3h00 ▪ 4 min reading ▪ by Luc Jose A.

Between revolutionary announcements, technological advancements, and regulatory turmoil, the crypto ecosystem continues to prove that it is both a land of limitless innovation and a field of regulatory and economic battles. Here is a summary of the most notable news from the past week regarding Bitcoin, Ethereum, Binance and Solana, etc.

Bitcoin hash rate reaches all-time high

Bitcoin hashrate reached an all-time high, demonstrating miners’ resilience and confidence in crypto despite post-halving concerns. The total computing power deployed has surpassed its previous records, supported by technological advancements and the recent increase in the price of BTC. These factors offset the reduction in the block reward, strengthening the mining ecosystem. This performance underlines Bitcoin’s robustness and reassures investors about its long-term fundamentals.

BlackRock invests $10 million in Ethereum for its new ETF

Asset management giant BlackRock is preparing to launch an Ethereum ETF, following the success of its Bitcoin ETF. The company invested US$10 million to buy Ether to create a fund with an initial net asset value of US$10 million. The ETF, which will trade under the ticker ETHA, will have Bank of New York Mellon as the custodian and Coinbase as the holder of the underlying Ether. The ETF is scheduled to launch at the end of June, according to Bloomberg analyst Eric Balchunas.

XRP ETF: approval imminent, according to Ripple

Brad Garlinghouse, CEO of Rippleannounced at the Consensus 2024 conference that the approval of an XRP ETF is inevitable, despite current regulatory challenges. This prediction follows that of Standard Chartered, which predicts the launch of an XRP ETF by 2025. Although the crypto is currently down, trading below $0.549, the optimism surrounding the ETF could be a game changer. Regulatory clarity remains crucial, and a favorable ruling for Ripple in its legal battle against the SEC could accelerate institutional adoption of XRP.

Binance’s Changpeng Zhao jailed for 4 months

The founder of cryptocurrency exchange Binance, Changpeng Zhao, has been incarcerated for four months in a low-security federal prison in Lompoc, California, after admitting its responsibility in money laundering operations through its platform. This sentence, less than the three years demanded by prosecutors, marks a decisive turning point for the crypto sector. Zhao expressed his regret and acknowledged the importance of regulatory compliance. The future of Binance, under new leadership, is full of uncertainty.

Bitcoin: resumption of frenetic institutional accumulation

Large institutional investors reiterate their Bitcoin accumulation strategy, reminiscent of the pre-2020 bull run. Ki Young Ju, CEO of CryptoQuant, reported strong activity similar to what was seen before the price surge in late 2020, with daily transactions exceeding a billion dollars. Although volatility is moderate, this accumulation could signal a new bullish cycle. Analysts are divided on the immediate consequences, but many anticipate that Bitcoin could break the $69,000 resistance, paving the way to new highs.

That’s the main lesson this week. However, 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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Lucas José A.

Graduated in Science from Toulouse and holder of a blockchain certification consultant delivered by Alyra, I am back on the Cointribune adventure in 2019. Harness the potential of blockchain to transform various sectors of the economy, and gain price engagement to raise awareness and inform the big public about this constantly evolving ecosystem. My goal is to enable you to better understand blockchain and take advantage of the opportunities it offers. I strive now to provide an objective to analyze current affairs, to decrypt market trends, to convey the latest technological innovations, and to measure in perspective the economic and social outcomes of this revolution in March.

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.

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