Bitcoin, Binance, Ethereum and Ripple: The biggest crypto news of the past week
The cryptocurrency world is filled with major announcements, technological advancements, and regulatory challenges. This week saw significant developments involving Bitcoin, Ethereum, Binance, Solana, and Ripple.
Microsoft has decided not to invest in Bitcoin. During its annual meeting, the board rejected a proposal from the National Center for Public Policy Research to allocate 1% to 5% of profits to Bitcoin.
The board, backed by most shareholders, cited the cryptocurrency's high volatility and the need to maintain a steady cash flow. This cautious approach contrasts with firms like MicroStrategy, which have embraced Bitcoin significantly.
Ripple received approval to launch its stablecoin, RLUSD, from the New York Department of Financial Services. This stablecoin aims for a strong tie to the U.S. dollar and is backed by substantial reserves.
By operating on the XRP Ledger and Ethereum networks, Ripple seeks to compete with Tether and Circle, aiming for a $2 trillion market by 2028. This development demonstrates a blend of innovation and regulatory adherence, potentially reshaping the role of stablecoins in traditional finance.
Matrixport forecasts Bitcoin could reach $160,000 by 2025, driven by the rise of Bitcoin ETFs and growing institutional investor interest. This projection relies on a positive economic climate and rising demand for alternatives to conventional assets amid inflation and geopolitical tensions.
The report advises a 1.55% investment in Bitcoin to take advantage of its price swings while minimizing risks. Matrixport also anticipates that increased prices may lead regulators to impose stricter rules on cryptocurrencies.
In 2024, Solana surpassed Ethereum by attracting 7,625 new developers, marking a key shift. Ethereum's active developers dropped by 17%, stabilizing at 6,244. Solana's low fees and fast transactions have led to an 83% increase in hiring.
Despite this, Ethereum still leads in developer numbers due to its Layer 2 solutions, which represent 56% of its activity. Asia, especially India, is emerging as a central hub for blockchain talent.
MicroStrategy, with Bitcoin holdings worth $42 billion, is joining the Nasdaq-100. This move will enhance Bitcoin exposure for funds managing over $550 billion. ETFs tracking the index must buy MicroStrategy shares, increasing indirect Bitcoin investment.