Weekly recap: Bitcoin, Binance, Ethereum, Solana... Crypto news not to be missed!

From the European Central Bank’s staunch position on Bitcoin to the record fine imposed on Binance, through to Brave’s innovative initiatives with Solana and PSG’s historic entry into blockchain validation, not to mention the surprising developments around AI with OpenAI’s Sora, the past week has been rich in notable events. Here is your traditional recap of the news that has dominated the sector in recent days!

Bitcoin, a null value: ECB still in denial

The European Central Bank (ECB) has recently reaffirmed its critical stance towards Bitcoin, stating in a blog post that the “fair value” of this cryptocurrency is “still zero”. Ulrich Bindseil and Jürgen Schaaf, the authors of the post, believe that Bitcoin is not suitable as a means of payment or as an investment, arguing that its rise in price and growing market capitalization are only a reflection of the “global social harm” that will result from the inevitable collapse of what they describe as a “house of cards”.

However, Bitcoin seems indifferent to the ECB’s criticisms, continuing to shine on the cryptocurrency market and influencing the global financial market. With a 0.4% increase in its value since the previous day and a market capitalization reaching $1 trillion, Bitcoin remains one of the most coveted assets in the world. This situation is not new, as the ECB had already attacked Bitcoin in November 2022, declaring it on a “path to irrelevance”. Despite relentless criticism, Bitcoin continues to generate keen interest and represent a unique investment opportunity for many enthusiasts, without needing the ECB’s approval to exist and thrive.

Brave and Solana: A bridge to simplified DeFi

Brave, the privacy-focused browser, has just made a significant turn in the adoption of cryptocurrencies by natively integrating the Solana network for the transfer of BAT token rewards. This integration allows Brave users to transfer their BAT token earnings directly to a self-hosted Solana wallet, thus eliminating the need to go through centralized exchanges. This is seen as a major advance, not only for the adoption of the Solana network by a major player in the traditional Web but also as a novel bridge between Web 2.0 and the cryptocurrency universe, offering users native interaction with SPL tokens and access to Solana’s burgeoning DeFi ecosystem.

The browser plans to explore other blockchains such as Ethereum and to form alliances with other major DeFi names, in order to simplify access to decentralized finance for the general public. With its considerable user base, Brave could become the missing link facilitating mass adoption of DeFi, thus marking a decisive turning point towards a Web3 centered on decentralization. This initiative opens up exciting prospects for the future of the internet, while highlighting the challenges to be met in transitioning from a technical innovation to a full cultural revolution.

Binance ordered to pay $4.3 billion for money laundering!

On February 23, 2024, Binance, one of the largest cryptocurrency exchange platforms, was ordered to pay a fine of $4.3 billion by a U.S. federal court. This decision follows an agreement between Binance and the U.S. Department of Justice, which accuses the company of failures in the fight against money laundering and compliance with international sanctions. This penalty, one of the highest ever imposed in the United States in this field, underscores Binance’s questionable past practices, including its alleged ignorance of illicit activities transiting through its platform. Judge Richard Jones criticized Binance’s corporate ethic, compromised by greed, during the hearing.

This record fine sends a strong signal to the entire crypto ecosystem and reflects the regulators’ determination to combat abuses in the sector, even among its most influential players. As a result, other cryptocurrency exchange platforms are now under increased scrutiny and must strictly comply with traditional financial regulations. In addition to the fine, Binance will be subject to monitoring by an independent auditor for five years to ensure regulatory compliance, with the law firm Sullivan & Cromwell expected to perform this task.

Donald Trump takes a pro-Bitcoin turn!

In preparation for the 2024 presidential election, Donald Trump is changing his position on Bitcoin, moving from severe criticism to cautious acceptance. During an appearance on Fox News, Trump acknowledged the growing use of Bitcoin, indicating an openness to its adoption. Although he reaffirms his commitment to the dollar, which he considers “very strong,” he now admits the possibility of “living with Bitcoin in one way or another.” This statement marks a notable change for someone who had previously called Bitcoin a “scam” and criticized its value as being “based on thin air”.

Trump still emphasizes his preference for the dollar, aspiring for it to become “the currency of the world”. However, his shift in rhetoric on Bitcoin appears to be a political strategy aimed at attracting voters interested in cryptocurrencies, especially the youth. Despite this openness, Trump remains committed to the idea of regulating the cryptocurrency market to clarify its legal status and protect investors.

Crypto – PSG becomes the 1st football club blockchain validator!

Paris Saint-Germain (PSG) has just taken a revolutionary step in the world of football and cryptocurrency by becoming the first football club validator of the Chiliz blockchain, the platform behind its fan tokens. By becoming a validator, PSG will actively participate in Chiliz network management, validating transactions and smart contracts, which will enable it to generate revenue. These will be reinvested in the regular buy-back of its own PSG fan tokens on the market, with the aim of supporting their value and enriching the club’s reserves.

This model creates a virtuous economic circle around the PSG fan token, where increased activity on the network translates into more revenue for the club, increasing demand and the token’s value. This strategy aims to establish a sustainable digital economy around the fan token, which could potentially inspire other clubs. PSG’s commitment as a blockchain validator is a strong signal for mainstream cryptocurrency adoption, marking a significant step towards integrating blockchain into the traditionally conservative professional football sector.

🚀 MetaMask: The growth of the wallet electrifies the crypto universe

MetaMask, the widely used cryptocurrency wallet, has recently reached an impressive milestone with a record of 30 million active monthly crypto users. This remarkable growth, which represents a 55% increase in just four months, from 19 million users in September to over 30 million in January, underscores the growing interest in decentralized finance (DeFi). MetaMask’s rise highlights the positive momentum of the sector despite a global crypto market that has not yet surpassed its previous peaks. This trend is all the more significant as it coincides with a recovery of bitcoin (BTC) and ether (ETH) values, which have approached their respective record prices, with BTC doubling in value and ETH increasing by about 70% over the last six months.

Despite growing competition with the emergence of alternatives like Rabby, Rainbow, Zeal, and Phantom, MetaMask maintains its dominant position in the crypto wallet market. Its recent integration of Blockaid, a security-focused tool, enhances its appeal by offering proactive protection against malicious transactions such as phishing attempts, scams, and hacks. Over 576,000 MetaMask users activated Ethereum alerts from Blockaid during the beta phase, preventing more than 30,000 malicious transactions. This commitment to security, combined with an ever-growing user base, establishes MetaMask as a fundamental pillar of the DeFi ecosystem.

AI Crypto: Unexpected takeoff with OpenAI’s Sora!

The introduction of Sora, OpenAI’s general-purpose text-to-video artificial intelligence, has sent shockwaves through the world of AI-related cryptocurrencies, leading to a spectacular increase in their value. February 15, just after Valentine’s Day, marked the start of this revolution with Sora promising to transform the film industry by generating stunningly realistic videos from simple text instructions. This innovation had a direct impact on Worldcoin’s WLD cryptocurrency, which saw its price soar by 140%.

The excitement surrounding Sora also boosted other AI-related cryptocurrencies, with significant increases in their value. Tokens like Worldcoin (WLD) and SingularityNET (AGIX) particularly benefited from this trend, with respective gains of 28% and over 11%. Other cryptocurrencies such as Fetch.AI’s FET and Ocean Protocol’s OCEAN also experienced remarkable progressions. During this period, the market capitalization of AI-related cryptocurrencies climbed by 8%, reaching 15 billion dollars, confirming the growing appeal of these advanced technologies.

That’s the most important news to remember for this week. But if you want a more detailed recap and in-depth analyses directly in your inbox, don’t hesitate to subscribe to our weekly newsletter.