Bitcoin, Binance, Ethereum, Solana And Ripple: The Biggest Crypto News Of The Past Week

Amid revolutionary announcements, technological evolutions, and regulatory turbulence, the crypto ecosystem continues to prove that it is both a territory of limitless innovations and a battlefield of regulatory and economic conflicts. Here is a summary of the most significant news from the past week regarding Bitcoin, Ethereum, Binance, Solana, and Ripple.

The BRICS are interested in Bitcoin mining to challenge the dollar’s hegemony

The BRICS countries (Brazil, Russia, India, China, South Africa) are actively exploring Bitcoin mining, particularly to free themselves from the US dollar in international trade. Three new members of the group — Argentina, the United Arab Emirates, and Ethiopia — are using energy resources to mine, namely natural gas, sovereign funds, and hydraulic surpluses, to produce bitcoins. Russia, for example, controls 17% of the global hashrate and is legislating to structure this industry, with a recent crypto payment platform to bypass economic sanctions. In the United States, Donald Trump promises a strategic reserve in bitcoins if victorious, indicating a potential paradigm shift for bitcoin as a global safe haven. Gold, although difficult to transact, has historically fulfilled this role, but bitcoin, with reduced fees and instant transfers, could become the neutral and universal currency for the BRICS and beyond.

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Liquid Staking: Towards a risky concentration for Ethereum?

With over 14.14 million ETH committed to liquid staking, representing 11.74% of the total circulating ETH, the liquid staking model is experiencing explosive growth on Ethereum. Driven by platforms like Lido, which holds 68.97% of this share, as well as Binance, Rocket Pool, and Coinbase, this staking model raises concerns for the network’s decentralization. The concentration of these assets in the hands of a few platforms poses risks of centralization, potentially compromising the security and autonomy of Ethereum, values that are dear to the network. Vitalik Buterin, co-founder of Ethereum, has warned of the dangers of this model in his project “Scourge”, highlighting the need to maintain a balance to prevent these major players from acquiring excessive power over the network. However, this model allows users to stake while remaining free of their funds, enhancing the attractiveness of liquid staking despite governance and security issues.

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21Shares poses a challenge with its demand for an XRP ETF on the American market

On November 1, 2024, 21Shares filed a request with the SEC for a spot XRP ETF, named “21Shares Core XRP Trust”, which would be listed on the Cboe BZX Exchange and would have Coinbase Custody Trust Company for asset custody. This filing makes 21Shares the third player, after Canary Capital and Bitwise, targeting an XRP ETF, illustrating an intensification of competition in this field. This ETF would allow investors to access XRP without directly owning it, an approach that mitigates regulatory risks while opening the market to traditional investors. However, the legal context is tense: after Judge Analisa Torres’s decision that XRP sales do not constitute financial securities, the SEC, although already favorable towards spot Bitcoin and Ethereum ETFs, remains cautious and may delay its decision.

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Reddit sells its bitcoins and ethers: a strategic decision in a volatile period?

Reddit surprised the market by liquidating a large portion of its Bitcoin and Ethereum holdings, generating nearly $6.87 million in sales in the third quarter of 2024, according to its filing with the SEC. This sale comes amid a slight recovery in the crypto market, where Bitcoin has reached recent highs. The reasons put forth by Reddit include cash management, asset diversification, and a reduction of risks associated with market volatility. This initiative could also be a proactive response to potential increased regulation of the sector. Some see it as a strategic caution to limit potential losses, while others believe it is a missed opportunity, as cryptocurrency prices are rising.

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Solana challenges Ethereum with record growth in decentralized exchanges

Solana marks a major turning point in the competition against Ethereum, displaying a weekly trading volume on decentralized exchanges (DEX) that represents 168% of Ethereum’s. This meteoric rise, driven by the boom of Raydium — a DEX that jumped from 7.6% to 18.4% market share — illustrates Solana’s growing popularity, especially for new “pump.fun” tokens. While Ethereum remains dominant with Uniswap, Solana captures the attention of traders and asserts itself in high-frequency transactions, attracting a more dynamic and innovation-oriented ecosystem. In October, Solana even generated more daily fees than Ethereum, reaching $2.54 million. This exceptional performance could influence the distribution of users between Solana, which appeals to intensive trading enthusiasts, and Ethereum, which is more rooted in stability and robust applications. The upcoming months are anticipated to be decisive for both blockchains.

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Here is the essential to remember for this week. But if you would like a more detailed recap and in-depth analyses directly in your inbox, feel free to subscribe to our weekly newsletter.