Bitcoin
Bitcoin, Binance, Ethereum, Solana, and Ripple: Last Week’s Biggest Crypto News
12:00 ▪ 4 min reading ▪ by Luc Jose A.
Between revolutionary announcements, technological evolutions and regulatory turbulence, the crypto ecosystem continues to prove that it is both a land of limitless innovation and a battleground of regulatory and economic issues. Here is a summary of the most significant news from the past week regarding Bitcoin, Ethereum, Binance, Solana and Ripple.
ICBC elevates Bitcoin and Ethereum to strategic resources
The Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, recently published a groundbreaking report which compares Bitcoin to digital gold and Ethereum to digital oil. Bitcoin is praised for its scarcity and robustness, making it a safe haven similar to gold. Ethereum, on the other hand, is recognized for its central role in the development of Web3 applications and programs, as well as its continuous technological innovations in security, scalability and sustainability. This recognition marks a significant step in the acceptance of cryptocurrencies by traditional financial institutions and highlights their growing importance in the global economy.
Solana reinvents payments with Shopify
Solana Pay has expanded its plugin for Shopify, now allowing acceptance of over 100 cryptocurrencies. This upgrade, facilitated by Helio, offers merchants a decentralized payment solution with reduced fees, including real-time conversion for stablecoins such as USDC, EURC, PYUSD, and USDY. Plugin aims to onboard millions of traders into crypto trading, improving the payment experience, loyalty programs and Web3 features. With competitive 0.75% transaction fees and access through the Helio dashboard, Solana Pay simplifies the mass adoption of crypto payments, making transactions faster and more flexible for Shopify users.
The Fed maintains rates
The United States Federal Reserve (Fed) announced the maintenance of its monetary policy, planning only a quarter-point rate cut before the end of the year. This decision, disappointing for investors who expected several reductions, generated an atmosphere of uncertainty around Bitcoin. Considered a hedge against inflation, Bitcoin reacts strongly to the Fed’s monetary policies. A restrictive policy strengthens the US dollar, putting downward pressure on the price of Bitcoin, while a rate cut could reverse this trend. In the short term, Bitcoin’s moderate volatility suggests that the market anticipated this decision. However, the long-term outlook remains complex as future rate cuts could signal a recession, prompting investors to turn to safe-haven assets like Bitcoin.
Ethereum ETF: an imminent approval according to Gary Gensler
SEC Chairman Gary Gensler recently reignited investor hopes by suggesting that Ethereum ETFs could receive final regulatory approval by the end of the summer. This prospect promises to facilitate investment in Ethereum, the second largest cryptocurrency by market capitalization. Several major financial players such as VanEck and BlackRock have already received initial approval for their Ethereum ETFs, and a final validation would allow these new products to be traded on the markets. Analysts anticipate a positive impact on the crypto market, supported by signs of slowing inflation in the US and a possible easing of monetary policy. Despite current market volatility, the approval of Ethereum ETFs could usher in a new era for digital assets and financial markets.
That’s the essential thing to remember this week. But if you want a more detailed recap and in-depth analysis straight to your inbox, don’t hesitate to subscribe to our weekly newsletter.
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Lucas José A.
Graduated in Science from Toulouse and holder of a blockchain certification consultant delivered by Alyra, I am back on the Cointribune adventure in 2019. Harness the potential of blockchain to transform various sectors of the economy, and gain price engagement to raise awareness and inform the big public about this constantly evolving ecosystem. My goal is to enable you to better understand blockchain and take advantage of the opportunities it offers. I strive now to provide an objective to analyze current affairs, to decrypt market trends, to convey the latest technological innovations, and to measure in perspective the economic and social outcomes of this revolution in March.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.
Bitcoin
Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens
Risk assets fell on Thursday as China’s second rate cut in a week raised concerns of instability in the world’s second-largest economy.
Bitcoin (BTC)the leading cryptocurrency by market cap, is down nearly 2% since midnight UTC to around $64,000 and ether (ETH) fell more than 5%, dragging the broader altcoin market lower. The CoinDesk 20 Index (CD20), a measure of the broader cryptocurrency market, lost 4.6% in 24 hours.
In equity markets, Germany’s DAX, France’s CAC and the euro zone’s Euro Stoxx 50 all fell more than 1.5%, and futures linked to the tech-heavy Nasdaq 100 were down slightly after the index’s 3% drop on Wednesday, according to the data source. Investing.com.
On Thursday morning, the People’s Bank of China (PBoC) announced a surprise, cut outside the schedule in its one-year medium-term lending rate to 2.3% from 2.5%, injecting 200 billion yuan ($27.5 billion) of liquidity into the market. That is the biggest reduction since 2020.
The movement, together with similar reductions in other lending rates earlier this week shows the urgency among policymakers to sustain growth after their recent third plenary offered little hope of a boost. Data released earlier this month showed China’s economy expanded 4.7% in the second quarter at an annualized pace, much weaker than the 5.1% estimated and slower than the 5.3% in the first quarter.
“Equity futures are flat after yesterday’s bloody session that shook sentiment across asset classes,” Ilan Solot, senior global strategist at Marex Solutions, said in a note shared with CoinDesk. “The PBoC’s decision to cut rates in a surprise move has only added to the sense of panic.” Marex Solutions, a division of global financial platform Marex, specializes in creating and distributing custom derivatives products and issuing structured products tied to cryptocurrencies.
Solot noted the continued “steepening of the US Treasury yield curve” as a threat to risk assets including cryptocurrencies, echoing CoinDesk Reports since the beginning of this month.
The yield curve steepens when the difference between longer-duration and shorter-duration bond yields widens. This month, the spread between 10-year and two-year Treasury yields widened by 20 basis points to -0.12 basis points (bps), mainly due to stickier 10-year yields.
“For me, the biggest concern is the shape of the US yield curve, which continues to steepen. The 2- and 10-year curve is not only -12 bps inverted, compared to -50 bps last month. The recent moves have been led by the rise in back-end [10y] yields and lower-than-expected decline in yields,” Solot said.
That’s a sign that markets expect the Fed to cut rates but see tighter inflation and expansionary fiscal policy as growing risks, Solot said.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
July 24, 2024, 5:30 p.m.
Updated July 24, 2024, 5:35 p.m.
(Benjamin Cheng/Unsplash)
Fuente
Bitcoin
India to Release Crypto Policy Position by September After Consultations with Stakeholders: Report
“The policy position is how one consults with relevant stakeholders, so it’s to go out in public and say here’s a discussion paper, these are the issues and then stakeholders will give their views,” said Seth, who is the Secretary for Economic Affairs. “A cross-ministerial group is currently looking at a broader policy on cryptocurrencies. We hope to release the discussion paper before September.”
Ether, the second-largest token, fueled a slide in digital assets after a stock rout spread unease across global markets.
Ether fell about 6%, the most in three weeks, and was trading at $3,188 as of 6:45 a.m. Thursday in London. Market leader Bitcoin fell about 3% to $64,260.
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