9:46 AM ▪ 6 min read ▪ by Luc Jose A.

Between groundbreaking announcements, technological advancements, and regulatory turmoil, the crypto ecosystem continues to prove itself as both a limitless territory of innovation and a battleground of regulatory and economic conflicts. Here’s a roundup of the most notable news from the past week surrounding Bitcoin, Ethereum, Binance, Solana, and Ripple.

Mt. Gox: Creditors are being repaid after a ten-year wait

After a decade of legal battles and complex procedures, Former bitcoin exchange Mt. Gox is finally starting to repay its creditors. Founded in 2010 and handling up to 70% of global bitcoin transactions at its peak, Mt. Gox went bankrupt in 2014 after losing 850,000 BTC due to a security breach. Refunds are being made in bitcoin (BTC) and bitcoin cash (BCH) via designated exchanges, with 47,288 BTC already transferred for refunds. Creditors must confirm the validity of their accounts in order to receive their compensation. However, this news had disastrous repercussions on the cryptocurrency market, leading to massive liquidations that reached $675 million in 24 hours, mainly due to the sale of newly refunded BTC, which could intensify the sell-off and pressure the price of bitcoin.

Ethereum Introduces EIP-7732 and Kicks Into High Gear

Ethereum developers introduced EIP-7732, a proposal that aims to revolutionize block validation on the blockchain separating the process into two parts: consensus and execution. This initiative, supported by Vitalik Buterin, proposes Enshrined Proposer-Builder Separation (EPBS), which splits block creation between a consensus proposer and an execution proposer, with the Payload Timeliness Committee (PTC) overseeing the timings. The goal is to reduce the computational burden on validators, thus increasing the efficiency and speed of transactions, now confirmed between five and twenty seconds. This advancement could strengthen Ethereum’s competitive position, requiring a full network upgrade and community approval.

Cryptocurrency market panic: Bitcoin and Ethereum crash

A shockwave hit the cryptocurrency world last week, with a sudden 8% drop for Bitcoin and over 10% for Ethereum in just a few hours.. This dramatic drop led to massive liquidations of $580 million, notably in highly leveraged bullish positions that could not withstand the price drop. The massive movement of funds from Mt. Gox, moving more than $2.7 billion worth of bitcoin to a new address in anticipation of refunds, intensified the selling pressure. Meanwhile, the liquidation of part of Germany’s bitcoin holdings added to the uncertainty. Traders, already nervous about macroeconomic uncertainty and the upcoming US presidential election, responded by selling their positions massively, leading to significant losses. This heightened volatility plunged the fear and greed index to alarming levels, leaving the market’s short-term outlook uncertain.

Solana sets new records with its memecoins

The memecoin universe on Solana is experiencing unprecedented excitement and has seen performances that exceed all expectations. After a rocky start, Solana has managed to establish itself as a key player in the meme cryptocurrency sectoroutperforming Ethereum by 800% since the start of the year. This success is attributed to Solana’s ability to attract talented developers and create an environment conducive to the growth of memecoins. Meme cryptocurrencies such as Dogwifhat (WIF), Bonk (BONK), and Billy (BILLY) have contributed to this rise, with Dogwifhat rising 12.34% in 24 hours and Billy seeing its market cap explode by 97% to reach $117 million. The Solana community, technological innovations, as well as celebrity and investor support have been key factors in this dynamic. Solana now dominates the memecoin sector with a 9.64% market share.

Ripple teams up with crypto exchange Binance to fight SEC

Ripple is leveraging a recent court ruling in favor of Binance to strengthen its defense in its litigation against the SEC. On June 28, the U.S. District Court for the District of Columbia partially dismissed the SEC’s claims that certain cryptocurrency sales by Binance amounted to securities sales. Ripple was quick to seize the opportunity, noting that the court adopted a similar logic to that of Judge Analisa Torres in her July 2023 case against the SEC. Judge Amy Berman Jackson distinguished secondary market sales from institutional sales, criticizing the SEC’s approach of regulating bitcoin and the alternative cryptocurrency industry through litigation without providing regulatory clarity. Ripple sees these remarks as supporting its argument about the need to clarify the legal status of cryptocurrencies, questioning the severity of the penalties sought by the SEC.

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Luc Jose A.

With a degree in Political Science from Toulouse and a blockchain consultant certification from Alyra, I returned to the Cointribune adventure in 2019. Having seen the potential of blockchain to transform several sectors of the economy, I returned to the field to raise awareness and inform the general public about this constantly evolving ecosystem. My goal is to enable each of you to understand blockchain and seize the opportunities it offers. Every day, I make a point of providing an objective analysis of current affairs, deciphering market trends, relaying the latest technological innovations and putting into perspective the economic and social investments of this ongoing revolution.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author and should not be taken as investment advice. Please do your own research before making any investment decisions.

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