Ethereum
The biggest crypto news of the past week
3h00 ▪ 4 min reading ▪ by Luc Jose A.
Between revolutionary announcements, technological advances and regulatory upheavals, the crypto ecosystem continues to prove that it is both a land of unlimited innovations and a field of regulatory and economic battles. Here is a summary of the most notable news from the past week around Bitcoin, Ethereum, Binance, Solana, etc.
Bitcoin hash rate hits all-time high
Bitcoin hashrate hits an all-time high, demonstrating miners’ resilience and confidence in crypto despite post-halving concerns. Total computing power deployed has surpassed its previous records, supported by technological advancements and a recent increase in the price of BTC. These factors have offset the reduction in block rewards, thereby strengthening the mining ecosystem. This performance underlines the robustness of Bitcoin and reassures investors about its long-term fundamentals.
BlackRock invests $10 million in Ethereum for its new ETF
BlackRock, the asset management giant, is set to launch an Ethereum ETF, following the success of its Bitcoin ETF. The company invested $10 million to buy Ether create a fund with an initial net asset value of $10 million. The ETF, which will trade under the symbol ETHA, will have Bank of New York Mellon as custodian and Coinbase as holder of the underlying Ether. The ETF’s launch is expected by the end of June, according to Bloomberg analyst Eric Balchunas.
XRP ETF: approval imminent, according to Ripple
Brad Garlinghouse, CEO of Rippleannounced at the Consensus 2024 conference that the approval of an XRP ETF is inevitable, despite current regulatory challenges. This prediction follows that of Standard Chartered, which predicts the launch of an XRP ETF by 2025. Although the crypto is currently down, trading below $0.549, optimism around the ETF could change the situation. Regulatory clarity remains crucial, and a ruling favorable to Ripple in its legal battle against the SEC could accelerate institutional adoption of XRP.
Changpeng Zhao of Binance incarcerated for 4 months
The founder of the crypto exchange Binance, Changpeng Zhao, has been incarcerated for four months in a low-security federal prison in Lompoc, California, after admitting its responsibility in money laundering operations via its platform. This sentence, shorter than the three years requested by prosecutors, marks a decisive turning point for the crypto sector. Zhao expressed regret and acknowledged the importance of complying with regulations. Binance’s future, under new management, is full of uncertainty.
Bitcoin: resumption of frenzied institutional accumulation
Large institutional investors reiterate their Bitcoin accumulation strategy, which recalls the period leading up to the 2020 bull rally. Ki Young Ju, CEO of CryptoQuant, reported strong activity similar to that seen before the price surge in late 2020, with daily transactions exceeding $1 billion. Although volatility is moderate, this accumulation could signal a new bull cycle. Analysts are divided on the immediate consequences, but many predict that Bitcoin could break through the $69,000 resistance, opening the way to new highs.
That’s the main takeaway from this week. However, if you want a more detailed recap and in-depth analysis straight to your inbox, feel free. to subscribe to our weekly newsletter.
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Luc José A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I took the 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 seize the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to relay the latest technological innovations and to put into perspective the economic and societal issues of this ongoing revolution.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.