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Between revolutionary announcements, technological developments, and regulatory turmoil, the crypto ecosystem continues to prove that it is both a limitless territory of innovation and a battlefield of regulatory and economic battles. Here is a summary of the most notable news from the past week around Bitcoin, Ethereum, Binance, Solana, and Ripple.
Bitcoin surpasses Visa and Mastercard in transaction volume
Bitcoin has reached a historic milestone by surpassing Visa and Mastercard in terms of daily transaction volume. According to data from Glassnode, the leading crypto asset recorded a volume of $46.4 billion, compared to $6.5 billion for filtered economic transactions. This surge is due to increasing adoption and innovations such as the Runes protocol. With a market capitalization of about $1.3 trillion, Bitcoin is redefining traditional payment systems.
Binance can invest in US Treasury bonds
The world’s leading crypto exchange, Binance has received approval to invest customer funds in US Treasury bonds. This strategic decision allows the company to diversify investment options for its users. It offers greater security and stability compared to more volatile crypto assets. The announcement also led to a notable increase in the price of Binance Coin (BNB). This reflects investor confidence in Binance’s fund management and paves the way for similar initiatives.
JD Vance: Trump’s Pro-Bitcoin Running Mate for 2024
Donald Trump has chosen Ohio Senator JD Vance as his running mate for the 2024 presidential election. Vance, known for his support of cryptocurrencies, owns between $100,000 and $250,000 in Bitcoin and advocates for a crypto-friendly legislative framework. This nomination aims to attract the crypto-enthusiast electorate and marks a pro-crypto shift for Trump, who now accepts cryptocurrency donations for his campaign.
The Ethereum ETF hits the market on July 23
The long-awaited launch of the first spot Ethereum ETFs is scheduled for July 23, 2024, according to a recent confirmation from the Chicago Board Options Exchange (Cboe). Listed funds include the 21Shares Core Ethereum ETF (CETH) and the Fidelity Ethereum Fund (FETH). These ETFs offer a regulated and secure option to invest in Ethereum. They could attract more institutional investors and strengthen the legitimacy of the crypto market.
Whale transactions destabilize XRP price
Recent massive XRP transactions made by whales have caused significant volatility in the token’s price. After accumulating more than 130 million, these investors managed to push the price of XRP to 63 cents. However, the crypto asset’s price then fell by 8% to around 55.8 cents. These large holders’ significant movements demonstrate their direct impact on the market and the difficulty in maintaining price stability in the short term.
That’s the essentials to remember for this week. But if you want a more detailed recap and in-depth analysis delivered directly to your inbox, don’t hesitate to subscribe to our weekly newsletter.
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Graduated from 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 committed to raising awareness and informing the general public about this ever-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 the news, decipher market trends, relay the latest technological innovations, and put the economic and societal issues of this ongoing revolution into perspective.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.