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Bitcoin, Binance, Ethereum, Solana and Ripple: The biggest crypto news of the past week

Mon 10 Jun 2024 ▪ 5 min of reading ▪ by Luc Jose A.
Getting informed Payment

Amid revolutionary announcements, technological developments, and regulatory turbulence, the crypto ecosystem continues to prove that it is both a territory of limitless innovations and a battleground of regulatory and economic struggles. Here is a condensed overview of the most notable news of the past week surrounding Bitcoin, Ethereum, Binance, Solana, and Ripple.

Bitcoin, Binance, Ethereum et Ripple : Les actus crypto

Bitcoin Whales Control 40% of the Supply

Bitcoin whales, those investors holding significant amounts of BTC, have now accumulated more than 40% of the total crypto supply. This trend, observed since mid-March, reveals an increased confidence of these entities in Bitcoin’s long-term potential, despite market concerns over price fluctuations. However, such concentration could lead to price manipulation and increased volatility, posing significant risks to market stability.

Binance Reaches 200 Million Users

Binance has surpassed the milestone of 200 million users. Since its inception in 2017, Binance has innovated by offering diversified services, from spot trading to futures contracts, and decentralized finance (DeFi). This significant milestone reflects user loyalty and trust and showcases Binance’s commitment to making cryptos accessible to everyone. Beyond simple exchange, Binance promotes education and innovation in the blockchain sector through initiatives like Binance Academy and Binance Research. This impressive growth highlights the success of Binance’s vision and its key role in the global adoption of cryptocurrencies.

ECB Reopens the Floodgates: Good News for Bitcoin

The European Central Bank (ECB) has decided to lower its key interest rate from 4.50% to 4.25%, a first in five years, despite a recent increase in annual inflation. This decision aims to revive the European economy by facilitating access to credit, although Christine Lagarde, President of the ECB, highlighted geopolitical and economic uncertainties that could affect inflation and energy prices. This rate cut is seen favorably for Bitcoin, providing a haven against fiat currency volatility. Additionally, the ECB will begin gradually selling the €1.85 trillion in debt accumulated during the pandemic starting July, a process that will take two decades.

Robinhood Acquires Bitstamp for 200 Million

Robinhood has announced the acquisition of Bitstamp, one of the oldest crypto exchange platforms, for $200 million. This strategic decision aims to expand Robinhood’s influence in the crypto sector, despite regulatory pressures from the US SEC. Bitstamp, with its more than 50 licenses and registrations worldwide, represents a significant opportunity for Robinhood to expand its user base and attract institutional clients. This acquisition could strengthen Robinhood’s position in the global crypto market, although regulatory challenges persist. Robinhood users will benefit from a more secure and robust platform thanks to the integration of Bitstamp.

Ethereum Ready for Pectra in Q1 2025

Ethereum plans to launch a major update, Pectra, in the first quarter of 2025, promising significant improvements for users and developers. This update includes innovations such as the EVM object format (EOF) and EIP-7702, aiming to enhance smart contract security and efficiency while providing greater transaction flexibility. Pectra will integrate around 19 EIPs to address issues like high transaction fees on layer 2 platforms. The launch schedule has been carefully chosen to avoid rushing before Devcon, ensuring full integration of features and effective deployment monitoring. This update is part of a broader roadmap, with future improvements planned such as the Osaka upgrade and PeerDAS integration to enhance scalability and decentralization.

Here’s the essential recap for this week. But if you want a more detailed summary and in-depth analyses directly in your inbox, don’t hesitate to subscribe to our weekly newsletter.

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Luc Jose A. avatar
Luc Jose A.

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.