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Bitcoin, Binance, Ethereum, Solana, and Ripple: The Biggest Crypto News of the Past Week

Mon 17 Jun 2024 ▪ 4 min of reading ▪ by Luc Jose A.
Getting informed Invest

Between revolutionary announcements, technological evolutions, 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 issues. Here is a summary of the most significant news from the past week around Bitcoin, Ethereum, Binance, Solana, and Ripple.

News Bitcoin, Binance, Ethereum, Solana et Ripple

ICBC Elevates Bitcoin and Ethereum to Strategic Resources

The Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, recently published a groundbreaking report that compares Bitcoin to digital gold and Ethereum to digital oil. Bitcoin is praised for its scarcity and robustness, thus becoming a safe haven similar to gold. Ethereum, on the other hand, is recognized for its central role in powering Web3 applications and programs, as well as its continuous technological innovations in security, scalability, and sustainability. This recognition marks a significant step in the acceptance of cryptos by traditional financial institutions and underscores their growing importance in the global economy.

Solana Reinvents Payments with Shopify

Solana Pay has expanded its plugin for Shopify, now allowing the acceptance of over 100 cryptos. This update, facilitated by Helio, offers merchants a decentralized payment solution with reduced fees, including real-time conversion to stablecoins like USDC, EURC, PYUSD, and USDY. The plugin aims to integrate millions of merchants into crypto commerce, improving the payment experience, loyalty programs, and Web3 features. With competitive transaction fees at 0.75% and an on-ramp via the Helio dashboard, Solana Pay simplifies the mass adoption of crypto payments, making transactions faster and more flexible for Shopify users.

The Fed Maintains Rates

The United States Federal Reserve (Fed) announced the maintenance of its monetary policy, planning only a quarter-point rate cut before the end of the year. This decision, disappointing to investors hoping for several reductions, has generated an atmosphere of uncertainty around Bitcoin. Regarded as an inflation hedge, Bitcoin reacts strongly to the Fed’s monetary policies. A restrictive policy strengthens the US dollar, exerting downward pressure on Bitcoin’s price, while a rate cut could reverse this trend. In the short term, Bitcoin’s moderate volatility suggests that the market had anticipated this decision. However, the long-term outlook remains complex, as future rate cuts might signal a recession, prompting investors to turn to safe-haven assets like Bitcoin.

Ethereum ETF: An Imminent Approval According to Gary Gensler

The SEC chairman, Gary Gensler, recently reignited investors’ hopes by suggesting that Ethereum ETFs could receive final regulatory approval by the end of summer. This prospect promises to facilitate investment in Ethereum, the second-largest crypto by market capitalization. Several major financial players like VanEck and BlackRock have already received initial approval for their Ethereum ETFs, and a final validation would allow these new products to be traded on the markets. Analysts anticipate a positive impact on the crypto market, supported by signs of slowing US inflation and a possible easing of monetary policy. Despite the current market volatility, the approval of Ethereum ETFs could usher in a new era for digital assets and financial markets.

That’s the essential to remember for this week. But if you want a more detailed recap and in-depth analysis directly in your inbox, do not 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.