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

Mon 24 Jun 2024 ▪ 5 min of reading ▪ by Luc Jose A.
Getting informed Invest

Amid revolutionary announcements, technological evolutions, and regulatory turbulence, the crypto ecosystem continues to prove that it is both a territory of limitless innovations and a field of regulatory and economic battles. Here is a summary of the most impactful news from the past week surrounding Bitcoin, Ethereum, Binance, Solana, and Ripple.

News Bitcoin, Binance, Ethereum, Solana et Ripple

Elon Musk says NO to crypto on Twitter!

Elon Musk, well-known for his support of Dogecoin, is working on launching a payment service via Twitter called “X Payments.” However, this service will not include cryptos initially. Twitter Payments LLC has obtained its first money transfer license in New Hampshire, signaling advances in integrating a fiat currency payment system. The decision to exclude crypto could be related to the volatility and regulatory risks associated with cryptos. This cautious strategy has sparked mixed reactions in the crypto community, with some seeing it as a step back while others see it as a strategic move that could evolve over time.

Tether launches Alloy: A gold-backed stablecoin!

Tether, famous for its stablecoin USDT, has launched a new stablecoin called “Alloy.” This stablecoin is backed by physical gold via Tether Gold (XAUt) and is designed to offer the stability of gold while enabling digital transactions. Alloy by Tether is a platform that allows the creation of collateralized synthetic digital assets. Users can mint aUSDT by depositing XAUt via smart contracts and price oracles, offering a new form of stability and flexibility in crypto transactions. This initiative is part of the trend towards the tokenization of real assets, offering an innovative combination of traditional security and blockchain technology.

BNB Chain reduces fees by 90% with Haber

The BNB Chain network has recently activated the Haber hard fork, resulting in an impressive 90% reduction in transaction fees. This update includes the BEP-336 proposal, inspired by Ethereum’s EIP-4844, introducing blob transactions to optimize data storage and processing. By grouping transactions into attached blobs, verification becomes more efficient, reducing network costs to around $0.0001. This improvement particularly benefits the layer 2 solution, opBNB, and the decentralized storage solution BNB Greenfield. Despite a period of volatility for BNB crypto, the technological innovations of the Haber hard fork could stabilize and strengthen its market position.

Standard Chartered enters crypto trading

Standard Chartered, one of the world’s largest banks, has announced the opening of a spot trading desk for Bitcoin and Ether, marking a significant step in integrating cryptos into the traditional banking sector. Based in London, this desk will allow institutional clients to trade cryptocurrencies directly, enriching their investment portfolios. The bank has worked closely with regulators to ensure compliance and security for this new service. This strategic initiative aligns with the growing trend of financial institutions adopting cryptos, with Standard Chartered aiming to position itself as a leader.

Ripple partners with ten governments to develop CBDCs

Ripple has recently announced partnerships with ten governments for the development of central bank digital currencies (CBDCs). This strategic initiative aims to use Ripple’s blockchain technology to enhance the security and efficiency of global financial institutions. Among the partner countries are Bhutan, Palau, Montenegro, Georgia, and Colombia, each exploring specific aspects of blockchain technology to modernize their financial systems. For example, Bhutan focuses on cross-border payments, while Palau emphasizes an environmentally friendly digital currency. This collaboration has elicited varied reactions within the crypto community, with some fearing increased surveillance, while others see benefits in terms of transaction speed and security.

That’s the gist of this week’s highlights. But if you want a more detailed recap and in-depth analyses delivered directly to 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.