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Bitcoin, Binance, Ethereum, Solana and Ripple: the biggest cryptocurrency news of the past week
1.13pm ▪ 5 minute read ▪ by Luc Jose A.
Amid groundbreaking announcements, technological evolutions, and regulatory turbulence, the crypto ecosystem continues to prove itself to be both a territory of limitless innovation and a field of regulatory and economic battles. Here is a summary of last week’s most impactful news regarding Bitcoin, Ethereum, Binance, Solana and Ripple.
Elon Musk says NO to cryptocurrencies on Twitter!
Elon Musk, known for his support for Dogecoin, is working on launching a Twitter payment service called “X Payments.” However, this service will not initially include cryptocurrencies. Twitter Payments LLC has obtained its first money transfer license in New Hampshire, signaling progress in integrating a fiat currency payment system. The decision to exclude cryptocurrencies may be related to the volatility and regulatory risks associated with cryptocurrencies. This cautious strategy has sparked mixed reactions in the crypto community, with some seeing it as a step backwards while others see it as a strategic move that could evolve over time.
Tether launches Alloy: a gold-backed stablecoin!
Tether, famous for its USDT stablecoin, has launched a new stablecoin called “Alloy”. This stablecoin is backed by physical gold via Tether Gold (XAUt) and is designed to offer the stability of gold while enabling digital transactions. Alloy by Tether is a platform that enables the creation of collateralized synthetic digital assets. Users can mint aUSDT by depositing XAUt via smart contracts and price oracles, offering a new form of stability and flexibility in crypto transactions. This initiative is part of the trend towards tokenization of real assets, offering an innovative combination of traditional security and blockchain technology.
BNB Chain reduces fees by 90% with Haber
The BNB Chain network recently activated the Haber hard fork, resulting in an impressive 90% reduction in transaction fees. This update includes the proposed BEP-336, inspired by Ethereum’s EIP-4844, which introduces blob transactions to optimize data storage and processing. By grouping transactions into attached blobs, verification becomes more efficient, reducing network costs to approximately $0.0001. This improvement particularly benefits the layer 2 solution, opBNB, and the BNB Greenfield decentralized storage solution. Despite a period of volatility for BNB cryptocurrencies, the technological innovations of the Haber hard fork could stabilize and strengthen its market position.
Standard Chartered enters cryptocurrency trading
Standard Chartered, one of the largest banks in the worldannounced the opening of a spot trading desk for Bitcoin and Ether, marking a significant step in the integration of cryptocurrencies into the traditional banking sector. Based in London, this desk will allow institutional clients to trade cryptocurrencies directly, enriching their investment portfolios. The bank has worked closely with regulators to ensure compliance and security of this new service. This strategic initiative is in line with the growing trend of financial institutions to adopt cryptocurrencies, with Standard Chartered aiming to position itself as a leader.
Ripple partners with ten governments to develop CBDCs
Ripple recently announced partnerships with ten governments to develop central bank digital currencies (CBDCs). This strategic initiative aims to use Ripple’s blockchain technology to improve the security and efficiency of global financial institutions. Partner countries include Bhutan, Palau, Montenegro, Georgia and Colombia, each exploring specific aspects of blockchain technology to modernize their financial systems. For example, Bhutan focuses on cross-border payments, while Palau focuses on an environmentally friendly digital currency. This collaboration has sparked varying reactions within the crypto community, with some fearing increased surveillance, while others see benefits in terms of transaction speed and security.
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, don’t hesitate to sign up for our weekly newsletter.
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Luc Jose A.
Graduated in Science Po Tolosa and holder of a blockchain certification consultant issued by Alyra, I returned to participate in Cointribune in 2019. Capturing the potential of blockchain to transform numerous sectors of the economy, I have made a commitment to raise awareness and inform the great public about this constantly evolving ecosystem. My goal is to allow anyone to better understand blockchain and learn about 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 economic and social efforts of this revolution in brands.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.