Cryptoweek’s top stories: With all the groundbreaking announcements, technological evolutions, and regulatory turmoil, the crypto ecosystem continues to be a place of boundless innovations and a battlefield of economic and regulatory conflicts. This is a rundown of the most important Bitcoin, Ethereum, Binance, Solana, and Ripple news from the previous seven days.
1 million addresses now hold at least 1 Bitcoin
As per IntoTheBlock, Bitcoin has achieved a significant milestone, with over one million addresses owning one BTC or more. This development indicates the widespread acceptance and confidence in Bitcoin’s value-storage capabilities. The total number of Bitcoin addresses possessed by whole-coiners, as they are called, has surpassed 1,010,777. This accumulation shows that although the market is volatile, people are still confident. One of Bitcoin’s selling points as an investment is its extreme rarity—there will only be 21 million. The credibility and security of Bitcoin are bolstered by its institutional adoption, which occurs when enterprises and financial institutions accumulate BTC. With a long-term steady increase expected, Bitcoin is now trading at about $61,640.
VanEck files for a Solana ETF
The VanEck Solana Trust exchange-traded fund (ETF) would be domiciled in Solana and would be launched by the investment management firm VanEck, according to an SEC application. After VanEck’s Bitcoin ETF debuted successfully in Australia, they decided to take this step. Following approval, the Cboe BZX exchange will offer the Solana ETF, which will follow the current price of Solana.
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Cryptoweek’s top stories: The market responded positively after this application was announced, sending the Solana (SOL) price soaring 6% to $148. This move might begin a trend toward more diversified crypto investment products for more conventional investors so those people can taste the market without owning cryptocurrency. With more institutional investors showing interest. Cryptos are acknowledged as a real asset class, and VanEck’s application for a Solana ETF boosts the Solana coin and the broader sector.
Ripple releases 1 billion XRP in July.
On July 1, Ripple intends to release 1 billion XRP, equivalent to $470 million in market value. Since its implementation in 2017, this monthly unlocking process can potentially depress the price of XRP. Ripple plans to put 500 million XRP into circulation via two wallets and many contracts until January 2025. Ripple achieved its all-time monthly sales record in June with 200 million XRP. The price of XRP, currently at $0.467, dropped 9.25% due to this huge sale. Sinsalenlockings in the past have frequently hurt the price of XRP, so investors should be cautious.
JPMorgan forecasts a summer of Mt. Gox.
July marks the beginning of the distribution of 142,000 bitcoins, with an estimated value of $9 billion, to creditors of the defunct Mt. Gox exchange site. The distribution is scheduled to take place between July and October. Cryptoweek’s top stories: According to JPMorgan, the bulk of these reimbursements are expected to happen in July. Which might lead to huge market sales of Bitcoin. There may be a lot of selling pressure on Bitcoin and other cryptocurrencies if creditors, after waiting nearly a decade, are motivated to liquidate their holdings fast. Despite potential turbulence in the near term, JPMorgan anticipates a recovery in August following the first wave of sales. More cryptocurrency reimbursements, like those from Gemini Earn and FTX, confuse the market and make the next several months unpredictable for cryptocurrencies.
Ethereum gas fees plummet.
The average gas fee on Ethereum was 3 Gwei (about $0.14) yesterday, June 30, 2024, a record low despite significant transaction volume. This is the lowest amount since 2016. Technology improvements, including layer one efficiency, integrated layer two volumes, and EIP-4844 blob transactions, caused this drop. Ethereum hopes to entice more users and developers by lowering transaction fees. Renewing its appeal as a decentralized application (dApp) and everyday transaction platform. Cryptoweek’s top stories: High costs have traditionally shielded networks from DDoS attacks, so this reduction makes one wonder about network security. In addition, the dynamics of supply and demand are affected by decreased deflationary effects. Decreased burn fees brought about Ethereum. Users will benefit financially from this news, but security and economic sustainability concerns will need constant attention.
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