Bitcoin, Binance, Ethereum, Solana, And Ripple: The Biggest Crypto News From The Past Week

Between revolutionary announcements, technological developments, and regulatory turmoil, the crypto ecosystem continues to prove that it is both a territory of limitless innovations and a battleground for regulatory and economic battles. Here is a condensed summary of last week’s most notable news around Bitcoin, Ethereum, Binance, Solana, and Ripple.

Bitcoin: A Texan Mining Giant Declares Bankruptcy

Rhodium Enterprises, one of the leaders in Bitcoin mining based in Texas, has filed for bankruptcy due to debts estimated between 50 and 100 million dollars. The company and its six subsidiaries, including Rhodium Encore and Rhodium 2.0, have sought protection under Chapter 11 in order to restructure their debts while maintaining operations. This bankruptcy filing comes after its inability to repay a $54 million loan in July, despite several attempts at restructuring. Rhodium’s bankruptcy highlights the difficulties faced by Bitcoin miners, confronted with reduced profits following the April halving and increased energy costs. Texas, still the epicenter of mining in the United States, continues to support the industry with tax exemptions for miners using flared gas.

XRP Market Manipulation: Ripple Labs Under Fire

A crypto expert has exposed market manipulation practices by Ripple Labs, the company behind XRP. According to his revelations, Ripple has strategically adjusted the sales of its native crypto, XRP, to control the price and influence the perception of its value, creating an impression of low market capitalization. By playing with the circulating quantities and modulating transaction volumes, Ripple had managed to artificially maintain a low price, thus deceiving investors. These practices have elicited mixed reactions within the community, with some accusing Ripple of a lack of transparency, while others consider these actions necessary to stabilize the market. These revelations could worsen Ripple’s legal troubles, already under action from the SEC for illegal securities sales.

A Catastrophic Quarter for Ethereum

The third quarter of 2024 was particularly difficult for Ethereum, with continuous price drops that plunged investors into uncertainty. Historically, this period is already known for its low returns, but this year, the situation has been even more critical. Despite a stable start to the year, Ethereum failed to break the psychological barrier of $4,000, and the bearish trend intensified in July and August. Projections for the last quarter are moderately optimistic, with a possible recovery, but hopes for a real rebound are pushed back to 2025, when the first quarter is traditionally more promising.

Public Companies Triple Their Bitcoin Holdings

Publicly traded companies have tripled their Bitcoin holdings in one year, now reaching $20 billion, a sign of growing confidence in the long-term potential of crypto. MicroStrategy, a pioneer in this strategy, now holds 226,500 BTC and influences other companies to follow this model. A survey by Nickel Digital shows that 75% of institutional investors support the integration of Bitcoin into corporate balance sheets, and 58% foresee mass adoption in the next five years. Despite this strong growth, companies still hold only 1.6% of the total Bitcoin supply, leaving enormous potential for institutional adoption.

Binance Accused of Seizing Cryptos Belonging to Palestinians on Israel’s Order

Binance is at the heart of a major controversy after being accused of freezing funds belonging to Palestinian users on orders from Israeli authorities. Ray Youssef, co-founder of Paxful, revealed that this seizure was allegedly ordered by the Israeli army under anti-terrorism laws, justified by an official letter signed by a member of the Israeli National Bureau for Counter Terror Financing. Binance quickly denied these accusations, claiming that only accounts involved in illegal activities were restricted, and reiterated its commitment to comply with international regulations. The platform finds itself in a complex situation, seeking to maintain user trust while complying with regulatory pressures.

That’s the essentials for this week. But if you want a more detailed recap and in-depth analysis directly in your inbox, don’t hesitate to subscribe to our weekly newsletter.