Bitcoin

The biggest crypto news from the past week

Published

8 months ago

10 June, 2024

The biggest crypto news from the past week

1:00 pm ▪ 5 min reading ▪ by Luc Jose A.

Between revolutionary announcements, technological developments and regulatory turmoil, the crypto ecosystem continues to prove that it is both a land of limitless innovation and a battleground of regulatory and economic struggles. Here’s a condensed overview of last week’s most notable news surrounding Bitcoin, Ethereum, Binance, Solana, and Ripple.

Bitcoin whales control 40% of supply

Bitcoin whales, those investors who hold significant amounts of BTC, have already accumulated more than 40% of the total crypto supply. This trend, observed since mid-March, reveals an increase in these entities’ confidence in Bitcoin’s long-term potential, despite market concerns about price fluctuations. However, such concentration could lead to price manipulation and increased volatility, posing significant risks to market stability.

Binance reaches 200 million users

Binance has surpassed the 200 million user mark. Since its inception in 2017, Binance has innovated by offering diversified services, from spot trading to futures contracts and decentralized finance (DeFi). This significant milestone reflects user loyalty and trust and demonstrates Binance’s commitment to making cryptocurrencies accessible to everyone. Beyond simple exchange, Binance promotes education and innovation in the blockchain sector through initiatives such as Binance Academy and Binance Research. This impressive growth highlights the success of Binance’s vision and its pivotal role in the global adoption of cryptocurrencies.

ECB reopens the floodgates: good news for Bitcoin

The European Central Bank (ECB) decided to reduce its key interest rate from 4.50% to 4.25%, the first in five years, despite the recent increase in annual inflation. This decision aims to relaunch the European economy, facilitating access to credit, although Christine Lagarde, President of the ECB, highlighted the geopolitical and economic uncertainties that could affect inflation and energy prices. This rate cut is viewed favorably for Bitcoin, providing a haven from the volatility of fiat currency. Furthermore, the ECB will begin to gradually sell the 1.85 billion euros in debt accumulated during the pandemic from July onwards, a process that will take two decades.

Robinhood acquires Bitstamp for 200 million

Robinhood announced the acquisition of Bitstamp, one of the oldest crypto exchange platforms, for $200 million. This strategic decision aims to expand Robinhood’s influence in the crypto sector despite regulatory pressures from the US SEC. Bitstamp, with its more than 50 licenses and registrations worldwide, represents a significant opportunity for Robinhood to expand its user base and attract institutional customers. This acquisition could strengthen Robinhood’s position in the global crypto market, although regulatory challenges remain. Robinhood users will benefit from a more secure and robust platform thanks to the Bitstamp integration.

Ethereum ready for Pectra in Q1 2025

Ethereum plans to release a major upgrade, Pectra, in the first quarter of 2025, promising significant improvements for users and developers. This update includes innovations such as the EVM Object Format (EOF) and EIP-7702, with the aim of increasing the security and efficiency of smart contracts while providing greater flexibility in transactions. Pectra will integrate around 19 EIPs to address issues such as high transaction fees on layer 2 platforms. The release schedule has been carefully chosen to avoid rushing before Devcon, ensuring full feature integration and effective deployment monitoring. This update is part of a broader roadmap, with planned future improvements such as the Osaka update and PeerDAS integration to improve scalability and decentralization.

Here’s this week’s essential recap. But if you want a more detailed summary and in-depth analysis straight to your inbox, don’t hesitate to subscribe to our weekly newsletter.

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Luc José A. avatar

Lucas José A.

Graduated in Science from Toulouse and holder of a blockchain certification consultant delivered by Alyra, I am back on the Cointribune adventure in 2019. Harness the potential of blockchain to transform various sectors of the economy, and gain price engagement to raise awareness and inform the big public about this constantly evolving ecosystem. My goal is to enable you to better understand blockchain and take advantage of the opportunities it offers. I strive now to provide an objective to analyze current affairs, to decrypt market trends, to convey the latest technological innovations, and to measure in perspective the economic and social outcomes of this revolution in March.

DISCLAIMER

The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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