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Bitcoin, Binance, Ethereum, Solana and Ripple: the biggest crypto news of the past week
1:45 p.m. ▪ 6 min read ▪ by Luc Jose A.
Between revolutionary announcements, technological developments and regulatory turbulence, the crypto ecosystem continues to prove that it is both a land of limitless innovation and a regulatory and economic battlefield. Here is a summary of the most notable news from the past week around Bitcoin, Ethereum, Binance, Solana and Ripple.
1 million addresses now contain at least 1 Bitcoin
Bitcoin Hits Major Milestone With Over 1 Million Addresses Holding At Least 1 BTC, according to IntoTheBlock. This trend indicates growing adoption and increased trust in Bitcoin as a store of value. The number of addresses holding an entire bitcoin, called “wholecoiners,” reached 1,010,777. This accumulation reflects sustained confidence despite market volatility. The scarcity of Bitcoin, limited to 21 million units, reinforces its appeal as an investment asset. Institutional adoption, with businesses and financial institutions accumulating BTC, strengthens the stability and credibility of Bitcoin. Currently, Bitcoin is trading around $61,640, with expectations of continued growth in the long term.
VanEck Files Application for Solana ETF
VanEck, the investment management companyfiled with the SEC to launch an ETF based on Solanatitled the “VanEck Solana Trust.” This move follows the successful launch of VanEck’s Bitcoin ETF in Australia. If approved, the Solana ETF will track the spot price of Solana and will be listed on the Cboe BZX exchange. The announcement of the filing had an immediate positive impact on the market, causing the price of Solana (SOL) to rise 6% to $148. This move could signal a growing trend toward diversifying crypto investment products for traditional investors, allowing them to gain exposure to crypto without having to directly hold the assets. VanEck’s filing for a Solana ETF represents not only a step forward for Solana as a cryptocurrency, but also for the industry as a whole, driving greater institutional adoption and increasing recognition of crypto as a legitimate asset class.
Ripple releases 1 billion XRP in July
Ripple Plans to Release 1 Billion XRP on July 1representing a market capitalization of $470 million. This monthly release process, in place since 2017, risks putting downward pressure on the price of XRP. Using two wallets, Ripple releases 500 million XRP each, spread across multiple contracts, scheduled until January 2025. In June, Ripple sold 200 million XRP, marking the largest monthly sale in its history. This massive sale caused the price of XRP to drop 9.25%, currently at $0.467. Investors should remain vigilant, as past releases have often had a negative impact on the price of XRP.
The specter of Mount Gox looms over Bitcoin: JPMorgan predicts a stormy summer
Creditors of former Mt. Gox exchange will begin receiving their Bitcoin refunds starting in Julywith approximately 142,000 bitcoins (worth an estimated $9 billion) to be distributed between July and October. JPMorgan anticipates that the majority of these redemptions will occur in July, potentially triggering massive market sell-offs of Bitcoin. Creditors, having waited almost 10 years, could be tempted to quickly sell their holdings, which could exert significant selling pressure and weigh on the price of BTC and other cryptos. Despite possible short-term volatility, JPMorgan expects a rebound in August after the initial wave of selling. Meanwhile, other redemptions in the crypto ecosystem, such as those from Gemini Earn and FTX, are adding to the complexity of the market, making the coming months particularly turbulent for cryptos.
Ethereum Gas Fees Drop
Yesterday, June 30, 2024, Ethereum recorded its lowest gas fees since 2016with an average of 3 Gwei (around $0.14), a historically low level despite high transactional activity. This decline is attributed to technology improvements such as increased Layer 1 efficiency, Layer 2 volume integration, and the introduction of “blob transactions” via EIP-4844. This fee reduction could attract new developers and users to Ethereum, reviving its appeal as a platform for dApps and everyday transactions. However, this drop raises questions about network security, as high fees have historically protected against DDoS attacks. Additionally, a reduction in fees burned makes Ethereum less deflationary, influencing supply and demand dynamics. While this news is positive for users in terms of costs, it requires continued vigilance on issues of security and economic sustainability.
That’s the gist of this week’s highlights. But if you’d like a more detailed recap 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 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 belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.