Crypto Weekly Recap: Bitcoin, Binance, Ethereum, Solana, Ripple
Between groundbreaking announcements, technological evolutions, and regulatory turbulence, the crypto ecosystem continues to prove that it is both a land of limitless innovations and a battleground of regulatory and economic challenges. Here’s a summary of the most notable news from the past week around Bitcoin, Ethereum, Binance, Solana, and Ripple.
Ethereum ETFs Finally Arrive on the Market!
July 23, 2024, marks a pivotal milestone for the cryptocurrency market with the long-awaited launch of Ethereum ETFs, approved by the SEC. After years of deliberations, financial giants like BlackRock and Fidelity are finally offering these exchange-traded funds, providing investors with a new way to access Ethereum after they did so for Bitcoin. This launch has sparked a mix of enthusiasm and caution, with trading volumes on the first day being relatively high. However, initial fluctuations and hesitancy from traditional investors reveal ongoing challenges. The evolution of these ETFs in the coming weeks will be crucial for their adoption and overall impact on the crypto market.
Bitcoin Aiming for New Heights
Bitcoin recently rebounded after hitting a key support at $63,193.80, hinting at a potential bullish recovery. Analysts are predicting short-term price targets around $71,972.46, with a potential return to the all-time high of $73,835.57. The increasing demand for Bitcoin ETFs and positive fundamental indicators, like the MVRV, support this trend. In the long term, VanEck projects that Bitcoin could reach $2.9 million per BTC by 2050, thanks to massive adoption and scalability solutions. However, challenges such as regulation and macroeconomic uncertainties remain.
Solana: The Future Star of ETFs
Following the success of its Bitcoin and Ethereum ETFs, Franklin Templeton is considering launching an ETF based on Solana. This decision is based on Solana’s rapid adoption and robust technological capability. Franklin Templeton has expressed confidence in Solana due to its ability to handle a high number of transactions per second and its attractive fees. The potential launch of a Solana ETF could materialize in 2025, attracting numerous investors, increasing Solana’s liquidity, and solidifying its position in the crypto market.
Ferrari Now Accepts Crypto in Europe
Ferrari is extending its crypto payment program to Europe after a successful launch in the United States. The Italian manufacturer, in partnership with BitPay, now allows its European customers to make purchases in Bitcoin, Ether, and USDC. This initiative aims to meet the expectations of a modern and tech-savvy clientele. Ferrari has observed strong demand for crypto payments, encouraging this strategic expansion. However, the acceptance of these payments is subject to local regulations, ensuring strict legal compliance. By adopting crypto, Ferrari simplifies international transactions and positions itself as an innovative company, while facing the challenges of digital asset volatility and the need to educate dealers and clients on this new payment method.
XRP Resilient Despite Legal Challenges
XRP has seen an impressive rise of nearly 35% in two weeks, driven by legal developments and increased activity on the XRP Ledger. Early July saw its price rise from $0.40 to $0.6387, buoyed by expectations of a resolution in the lawsuit between Ripple and the SEC. Although the SEC’s secret meeting, which had fueled these hopes, was canceled causing a slight drop in the price to $0.54, optimism remains strong. Additionally, the positive momentum in the overall crypto market and institutional interest in altcoins like XRP strengthen this trend. Data from Santiment reveals a notable increase in activity on the XRP Ledger, with 1,721 new wallets created in one day. This resilience and growing interest suggest a promising future for XRP, despite ongoing legal uncertainties.
That’s the key news for this week. If you want a more detailed summary and in-depth analyses straight to your inbox, feel free to subscribe to our weekly newsletter.
