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Between groundbreaking announcements, technological developments, and regulatory turbulence, the crypto ecosystem continues to prove itself to be a land of limitless innovation and a field of regulatory and economic battlegrounds. Here’s a roundup of the most notable news from the past week on Bitcoin, Ethereum, Binance and Solana, and Ripple.
Gary Gensler clarifies: Bitcoin remains a commodity
Gary Gensler, Chairman of the SEC, reaffirmed that Bitcoin is not a “security” (financial security) but rather a commodity, a crucial distinction for the current regulatory framework. This specification is based on the decentralized nature of Bitcoin, which distinguishes it from other cryptocurrencies, which are often controlled by a central entity. As a commodity, Bitcoin is comparable to gold or silver and escapes the stricter financial regulation of securities. Now, investors can buy bitcoins through ETFs on the Nasdaq and NYSE. Despite this openness, Gensler notes that the crypto sector remains under heightened vigilance to protect investors from abuse and manipulation.
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Ethereum is reaching its limits: Vitalik Buterin warns the community
Vitalik Buterin, co-founder of Ethereum, recently warned that the network is approaching a critical saturation point. Mass adoption of Layer 2 (L2) solutions that use blobs to improve Ethereum’s performance pushes these storage spaces to around 75% of their maximum capacity. Faced with this situation, Buterin suggests increasing the capacity of blobs per block to avoid slowing down L2 protocols. A new enhancement proposal, EIP-7623, aims to increase the call data cost to limit block size while increasing storage capacity. This change is supported by several community stakeholders, including Jesse Pollak of Coinbase L2 Base, who sees it as leverage to support L2 growth without compromising network performance.
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CZ regains its freedom: What will be the future of Binance?
Changpeng Zhao, the founder of Binance, was released after four months in prison. However, the terms of his legal settlement prevent him from returning to a position of responsibility at Binance. Although he remains the majority shareholder, his direct influence on the company’s decision-making could be limited by this agreement. Richard Teng, the current CEO of Binance, appears to be firmly entrenched in his position, and any attempt to oust him could cause further tension with the authorities. However, as a shareholder, CZ retains room for maneuver to influence fundamental decisions. In addition, his recent philanthropic initiatives, such as the free education project, suggest that he may be stepping away from the day-to-day operations of Binance to focus on other priorities.
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Ordinals Relaunch NFT Bitcoin Market
Ordinals on the Bitcoin network are experiencing an impressive resurgence, marking a turning point in the digital asset market. While NFTs on Ethereum and Solana are trying to regain momentum, collections of Ordinals such as NodeMonkes, Quantum Cats and Pizza Ninjas are seeing significant growth. NodeMonkes even saw the price floor increase to 0.2 BTC (around $13,000). This return of Ordinals comes after the temporary dominance of runes, a protocol that captured up to 70% of Bitcoin transaction volume in August. Today, Ordinals are attracting more and more investors and rekindling interest in Bitcoin in the NFT universe. Since their launch in 2023, they have disrupted the ecosystem and created a market worth $759 million.
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HMSTR Drop Turns Into Fiasco, Crypto Community Angry
The highly anticipated Hamster Kombat (HMSTR) token drop has turned into a disaster, causing immense frustration among investors and the crypto community. The September 26, 2024 launch was marked by the surprise disqualifications of many active participants who were seen as favoring influencers. Additionally, multiple delays and technical issues prevented many users from getting their tokens, creating an atmosphere of anger. The latest blow came with the token’s introductory price set at just $0.01, followed by a rapid 60% drop in its value, well below the numbers reported by some influencers.
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XRP is driven by speculation according to the SEC
The SEC recently highlighted the key role that speculation plays in the valuation of XRP, the cryptocurrency associated with Ripple. A key document from the SEC’s lawsuit against Ripple reveals that speculation is not only a driver of XRP’s price, but also a critical part of its utility, including providing the liquidity needed to integrate into products such as ODL (On-Demand Liquidity). However, this reliance on speculation raises concerns about XRP’s long-term stability. If speculative activity declines, this could affect XRP’s liquidity and challenge its role in cross-border payment solutions. The prospect of an ongoing trial is also weighing on XRP’s current performance, which is stagnating around $0.59. The outcome of this trial could determine the future of cryptocurrency.
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That’s the main thing to remember this week. But if you want a more detailed recap and in-depth analysis delivered straight to your inbox, be sure to subscribe to our weekly newsletter.
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A graduate of Sciences Po Toulouse and holder of the blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I made a commitment to raise awareness and inform the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and take advantage of the opportunities it offers. Every day I try to provide an objective analysis of current events, decipher market trends, convey the latest technological innovations and put into perspective the economic and social problems of this ongoing revolution.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.