Between revolutionary announcements, technological advancements, and regulatory turmoil, 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 of the past week around Bitcoin, Ethereum, Binance, and Solana, etc.
Bitcoin’s hashrate has reached an all-time high, demonstrating the miners’ resilience and confidence in crypto despite post-Halving concerns. The total computing power deployed surpassed its previous records, supported by technological advancements and a recent increase in BTC price. These factors have compensated for the block reward reduction, strengthening the mining ecosystem. This performance underscores Bitcoin’s robustness and reassures investors about its long-term fundamentals.
BlackRock Invests $10 Million in Ethereum for Its New ETF
BlackRock, the asset management giant, is preparing to launch an Ethereum ETF, following the success of its Bitcoin ETF. The company invested $10 million to purchase Ether to create a fund with an initial net asset value of $10 million. The ETF, which will be traded under the ticker ETHA, will have the Bank of New York Mellon as the custodian and Coinbase as the holder of the underlying Ether. The ETF’s launch is expected by the end of June, according to Bloomberg analyst Eric Balchunas.
XRP ETF: Imminent Approval, According to Ripple
Brad Garlinghouse, CEO of Ripple, announced 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 anticipates an XRP ETF launch by 2025. Although the crypto is currently down, trading below $0.549, optimism around the ETF could be a game changer. Regulatory clarity remains crucial, and a favorable decision for 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 his responsibility in money laundering operations via his platform. This sentence, shorter than the three years required by prosecutors, marks a decisive turning point for the crypto sector. Zhao expressed his regrets and acknowledged the importance of regulatory compliance. The future of Binance, under new leadership, is full of uncertainties.
Bitcoin: Institutional Frenzied Accumulation Resumes
Large institutional investors reiterate their strategy of Bitcoin accumulation, reminiscent of the pre-bull rally period of 2020. Ki Young Ju, CEO of CryptoQuant, reported a strong activity similar to what was observed before the price surge in late 2020, with daily transactions exceeding a billion dollars. Although volatility is moderate, this accumulation could signal a new bullish cycle. Analysts are divided on the immediate consequences, but many anticipate that Bitcoin could break through the $69,000 resistance, paving the way for new highs.
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