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Cryptocurrency News Articles
This Week in Crypto: SEC Reignites the Offensive Against Ripple, Bitcoin Crushes All in Q3, While DeFi Collapses
Oct 07, 2024 at 06:05 pm
Amid revolutionary announcements, technological evolutions, and regulatory turbulence, the crypto ecosystem continues to prove itself as both a territory of limitless innovations and a field of regulatory and economic battles.
In a week marked by regulatory clashes, surprising market shifts, and geopolitical tensions, here's a quick summary of the most important crypto news concerning Bitcoin, Ethereum, Binance, Solana, and Ripple.
SEC launches new offensive against Ripple
On October 2, 2024, the SEC officially appealed the decision made in favor of Ripple in 2023, creating new uncertainty around the legal status of cryptocurrencies. This new appeal concerns the ruling that concluded that secondary sales of XRP, Ripple’s token, did not constitute securities sales, unlike initial sales to institutional investors. This split decision had been a victory for Ripple and the crypto industry and established a distinction between institutional sales and those on the secondary market. The SEC’s appeal, which seeks to reexamine this distinction, could redefine regulatory rules for the entire crypto ecosystem.
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Bitcoin crushes all in Q3, while DeFi collapses
In the third quarter of 2024, Bitcoin confirmed its status as the king of cryptos with a dominance reaching 56.8%, an unmatched level since April 2021. Despite stable global market capitalization, demand for Bitcoin has exploded, partly due to its role as a safe haven amid global economic uncertainties. Transaction volumes increased by 12.6%, and the relatively favorable regulatory framework strengthened its position in institutional portfolios. Meanwhile, decentralized finance (DeFi) experienced a severe decline, with a drop of 21.4% in total value locked (TVL). The lending sector, once a pillar of DeFi, also fell by 9%, while regulatory uncertainty continues to weigh on institutional adoption. Although innovative initiatives are underway, particularly in interoperability, DeFi struggles to compete with more speculative emerging sectors like meme tokens and AI.
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End of reign for the crypto exchange Binance?
Binance, long the undisputed leader of the crypto market, sees its dominance crumble under the pressure of global regulations. In September 2024, its market share in spot trading fell to 27%, a level not seen since 2020. This drop is mainly due to increased regulatory measures in countries like Canada, the Netherlands, and Germany, forcing Binance to scale back its ambitions. Its transaction volume also fell by 20% in a month, and in the derivatives market, its market share declined from 41% to 27%. While Binance battles these constraints, its competitors like OKX and Bybit are taking advantage to gain market share, strengthening their positions.
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Israel-Iran conflict: Bitcoin threatened to fall to $55,000 💥
The geopolitical conflict between Israel and Iran caused a 4% drop in Bitcoin, falling below $60,282 before slightly rebounding above $63,000. Israeli attacks and Iranian retaliation with over 180 missiles shook the markets, particularly affecting cryptos. While oil experienced a slight increase of 2% and stock markets like the S&P 500 fell by only 1%, Bitcoin showed its vulnerability with forecasts suggesting a potential decline to $55,000. Despite this volatility, long-term prospects remain optimistic for Bitcoin, thanks to the accommodative monetary policies of the Fed and the People’s Bank of China, expected to support cryptos until 2025. Additionally, a $6 billion injection expected from FTX customer repayments could improve market liquidity.
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BlackRock disappointed by the performance of Ethereum ETFs
BlackRock, one of the world’s largest asset managers, has expressed disappointment with the performance of Ethereum spot ETFs, which struggle to attract investor interest compared to Bitcoin ETFs. According to Robert Mitchnick, head of digital assets at BlackRock, the complexity of Ethereum’s ecosystem, notably its smart contracts and decentralized architecture, hinders the massive adoption of its ETFs, unlike Bitcoin, perceived as a simpler, more accessible store of value. While Bitcoin ETFs continue to see massive capital inflows ($61 million in one week), Ethereum ETFs face net outflows of $12 million. Despite these challenges, BlackRock remains optimistic and focuses on educating investors to better understand the potential of Ethereum, hoping to make its products more attractive in the long term.
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That’s the main takeaway 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.
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- Shiba Inu (SHIB) Enthusiasts May Have to Temper Their Expectations as $0.01 or $0.10 Targets Seem Fantastical During the 2025 Bull Run
- Oct 07, 2024 at 10:20 pm
- Shiba Inu (SHIB) enthusiasts eager to see the meme coin finishing 2025 as hot as $0.01 or even $0.10 during the bull run may have to temper their expectations.
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- GoodEgg (GEGG): A Revolutionary AI Play-to-Date Token With the Potential to Surpass Near Protocol (NEAR)
- Oct 07, 2024 at 10:20 pm
- Near Protocol (NEAR) has long been one of the most innovative blockchain networks in the crypto space. However, a new AI-powered cryptocurrency, GoodEgg (GEGG), is generating significant buzz and might be on the verge of surpassing NEAR's dominance.
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- Bonk (BONK) Faces Market Challenges as GoodEgg (GEGG) Emerges as a Play-to-Date Contender
- Oct 07, 2024 at 10:20 pm
- The meme coin world has seen its share of highs and lows, and Bonk (BONK) has been no exception. As Solana's premier meme coin, BONK has built a strong following, but a new challenger has emerged: GoodEgg (GEGG), a Play-to-Date token that is taking the market by storm.
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- GoodEgg (GEGG): Can This AI-Powered Play-to-Date Crypto Become the Next Sei (SEI)?
- Oct 07, 2024 at 10:20 pm
- As the world of cryptocurrencies continues to evolve, investors are constantly on the lookout for the next big thing. With the recent surge of Sei (SEI) and other AI-driven tokens, the market is becoming increasingly bullish on artificial intelligence and decentralized finance (DeFi) projects.