Cash News
10h45 ▪
6
min read ▪ by
Between revolutionary announcements, technological developments, and regulatory turbulence, the crypto ecosystem continues to prove that it is both a territory of limitless innovation and a battlefield of regulatory and economic challenges. Here is a summary of the most significant news of the past week around Bitcoin, Ethereum, Binance, Solana, and Ripple.
Ethereum surpasses Bitcoin in adoption
Ethereum is experiencing rapid adoption with a 3.3% increase in the number of holders in just three months and now reaches nearly 127 million active addresses. This surge is largely driven by the attraction of smart contracts, decentralized finance (DeFi), and NFTs. In comparison, Bitcoin remains stable with 54 million holders and a slight decrease of 50,000 addresses. This relative decline of Bitcoin raises questions about its ability to maintain its leadership as Ethereum continues to strengthen its central role in the crypto ecosystem. The upcoming Ethereum update, which aims to address scalability issues and reduce transaction fees, could further boost its adoption.
Ripple CEO supports Kamala Harris: a risky bet for XRP?
Brad Garlinghouse, CEO of Ripple, joined 87 other business leaders in signing a letter of support for Kamala Harris, a candidate for the US presidency. Garlinghouse sees in Harris an opportunity to reform crypto regulation in the United States, with the goal of making the country more competitive in this sector. However, this political support has not been well received by all Ripple investors. Some fear that this stance could negatively impact the company’s reputation and the value of its XRP crypto, which has already dropped by 2.78% in 24 hours. This decline could intensify if the controversy around this political support persists.
Solana in freefall!
Solana has experienced a difficult period with a continuous decline in its price for at least 9 consecutive days, marking a depreciation of 20% in just eight days. The crypto is stuck between $126 and $160, a critical zone that had previously raised hopes of a rebound but now seems to be trapping investors. Rebound attempts have failed to break the $160 resistance, and technical indicators like RSI signal an imminent oversell. Analysts remain divided on Solana’s future: some foresee a possible recovery if the crypto manages to break the current resistance, while others fear a further decline towards $126. For now, persistent volatility continues to curb any optimism, and caution remains advisable for investors.
Bitcoin: hashrate hits highs despite challenges
The Bitcoin network continues to show impressive resilience with its hashrate reaching 665 exahashes per second (EH/s) on September 4, 2024, only 12 EH/s below its all-time high. This performance comes despite a 2.99% increase in mining difficulty and a drop in miner revenue, who currently earn $41.69 per petahash per second, slightly up from early August. Miners manage to offset the revenue decline through high transaction fees, more efficient mining equipment, and financing via publicly traded stocks. However, with persistent economic difficulties, questions remain about the sustainability of these operations, and miners may need to explore innovative solutions such as the use of renewable energies or diversification into other technological sectors to remain profitable.
Mastercard revolutionizes crypto payments with a Bitcoin card
Mastercard is launching a new Bitcoin card allowing users to pay directly in cryptocurrency without converting their assets into fiat currency. In partnership with Mercuryo, this card allows users to spend their Bitcoins in over 100 million shops worldwide and offers unprecedented flexibility for crypto holders. The card is self-managed, meaning users retain full control of their wallets, thus enhancing the security of their transactions. However, it comes with issuance and maintenance fees that, nonetheless, remain acceptable for most crypto enthusiasts. This initiative is part of a broader strategy by Mastercard to integrate cryptocurrencies into everyday life, partnering with major players like MetaMask and Circle to offer innovative payment solutions.
Sui revolutionizes payments without Internet
The Sui blockchain, developed by Mysten Labs, inaugurates a new era for crypto payments by enabling transactions without Internet connection through the use of radio waves and other alternative channels. This innovative technology allows for funds to be sent even in the absence of a network, opening opportunities in regions where connections are unstable or non-existent. By leveraging technologies such as GSM, mesh networks, or satellite communications, Sui aims to reduce barriers to financial services, particularly for the unbanked and populations in remote areas. This approach goes well beyond simple financial transactions, with potential applications in the Internet of Things (IoT) and the management of decentralized infrastructures, as illustrated by similar projects like Helium Mobile and Wifi Dabba.
That’s the main takeaway for this week. But if you want a more detailed summary and in-depth analysis directly in your inbox, don’t hesitate to subscribe to our weekly newsletter.
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A graduate of Sciences Po Toulouse and holder of a 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 constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. I strive every day to provide an objective analysis of current events, decipher market trends, relay the latest technological innovations and put into perspective the economic and societal challenges 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. Do your own research before taking any investment decisions.