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Amid revolutionary announcements, technological advances, and regulatory disruptions, the cryptocurrency ecosystem continues to prove both a realm of limitless innovation and a battleground between regulation and economics. Here's a roundup of last week's most important news on Bitcoin, Ethereum, Binance, Solana, and Ripple.
SEC renews its offensive against Ripple
On October 2, 2024, the SEC formally appealed the 2023 decision in favor of Ripple, creating new uncertainty surrounding the legal status of cryptocurrencies. The new appeal concerns a court ruling that concluded that secondary sales of Ripple's token, XRP, do not constitute sales of securities, unlike initial sales to institutional investors. This split decision was a win for Ripple and the crypto industry, establishing a distinction between institutional sales and secondary market sales. The SEC's appeal to reconsider this distinction could redefine regulatory rules for the entire cryptocurrency ecosystem.
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Bitcoin all crashed in Q3, while DeFi collapsed
In the third quarter of 2024, Bitcoin's dominance reached 56.8%, a level unparalleled since April 2021, establishing it as the king of cryptocurrencies. Demand for Bitcoin has exploded even as global market capitalization has remained stable. One reason for this is its role as a safe. It is doing well amid global economic uncertainty. Trading volumes increased by 12.6%, and a relatively favorable regulatory framework strengthened its position in institutional investors' portfolios. Meanwhile, decentralized finance (DeFi) experienced a severe decline, with Total Value Lock (TVL) declining by 21.4%. The lending sector, once a mainstay of DeFi, also declined by 9%, with regulatory uncertainty continuing to weigh on institutional adoption. While innovative efforts are underway, particularly in interoperability, DeFi struggles to compete with more speculative emerging sectors such as meme tokens and AI.
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Is the reign of cryptocurrency exchange Binance over?
Binance has long been the undisputed leader in the crypto market, but global regulatory pressures are eroding its dominance. In September 2024, the company's market share in spot trading fell to 27%, the lowest level since 2020. This decline is mainly due to tightening regulatory measures in countries such as Canada, the Netherlands, and Germany, forcing Binance to scale back its ambitions. The company's trading volume also fell by 20% in the month, and its market share in the derivatives market fell from 41% to 27%. While Binance struggles with these constraints, competitors such as OKX and Bybit are taking advantage of this to gain market share and strengthen their positions.
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Israel-Iran conflict: Bitcoin could fall to $55,000 💥
The geopolitical dispute between Israel and Iran caused Bitcoin to fall by 4%, falling below $60,282 before rebounding slightly above $63,000. Israel's attack and Iran's retaliation with over 180 missiles shook markets, particularly affecting cryptocurrencies. While oil prices experienced a modest 2% rise and stock markets such as the S&P 500 fell just 1%, Bitcoin showed vulnerability with predictions suggesting it could fall to $55,000. Despite this volatility, Bitcoin's long-term outlook remains optimistic thanks to the Fed and People's Bank of China's accommodative monetary policies, which are expected to support the cryptocurrency until 2025. Additionally, liquidity could improve in the market with an expected $6 billion infusion from FTX customer repayments.
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BlackRock Disappoints with Ethereum ETF Performance
BlackRock, one of the world's largest asset managers, expressed disappointment with the performance of its Ethereum Spot ETF, which has struggled to attract investor interest compared to Bitcoin ETFs. Unlike Bitcoin, which is perceived as a simpler and more accessible store of value, the Ethereum ecosystem, especially smart contracts and decentralized architecture, is a much more complex store of value than Bitcoin, according to Robert Mitchnick, head of digital assets at BlackRock. Complexity is holding back ETFs from mass adoption. The Bitcoin ETF continues to see huge inflows ($61 million in one week), while the Ethereum ETF is facing net outflows of $12 million. Despite these challenges, BlackRock remains optimistic and wants to focus on educating investors to better understand Ethereum's potential, making its product more attractive in the long term. That's what I think.
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That's the main takeaway this week. But if you'd like more in-depth summaries and in-depth analysis straight to your inbox, don't hesitate to subscribe to our weekly newsletter.
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Toulouse Scientific Diploma and Certification Consultant Alila Blockchain Exam Rejoined 2019 Coin Tribune. Examining the potential of blockchain in the field of economics, and the relationship between public sensibilities and information providers that will bring about a certain evolution of the social system for learning economics. The month is about understanding blockchain and its opportunities. Analyze the purpose of reality, decipher trends in Marche, analyze innovative technologies and perspectives, and analyze social revolution in Marche.
Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
