The crypto world keeps changing with new ideas, rules, and legal tussles. This week brought big news for several top projects, like Bitcoin, Ethereum, Ripple, and Binance.
Bitcoin Hashrate Peaks Showing Miners Have Faith
Even with worries after the recent halving, Bitcoin’s hashrate, which shows how much mining power the network has, has reached its highest point ever. This jump proves miners are tough and believe Bitcoin will be worth a lot in the future. Better tech and Bitcoin’s rising price help this growth making mining stronger.
BlackRock Gets Ready to Launch Ethereum ETF
After the success of their Bitcoin ETF, investment giant BlackRock is getting ready to launch an Ethereum ETF. The company will put $10 million into Ether to create a fund with an estimated net asset value of $10 million. Investors can trade the ETF, which will use the ticker ETHA, by the end of June. This step shows that big institutions are becoming more interested in Ethereum.
Ripple Expects Approval of XRP ETF
At Consensus 2024, Ripple CEO Brad Garlinghouse showed faith in the future approval of an XRP ETF, despite current regulatory challenges. This positive outlook matches Standard Chartered’s forecast of a launch by 2025. XRP’s price stays under $0.549, but a win in Ripple’s ongoing SEC lawsuit could boost its uptake by institutions. Clear rules remain a crucial factor.
Binance Founder Faces Prison Sentence in Money Laundering Case
Changpeng Zhao, who started the cryptocurrency exchange Binance, will spend four months in a California jail. He admitted he played a part in money laundering on the platform. This shorter jail time shows a shift for the industry. It stresses how crucial it is to follow regulations. We don’t know what’s next for Binance with new people in charge.
Institutional Investors Buy More Bitcoin Again
Big money players are buying up Bitcoin again just like they did before the price took off in 2020. The boss of CryptoQuant, Ki Young Ju, says there’s been a big jump in trading, with daily deals worth over a billion bucks. This looks a lot like what happened right before Bitcoin’s value shot up in late 2020. People are talking about what this might mean right now, but some experts think Bitcoin could break through the $69,000 mark, which could lead to even higher prices down the road.
