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Between revolutionary announcements, technological advances, and regulatory disruptions, the cryptocurrency ecosystem continues to prove both a realm of limitless innovation and a battleground for regulatory and economic skirmishes. Here we have compiled the most shocking news of the past week surrounding Bitcoin, Ethereum, Binance, Solana, and Ripple.
Bitcoin ETF continues to rise on historic record
Bitcoin ETFs have reached new heights, with cumulative net inflows exceeding $20 billion, a historic record for these crypto-based investment products. These funds recorded $1.5 billion in infusions during the week, bringing their total assets under management to $65 billion.
Companies like BlackRock collected $22.46 billion into their ETF (IBIT), while others such as Grayscale's GBTC experienced massive outflows of $20.14 billion. The move highlights growing interest in Bitcoin despite significant fluctuations in capital flows, reflecting renewed investor confidence supported by favorable macroeconomic conditions and political developments. There is.
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Ethereum verifiers will reach 1 million in 2024: interest from large companies increases
The Ethereum network recorded an impressive increase in the number of validators, surpassing the 1 million mark for the first time in June 2024. In one year, the number of validators increased by more than 30%, from 824,300 in September 2023 to 1,071,590. This development represents a growing interest in Ethereum from large enterprises and financial institutions, particularly for its use in smart contracts and decentralized applications (dApps). Innovations such as restaking and liquid staking have also made the verification process more attractive by allowing participants to maximize their profits while strengthening the network's security.
This increase in the number of validators will contribute to the decentralization and security of the network and support the transition to a proof-of-stake model. The future outlook looks bright as the number of validators continues to grow, attracted by the institutional adoption and technological developments of Ethereum 2.0.
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Binance dominates the competition with unprecedented records
Binance, the world's largest cryptocurrency trading platform, has achieved a historic milestone of reaching $100 trillion in cumulative trading volume. This impressive number covers both spot and derivatives markets and solidifies Binance's dominant position in the market, far ahead of competitors such as OKX ($24.9 trillion) and Bybit ($13.2 trillion). I am.
At the same time, Bitcoin's performance with the price above $68,000 also contributes to the current cryptocurrency market trend. While some assets such as Solana and Memecoin recorded impressive gains, other cryptocurrencies such as Curve and Arbitrum experienced significant declines.
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Bitcoin heads towards $70,000
Bitcoin has surpassed $68,000 and is approaching a key threshold of $70,000. Experts estimate that a break above this wall could trigger another major bullish wave for the rest of 2024. The move comes after a prolonged period of consolidation since March, when Bitcoin peaked at $72,100. Technical indicators such as rising lows and advancing peaks suggest that an explosive move is imminent.
Renewed investor confidence, combined with favorable macroeconomic factors, is reinforcing this bullish momentum. However, caution is advised as past attempts to cross this $70,000 threshold have shown it to be a difficult resistance to break through. If Bitcoin is successful, it could mark a significant turning point for the crypto market by the end of the year.
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SEC will do everything in its power to fight against Ripple
The legal battle between the SEC and Ripple has taken a new turn with a last-minute appeal by the SEC. The appeal reignites debate over the classification of XRP sales as securities, which has been a central point of the case since Judge Annalisa Torres' July 2023 ruling. The SEC no longer objects to sales of XRP to individuals, but it does object to sales to institutional investors and non-monetary transactions.
Ripple also filed a cross-appeal, arguing that the SEC's efforts would fail. This judicial episode could determine the future of cryptocurrency regulation in the United States. If the appeals court sides with the SEC, it could impose stricter regulations on institutional investors' sales of cryptocurrencies. Conversely, Ripple's victory would be a major blow to the SEC and strengthen the position of crypto companies in the fight against overregulation.
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That's the important thing to remember 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.
