Top Crypto News of the Week: Bitcoin, Binance, Ethereum, Solana, and Ripple
The crypto ecosystem is a dynamic space filled with groundbreaking developments, technological progress, and regulatory challenges. In the past week, significant news has emerged around Bitcoin, Ethereum, Binance, Solana, and Ripple.
Former U.S. President Donald Trump put forward a bold proposal to tackle the American national debt crisis, which currently stands at a staggering 35 trillion dollars. Trump suggested using Bitcoin as a solution, advocating for the issuance of “crypto checks” to counter dollar inflation and transition towards a financial system underpinned by blockchain technology. This idea has garnered support from key figures like Robert F. Kennedy Jr. and Senator Cynthia Lummis, who even proposed that the U.S. Treasury acquire 5% of the total Bitcoin supply as a strategic reserve. Such a pro-crypto policy stance could have implications in future presidential elections.
At the EDCON2024 event, Vitalik Buterin, the co-founder of Ethereum, outlined his vision for the platform over the next decade. Buterin emphasized the importance of developing innovative applications and enhancing wallet security. Areas of focus include decentralized finance (DeFi), decentralized identities (DID) through the Ethereum Name Service (ENS), DAOs, and NFTs. Buterin also proposed measures to enhance security, such as integrating private keys into phone chips and utilizing zero-knowledge proofs (ZK) to link KYC information to wallets.
In a strategic move, Russia has officially legalized the use of Bitcoin for international payments, a decision made in response to Western economic sanctions. This legislative step, effective from September 1, 2024, allows Russian companies to utilize Bitcoin as an alternative to traditional banking systems, particularly after being excluded from the SWIFT network. The Bank of Russia, previously cautious, now recognizes Bitcoin as a foreign currency and is exploring experimental crypto payments. Additionally, Russia is working on the digital ruble, a controlled digital version of its national currency, to modernize its financial system and leverage opportunities in the digital economy.
Ripple, a prominent player in the crypto space, has initiated the release of 1 billion XRP from its escrow accounts, a practice established since 2017. While these monthly releases often lead to re-escrowing a significant portion of the tokens, they can also impact market volatility. Ripple’s strategies aim to stabilize the market while ensuring liquidity for its operations, closely monitored by investors.
On the regulatory front, Bybit, a popular crypto exchange, has decided to exit the French market following regulatory pressure from the Autorité des Marchés Financiers (AMF). French users are no longer able to open new positions on Bybit and must close all existing positions by a specified date. Bybit’s decision reflects a broader trend of exchanges adapting to comply with local regulations, similar to its exit from the Canadian market in 2023. French users are advised to explore alternative platforms like Bitvavo, BitMart, Swissborg, or Coinbase.
In conclusion, the crypto landscape continues to evolve with a mix of innovation, regulatory developments, and strategic decisions shaping the industry’s trajectory.
