Bitcoin, Binance, Ethereum, Solana and Ripple: The biggest crypto news of the past week
Between groundbreaking announcements, technological advancements, and regulatory turbulence, the crypto ecosystem continues to prove that it is both a limitless territory of innovation and a battlefield of regulatory and economic conflicts. Here is a summary of the most notable news of the past week surrounding Bitcoin, Ethereum, Binance, Solana, and Ripple.
Mt. Gox: The creditors’ reimbursement after ten years of waiting
After a decade of legal battles and complex procedures, the former bitcoin exchange platform Mt. Gox is finally starting to reimburse its creditors. Founded in 2010 and handling up to 70% of global bitcoin transactions at its peak, Mt. Gox went bankrupt in 2014 following the loss of 850,000 BTC due to a security breach. Reimbursements are made in bitcoin (BTC) and bitcoin cash (BCH) via designated exchanges, with 47,288 BTC already transferred for reimbursements. Creditors must confirm the validity of their accounts to receive their compensation. However, this news has had disastrous repercussions on the crypto market, leading to massive liquidations reaching $675 million in 24 hours, primarily due to the sale of the newly reimbursed BTC, which could intensify sales and put pressure on the price of bitcoin.
Ethereum introduces EIP-7732 and shifts into high gear
Ethereum developers have introduced EIP-7732, a proposal aimed at revolutionizing block validation on the blockchain by separating the process into two parts: consensus and execution. This initiative, supported by Vitalik Buterin, proposes the Enshrined Proposer-Builder Separation (EPBS), which divides block creation between a consensus proposer and an execution proposer, with the Payload Timeliness Committee (PTC) overseeing the timings. The goal is to reduce the computational load of validators, thus increasing the efficiency and speed of transactions, now confirmed between five and twenty seconds. This advancement could strengthen Ethereum’s competitive position, requiring a complete network upgrade and community approval.
Panic in the crypto market: Bitcoin and Ethereum collapse
A shockwave hit the crypto world last week, with a sudden drop of 8% for Bitcoin and over 10% for Ethereum in a few hours. This dramatic plunge led to massive liquidations of $580 million, notably on heavily leveraged bullish positions that couldn’t withstand the price drop. The massive fund movement from Mt. Gox, transferring over $2.7 billion in bitcoins to a new address in anticipation of reimbursements, intensified the selling pressure. Meanwhile, the liquidation of part of Germany’s bitcoin holdings added to the uncertainty. Traders, already nervous about macroeconomic uncertainties and upcoming US presidential elections, reacted by selling off their positions massively, leading to significant losses. This increased volatility plunged the fear and greed index to alarming levels, leaving the market’s short-term outlook uncertain.
Solana sets new records with its memecoins
The memecoin universe on Solana is experiencing unprecedented excitement and has recorded performances exceeding all expectations. After a rocky start, Solana has managed to establish itself as a key player in the meme crypto sector, surpassing Ethereum by 800% since the beginning of the year. This success is attributed to Solana’s ability to attract talented developers and create an environment conducive to the growth of memecoins. Meme cryptos like Dogwifhat (WIF), Bonk (BONK), and Billy (BILLY) have contributed to this rise, with Dogwifhat soaring by 12.34% in 24 hours and Billy seeing its market cap explode by 97% to reach $117 million. The Solana community, technological innovations, as well as the support of celebrities and investors have been key factors in this dynamic. Solana now dominates the memecoin sector with a market share of 9.64%.
Ripple teams up with crypto exchange Binance to counter the SEC
Ripple is taking advantage of a recent court decision in favor of Binance to strengthen its defense in its litigation against the SEC. On June 28, the United States District Court for the District of Columbia partially dismissed the SEC’s accusations that certain cryptocurrency sales by Binance were equivalent to securities sales. Ripple quickly seized this opportunity, noting that the court adopted logic similar to that of Judge Analisa Torres in its case against the SEC in July 2023. Judge Amy Berman Jackson distinguished secondary market sales from institutional sales, criticizing the SEC’s approach of regulating the bitcoin and alternative crypto industry through litigation without providing regulatory clarity. Ripple sees these observations as supporting its argument on the necessity of clarifying the legal status of cryptos, questioning the severity of the penalties demanded by the SEC.
