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Bitcoin, Binance, Ethereum, Solana and Ripple: the biggest cryptocurrency news of the past week
12pm ▪ 4 minute read ▪ by Luc Jose A.
Between groundbreaking announcements, technological evolutions, and regulatory turbulence, the crypto ecosystem continues to prove itself to be both a territory of limitless innovation and a battleground of regulatory and economic issues. Here is a summary of last week’s most significant news on Bitcoin, Ethereum, Binance, Solana and Ripple.
ICBC elevates Bitcoin and Ethereum to strategic assets
The Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, recently released a groundbreaking report which compares Bitcoin to digital gold and Ethereum to digital oil. Bitcoin is praised for its scarcity and robustness, making it a gold-like safe haven. Ethereum, on the other hand, is recognized for its central role in powering Web3 applications and programs, as well as its continuous technological innovations in security, scalability, and sustainability. This recognition marks a significant step in the acceptance of cryptocurrencies by mainstream financial institutions and highlights their growing importance in the global economy.
Solana reinvents payments with Shopify
Solana Pay has expanded its Shopify plugin, now allowing the acceptance of over 100 cryptocurrencies. This update, facilitated by Helio, offers merchants a decentralized payment solution with low fees, including real-time conversion to stablecoins such as USDC, EURC, PYUSD and USDY. The plugin aims to integrate millions of merchants into crypto trading, improving the payment experience, loyalty programs and Web3 features. With competitive transaction fees at 0.75% and on-ramp through the Helio dashboard, Solana Pay simplifies mass adoption of crypto payments, making transactions faster and more flexible for Shopify users.
The Fed maintains rates
The US Federal Reserve (Fed) has announced that it will maintain its monetary policy, expecting only a quarter-point rate cut by the end of the year. This decision, disappointing for investors who were hoping for several reductions, has created an atmosphere of uncertainty around Bitcoin. Seen as a hedge against inflation, Bitcoin reacts strongly to the Fed’s monetary policies. A restrictive policy strengthens the US dollar, putting downward pressure on the price of Bitcoin, while a rate cut could reverse this trend. In the short term, Bitcoin’s moderate volatility suggests that the market anticipated this decision. However, the long-term outlook remains complex, as future rate cuts could signal a recession, prompting investors to turn to safe-haven assets like Bitcoin.
Ethereum ETF: imminent approval according to Gary Gensler
SEC Chairman Gary Gensler recently raised investor hopes by suggesting this Ethereum ETFs could receive final regulatory approval by the end of the summer. This prospect promises to facilitate investments in Ethereum, the second cryptocurrency by market capitalization. Several major financial players such as VanEck and BlackRock have already received initial approval for their Ethereum ETFs, and a final validation would allow these new products to be traded on the markets. Analysts expect a positive impact on the cryptocurrency market, supported by signs of slowing US inflation and a possible easing of monetary policy. Despite the current market volatility, the approval of Ethereum ETFs could usher in a new era for digital assets and financial markets.
This is the essential thing to remember for this week. But if you want a more detailed summary and in-depth analysis delivered straight to your inbox, don’t hesitate to sign up for our weekly newsletter.
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Luc Jose A.
Graduated in Science Po Tolosa and holder of a blockchain certification consultant issued by Alyra, I returned to participate in Cointribune in 2019. Capturing the potential of blockchain to transform numerous sectors of the economy, I have made a commitment to raise awareness and inform the great public about this constantly evolving ecosystem. My goal is to allow anyone to better understand blockchain and learn about 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 into perspective the economic and social efforts of this revolution in brands.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.