Top Crypto News of the Week: Bitcoin, Binance, Ethereum, Solana, and Ripple
The cryptocurrency landscape remains a dynamic realm of innovation and challenges, marked by groundbreaking developments, regulatory shifts, and market fluctuations. Here’s a roundup of key updates concerning Bitcoin, Ethereum, Binance, Solana, and Ripple from the recent week.
Bitcoin Achieves Record Transaction Volume Surpassing Visa and Mastercard
Bitcoin has achieved a historic milestone by surpassing Visa and Mastercard in daily transaction volume. Glassnode data reveals that the leading crypto asset processed a volume of $46.4 billion, outpacing the $6.5 billion in filtered economic transactions. The surge in volume can be attributed to growing adoption and advancements like the Runes protocol. With a market capitalization of approximately $1.3 trillion, Bitcoin is reshaping traditional payment systems.
Binance Secures Approval to Invest in US Treasury Bonds
Binance, the world’s top cryptocurrency exchange, has received approval to invest customer funds in US Treasury bonds. This strategic move diversifies investment options for users, offering enhanced security and stability compared to volatile crypto assets. The announcement has also driven up the price of Binance Coin (BNB), reflecting investor trust in Binance’s fund management and potentially paving the way for similar ventures.
JD Vance Selected as Trump’s Pro-Bitcoin Running Mate for 2024
Ohio Senator JD Vance has been chosen by Donald Trump as his running mate for the 2024 presidential election. Vance, a vocal supporter of cryptocurrencies, holds between $100,000 and $250,000 in Bitcoin and advocates for a crypto-friendly legislative framework. This nomination aims to attract the crypto enthusiast voter base and signifies a pro-crypto stance for Trump, who is now accepting cryptocurrency donations for his campaign.
Ethereum ETF Set to Launch on July 23
The much-anticipated debut of the first spot Ethereum ETFs is scheduled for July 23, 2024, as confirmed by the Chicago Board Options Exchange (Cboe). The listed funds include the 21Shares Core Ethereum ETF (CETH) and the Fidelity Ethereum Fund (FETH), providing a regulated and secure avenue for investing in Ethereum. These ETFs could draw in more institutional investors and bolster the legitimacy of the crypto market.
Whale Transactions Impact XRP Price Stability
Recent large XRP transactions by whales have caused significant price volatility for the token. The accumulation of over 130 million XRP led to a price surge to 63 cents, followed by an 8% drop to around 55.8 cents. These substantial movements by major holders underscore their direct influence on the market and the challenges of maintaining price stability in the short term.
In conclusion, these developments underscore the ever-evolving nature of the cryptocurrency space. For more detailed insights and analysis delivered directly to your inbox, consider subscribing to our weekly newsletter.
