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Weekly Recap: Bitcoin, Binance, Ethereum, Solana... the crypto news you shouldn't miss!

Mon 25 Mar 2024 ▪ 9 min of reading ▪ by Luc Jose A.
Getting informed Investissement

From revolutionary announcements to technological advancements and regulatory turbulence, the crypto ecosystem continues to prove that it is both a land of boundless innovation and a battleground for regulatory and economic struggles. Here is a summary of the most impactful news from the past week involving Bitcoin, Ethereum, Binance, Solana, etc.

Blackrock lance un fonds crypto

Post-Halving Surge: Bitcoin Aims for $90,000

According to Alliance Bernstein, a global leader in investment, the halving expected in April could be the catalyst that propels the price of Bitcoin to new heights. This event, which sees miners’ rewards cut in half, has historically led to a significant appreciation in the price of Bitcoin due to the effect on its scarcity. Analysts Gautam Chhugani and Mahika Sapra note that while Bitcoin is currently not at the symbolic threshold of $90,000, market conditions, including the excitement around Bitcoin ETFs and reduced selling pressure from miners, lay the groundwork for an explosive post-halving price rise.

The halving, scheduled for April 20th, is an event closely watched by the crypto community for its impact on Bitcoin’s economy. It algorithmically and predictably reduces the amount of new bitcoins generated, thereby increasing its scarcity. Bernstein suggests that a combination of factors such as record inflows into crypto funds, especially ETFs, and a favorable market dynamic could lead to a significant appreciation of Bitcoin. The recent approval of 11 Bitcoin ETFs by the US SEC only strengthens this anticipation.

Solana Faces Critical Congestion: Victim of Its Own Success

The Solana blockchain, often praised for its high transaction speeds and low costs, is facing a major challenge with network congestion. This situation is the direct result of its growing popularity and the massive adoption of its services. Recent reports indicate significant saturation of the network, leading to notable delays in transaction execution and a compromised user experience. The congestion has been exacerbated by the boom in memecoin-related activities, which, while reflecting community engagement, have exposed the limitations of the current infrastructure in terms of scalability and stability.

This critical congestion highlights the inherent challenges of managing a high-throughput blockchain like Solana, especially in the face of increasing demand and unexpected usage spikes. Transaction confirmation times have significantly lengthened, with an average ping time between 20 to 40 seconds, and a transaction failure rate estimated between 50 to 80%. This has elicited criticism from the community and calls for sustainable solutions to improve the network’s capacity and resilience in the face of surging activities.

Giggle Academy: Education Reimagined by CZ, After Binance

After making his mark in the world of cryptocurrencies through Binance, Changpeng Zhao (CZ) is opening a new chapter with Giggle Academy, an ambitious educational platform. Aiming to democratize access to education, this philanthropic project stands out for its total accessibility and non-profit model. Giggle Academy sets out to break educational barriers by providing a gamified and adaptive learning platform, free of charge to everyone. The initiative underscores CZ’s desire to make a positive contribution to society by offering educational opportunities to those who are most in need, particularly young people in regions where access to quality education remains a challenge.

Giggle Academy does not seek to replace traditional educational systems but aims to complement and enrich the learning journey of young people. By focusing on basic education and offering quality educational content, CZ hopes to open up better and broader employment prospects for disadvantaged youths.

Controversy Over Ordinals: Bitcoin Between Innovation and Discord

Bitcoin, often hailed for its simplicity and resilience, finds itself at the heart of a growing controversy with the advent of Ordinals. These allow the insertion of arbitrary data such as images into Bitcoin transactions and have sparked a lively debate within the community. While some see it as a valuable innovation, others criticize a use that diverts the network from its primary mission: to be an efficient and decentralized digital currency. The integration of Ordinals has led to a noticeable increase in block sizes and, by extension, the blockchain, and raises questions about the scalability and efficiency of the network in the long term.

The growing use of Ordinals and how they are incorporated into transactions underscore a fundamental dilemma: how to balance innovation with the maintenance of Bitcoin’s integrity and foundational principles. The rising grumble against Ordinals reflects broader concerns about the risks of centralization, increased transaction costs, and a blockchain cluttered with non-essential data. As the debate continues to rage, the Bitcoin community finds itself at a crossroads, searching for solutions to harmonize the exploration of new possibilities with preserving the very essence that has made Bitcoin a technological and financial revolution.

BlackRock Enters the Crypto Scene with a $100 Million Dollar Fund on Ethereum

Investment giant BlackRock makes a bold move with the launch of a revolutionary crypto fund. By depositing $100 million in USDC on the Ethereum network, BlackRock sends a powerful message about the future of digital assets.

BlackRock’s initiative represents much more than a simple investment in crypto; it reflects an acknowledgment of the value and potential of digital assets by the traditional financial sector. This move could encourage other financial giants to explore and invest in crypto, thus increasing the legitimacy and acceptance of cryptocurrencies as a viable asset class.

France Establishes Itself as a European Leader in Crypto Adoption

In 2024, France stands out as one of the most advanced European countries in terms of cryptocurrency adoption, with one in eight French now holding crypto assets, marking an impressive increase of 28% in just one year. This dramatic surge is mainly attributed to the engagement of French youth, with those under 35 years old accounting for 57% of cryptocurrency holders in the country. The pronounced interest in bitcoin continues to dominate, although there is also diversification of investments into other digital assets such as stablecoins and NFTs, indicating a growing curiosity and openness towards the entire crypto ecosystem.

The motivation behind this massive adoption varies from the search for attractive financial returns to the perception of cryptocurrencies as safe havens in an unstable economic context. Despite recent scandals and bankruptcies in the crypto space, which have raised doubts among some, a significant part of the French population still plans to invest in cryptos. The French have invested between 32.5 and 42.5 billion euros in cryptocurrencies in 2024. France, once considered lagging in crypto adoption, is now emerging as a major player on the European stage, although the path to widespread adoption still faces challenges to overcome.

Turbulence for the Ethereum Foundation Under the Watchful Eye of the SEC

The Ethereum Foundation currently finds itself in a precarious position, under the watchful eye of the United States Securities and Exchange Commission (SEC). This scrutiny results from the SEC’s investigation into transactions and financial activities related to the foundation, particularly after its controversial Initial Coin Offering (ICO) in 2014. The investigation is intensifying in a context where Ethereum’s transition to Proof of Stake (PoS) raises questions about its classification as a “security” or “commodity”. This distinction is crucial, as it determines the regulatory framework that applies to Ethereum and could have significant implications for its future, including the viability and approval of Ethereum ETFs.

The SEC, by examining the structure and operations of the Switzerland-based Ethereum Foundation, as well as the recently adopted PoS consensus mechanism, seeks to establish whether Ethereum can be considered a “security” under US laws. This potential new classification comes at a critical time, with companies like Prometheum taking the lead in complying with possible regulation by placing themselves under the oversight of the SEC.

That’s the gist for this week. But if you want a more detailed recap 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.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.


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.