Bitcoin, Ethereum, Binance, Solana, and Ripple: weekly recap

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.

Top 5 crypto news: BRICS eye Bitcoin mining to counter dollar dominance

Here’s a concise summary of the most remarkable crypto news from the past week, covering Bitcoin, Ethereum, Binance, Solana, and Ripple.

BRICS nations explore Bitcoin mining to challenge the US dollar

BRICS countries are actively considering Bitcoin mining to reduce their reliance on the US dollar in international trade. Three new members — Argentina, the United Arab Emirates, and Ethiopia — are utilizing energy resources (natural gas, sovereign funds, and hydraulic surpluses) to produce bitcoins. For instance, Russia, which possesses 17% of the global hashrate, is regulating this industry and recently launched a crypto payment platform to circumvent economic sanctions. In the United States, Donald Trump is promising a strategic reserve in bitcoins if elected, potentially shifting the narrative for Bitcoin as a global safe haven. While gold has historically played this role, its high transaction costs make Bitcoin, with its lower fees and instant transfers, a more suitable candidate for this title, especially for the BRICS and their associates.

Liquid Staking: A double-edged sword for Ethereum’s decentralization

With over 14.14 million ETH committed to liquid staking, representing 11.74% of the total circulating ETH, this model is experiencing a meteoric rise on the Ethereum network. Driven by platforms like Lido, which holds 68.97% of this share, followed by Binance, Rocket Pool, and Coinbase, this staking method 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 Ethereum's security and autonomy — values that are deeply ingrained in the network's ethos. Vitalik Buterin, co-founder of Ethereum, has highlighted the dangers of this model in his project "Scourge," emphasizing 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 in control of their funds, enhancing the attractiveness of liquid staking despite governance and security concerns.

21Shares beantragt Genehmigung für XRP-ETF in den USA

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 party, 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.

Reddit sells its Bitcoin and Ethereum: A strategic move in a volatile market

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.

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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