Blockchain
Bitcoin, Binance, Ethereum, Solana, and Ripple: The Biggest Crypto News of the Last Week
Mon 08 Jul 2024 ▪ 6 min read ▪ by Luc Jose A.
Between game-changing announcements, technological advances, and regulatory turmoil, the cryptocurrency ecosystem continues to prove itself both as a boundless playground of innovation and a battleground of regulatory and economic conflict. Here’s a recap of the past week’s biggest news stories involving Bitcoin, Ethereum, Binance, Solana, and Ripple.
Mt. Gox: Creditors Repay After Ten Years of Waiting
After a decade of legal battles and complex procedures, Former bitcoin exchange Mt. Gox is finally starting to repay its creditors. Founded in 2010 and at its peak handling up to 70% of global bitcoin transactions, Mt. Gox went bankrupt in 2014 after losing 850,000 BTC in a security breach. Refunds are being made in bitcoin (BTC) and bitcoin cash (BCH) through designated exchanges, with 47,288 BTC already transferred for refunds. Creditors must confirm the validity of their accounts to receive their compensation. However, this news has had disastrous repercussions on the cryptocurrency market, leading to massive liquidations that reached $675 million in 24 hours, mainly due to the selling of the newly refunded BTC, which could intensify the sell-off 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 to revolutionize block validation on the blockchain 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 timing. The goal is to reduce the computational load on validators, thereby increasing the efficiency and speed of transactions, now confirmed between five and twenty seconds. This advance could strengthen Ethereum’s competitive position, requiring a full network upgrade and community approval.
Panic in the Cryptocurrency Market: Bitcoin and Ethereum Crash
A shockwave hit the cryptocurrency world last week, with Bitcoin suddenly dropping 8% and Ethereum dropping over 10% in just a few hours.. This dramatic collapse led to massive liquidations of $580 million, especially on highly leveraged bullish positions that could not withstand the price decline. The massive movement of funds from Mt. Gox, which transferred over $2.7 billion in bitcoin to a new address in anticipation of redemptions, intensified the selling pressure. Meanwhile, the liquidation of part of Germany’s bitcoin holdings increased uncertainty. Traders, already nervous about macroeconomic uncertainties and the upcoming US presidential election, responded by massively selling their positions, causing significant losses. This increased volatility caused the fear and greed index to plummet 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 that exceed all expectations. After a difficult start, Solana has managed to establish itself as a key player in the meme cryptocurrency industryoutperforming 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 memecoin growth. Crypto memes such as Dogwifhat (WIF), Bonk (BONK), and Billy (BILLY) have contributed to this growth, with Dogwifhat rising 12.34% in 24 hours and Billy seeing its market cap explode 97% to reach $117 million. Solana’s community, technological innovations, and celebrity and investor support have been key factors in this dynamic. Solana now dominates the memecoin sector with a 9.64% market share.
Ripple Partners With Cryptocurrency Exchange Binance To Defeat SEC
Ripple is using a recent court ruling in favor of Binance to bolster its defense in its lawsuit against the SEC. On June 28, the U.S. District Court for the District of Columbia partially dismissed the SEC’s claims that some of Binance’s crypto sales amounted to securities sales. Ripple was quick to seize on the opportunity, noting that the court adopted a similar logic to Judge Analisa Torres in her case against the SEC in July 2023. Judge Amy Berman Jackson distinguished secondary market sales from institutional sales, criticizing the SEC’s approach to regulating the bitcoin and alternative cryptocurrency space through litigation without providing regulatory clarity. Ripple sees the comments as supporting its argument that the legal status of cryptocurrencies needs to be clarified, questioning the severity of the penalties sought by the SEC.
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Luke Jose A.
Graduated in Sciences Po Toulouse and owner of a blockchain certification consultant issued by Alyra, I resumed the Cointribune adventure in 2019. Aware of the potential of blockchain to transform many sectors of the economy, I made a commitment to raise awareness and inform the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and take advantage of the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to convey the latest technological innovations and to put in perspective the investors and companies that are facing this ongoing revolution.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Do your own research before making any investment decisions.