Bitcoin, Binance, Ethereum, Solana And Ripple: The Biggest Crypto News Of The Past Week
December 23, 2024
12h05 ▪
6
min read ▪ by
Luc Jose A.
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 battleground of regulatory and economic conflicts. Here is a summary of the most notable news from the past week around Bitcoin, Ethereum, Binance, Solana, and Ripple.
Bitcoin dethrones gold: A historic first with ETFs
In December 2024, Bitcoin ETFs surpassed gold ETFs in assets under management in the United States, marking a turning point in investment history. While gold ETFs have existed for over 20 years, Bitcoin ETFs, launched only in January 2024, have experienced a spectacular rise. This surge is due to the approval of regulators, the enthusiasm of financial giants like BlackRock and Fidelity, and the attractiveness of Bitcoin as “digital gold” with a supply limited to 21 million coins. This success reflects a generational shift: young investors prefer modern digital assets to the detriment of traditional options. With growing institutional demand and stable investment flows, Bitcoin ETFs seem well positioned to continue dominating, redefining investor preferences on a global scale.
The Fed lowers its rates and shifts the crypto market
Last Wednesday, the American Federal Reserve reduced its benchmark rate by 25 basis points, causing a marked drop in the crypto market. Although this decision was widely anticipated, the upward revision of inflation forecasts for 2025 to 2.5% (up from 2.1% previously) surprised many investors. This triggered a wave of massive liquidations and intensified volatility in major cryptos, including Bitcoin and Ether. Since then, the market has been in the red and struggling to recover. This situation illustrates the complex interaction between the Fed’s monetary policy and the dynamics of cryptocurrencies, highlighting their dependence on economic decisions and their intrinsic volatility.
Binance accused of plagiarism over the memecoin PNUT
Mark Longo, owner of the “Peanut the Squirrel” brand, accuses Binance of using his image and name without permission to promote the memecoin PNUT. A cease and desist letter has been sent, stating that this use infringes copyright and could lead to sanctions of up to $150,000 per infringement. Longo explains that the mascot, initially used for educational and charitable purposes, has been misappropriated, creating confusion among investors. As PNUT reaches a market capitalization of $2.25 billion, this case raises fundamental questions about intellectual property in the memecoin sector. Binance, which has not yet officially responded, faces legal repercussions and potential reputational damage if it persists in this contested use. This case could set a significant precedent for the regulation of memecoins and creators’ rights.
BTC enters the European debate
Bitcoin is entering the European political arena with force. Sarah Knafo, a Member of the European Parliament, has called for imitating the United States by adopting a strategic approach to Bitcoin, referred to by some as “digital gold.” She criticizes the European Union for its costly economic choices and restrictive fiscal policies towards cryptocurrency holders. Knafo urges European states to build strategic reserves of Bitcoin and develop initiatives around the crypto industry. Meanwhile, Germany, which recently liquidated 50,000 bitcoins at an average price of $54,000, is under scrutiny for its controversial management of its digital assets. However, some voices remind us that Bitcoin, while promising, is not a miracle solution to current economic and energy challenges.
The Trump crypto project bets on Ethereum
World Liberty Financial (WLFI), backed by members of the Trump family, has invested $2.5 million in Ethereum through the Cow Protocol. This strategic choice is part of a larger plan to strengthen the pillars of the crypto industry, with recent investments totaling $45 million in assets such as Chainlink, Aave, and Wrapped Bitcoin. WLFI relies on strong collaborations, including the integration of a stablecoin (USDe from Ethena Labs) to enhance liquidity and partnerships with influential figures like Justin Sun, who injected $30 million into the project. With a goal of raising $300 million, WLFI has already reached $72 million thanks to a methodical strategy and a cooperative vision focused on stability in a sector often perceived as volatile.
Here’s the essentials to remember for this week. But if you want a more detailed summary and in-depth analyses directly in your inbox, feel free to subscribe to our weekly newsletter.
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Diplômé de Sciences Po Toulouse et titulaire d’une certification consultant blockchain délivrée par Alyra, j’ai rejoint l’aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l’économie, j’ai pris l’engagement de sensibiliser et d’informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu’elle offre. Je m’efforce chaque jour de fournir une analyse objective de l’actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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