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Bitcoin, Binance, Ethereum, Solana, and Ripple: The Biggest Crypto News of the Last Week
1.45pm ▪ 6 minute read ▪ by Luc Jose A.
Between groundbreaking announcements, technological evolutions, and regulatory turbulence, the cryptocurrency ecosystem continues to prove itself to be both a land of limitless innovation and a battlefield of regulatory and economic struggles. Here is a summary of last week’s top news regarding Bitcoin, Ethereum, Binance, Solana and Ripple.
1 million addresses now contain at least 1 Bitcoin
Bitcoin Hits Major Milestone With Over One Million Addresses Holding at Least One BTCaccording to IntoTheBlock. This trend indicates growing adoption and increased trust in Bitcoin as a store of value. The number of addresses holding a whole bitcoin, known as “wholecoiners,” has reached 1,010,777. This accumulation reflects sustained trust despite market volatility. Bitcoin’s scarcity, capped at 21 million units, increases its attractiveness as an investment asset. Institutional adoption, with businesses and financial institutions accumulating BTC, reinforces Bitcoin’s stability and credibility. Bitcoin is currently trading around $61,640, with expectations for continued long-term growth.
VanEck file for a Solana ETF
VanEck, the investment management companyfiled an application with the SEC to launch an ETF based on Solanatitled “VanEck Solana Trust”. This move follows the successful launch of VanEck’s Bitcoin ETF in Australia. If the Solana ETF is approved, it will track Solana’s spot price and be listed on the Cboe BZX exchange. The announcement of this request had an immediate positive impact on the market, causing the price of Solana (SOL) to increase by 6% to reach $148. This initiative could signal a growing trend towards diversification of cryptocurrency investment products offered to traditional investors, allowing them to gain exposure to cryptocurrencies without having to hold the assets directly. VanEck’s unveiling of a Solana ETF represents not only progress for Solana as a cryptocurrency, but also for the entire industry, promoting greater institutional adoption and increasing recognition of cryptocurrencies as a legitimate asset class.
Ripple Releases 1 Billion XRP in July
Ripple plans to unlock 1 billion XRP on July 1st, representing a market value of $470 million. This monthly unlocking process, which has been ongoing since 2017, risks putting downward pressure on the price of XRP. Using two wallets, Ripple releases 500 million XRP each, spread across several contracts, scheduled to run until January 2025. In June, Ripple sold 200 million XRP, marking the largest monthly sale in its history. This massive selling led to a 9.25% drop in the price of XRP, currently at $0.467. Investors need to remain vigilant, as past breakouts have often negatively affected the price of XRP.
The specter of Mt.Gox looms over Bitcoin: JPMorgan predicts a stormy summer
Creditors of former Mt. Gox exchange will begin receiving refunds in Bitcoin starting in Julywith approximately 142,000 bitcoins (estimated value of $9 billion) to be distributed between July and October. JPMorgan expects the majority of these redemptions to occur in July, potentially triggering massive Bitcoin sell-offs in the market. Lenders, having waited nearly 10 years, may be tempted to quickly sell their securities, which could put significant selling pressure and weigh on the price of BTC and other cryptocurrencies. Despite possible short-term volatility, JPMorgan expects a recovery in August after the initial sell-off. Meanwhile, other redemptions in the cryptocurrency ecosystem, such as those of Gemini Earn and FTX, add to the market’s complexity, making the next few months particularly turbulent for cryptocurrencies.
Ethereum Gas Fees Collapse
Yesterday, June 30, 2024, Ethereum has seen its lowest gas fees since 2016, averaging 3 Gwei (around $0.14), a historically low level despite high transactional activity. This decrease is attributed to technological improvements such as increased Layer 1 efficiency, the integration of Layer 2 volumes, and the introduction of “blob transactions” via EIP-4844. This reduction in fees could attract new developers and users to Ethereum, reviving its appeal as a platform for dApps and everyday transactions. However, this decrease raises questions about network security, as historically high rates protect against DDoS attacks. Additionally, a reduction in fees burned makes Ethereum less deflationary, impacting supply and demand dynamics. While this news is positive for users in terms of costs on the one hand, on the other it requires continuous vigilance on the issues of safety and economic sustainability.
That’s the gist of this week’s highlights. But if you want a more detailed summary and in-depth analysis delivered straight to your inbox, feel free to Sign up for our weekly newsletter.
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Luc José A.
Graduated in Science Po Tolosa and holder of a blockchain certification consultant issued by Alyra, I resumed the Cointribune adventure in 2019. Aware of the potential of blockchain to transform numerous sectors of the economy, I made the commitment to raise awareness and inform the great public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and take advantage of the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to convey the latest technological innovations and to put into perspective the investors and companies who are facing this ongoing revolution.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Do your own research before making any investment decisions.