed to raising awareness and informing the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive 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.