Bitcoin, Binance, Ethereum, Solana and Ripple: The biggest crypto news of the past week

The crypto ecosystem remains a dynamic field filled with innovations and challenges. Recent developments have highlighted the ongoing transformation within this space, especially regarding popular cryptocurrencies such as Bitcoin, Ethereum, Binance, Solana, and Ripple. The past week has produced significant news that could shape the future of the industry.

Bitcoin is making headlines as the Czech National Bank, led by Governor Aleš Michl, considers including Bitcoin in its reserves. This decision would mark a shift towards diversifying the bank's assets beyond traditional gold and foreign currency reserves. While the idea is cautious, it reflects a bold approach in the evolving financial landscape.

The plan must still gain approval from a skeptical board of directors, which has expressed doubts about the reliability of cryptocurrency. However, similar movements are happening elsewhere, particularly in the United States, where a coalition is backing a proposed “Bitcoin Act.”

These initiatives emphasize the growing recognition of Bitcoin as a potential strategic reserve, even as its price volatility raises concerns. If these projects succeed, they could significantly impact the market.

In another development, Solana has emerged as a major player in decentralized exchanges (DEXs). The platform recorded an impressive trading volume of $3.8 billion just on Monday, surpassing both Ethereum and Base combined.

This surge in activity cements Solana's position as an emerging leader in the space. The total value locked (TVL) on Solana has skyrocketed from $1.4 billion to $9.5 billion within a year, thanks to its fast transaction speeds and low fees. The introduction of memecoins and AI-related tokens has attracted many traders, further boosting Solana's ecosystem.

Raydium, dominating 60% of the market share on Solana, has even surpassed Uniswap in trading volumes. With these achievements, Solana is establishing itself as a vital blockchain, equipped to compete with larger platforms in the Web3 arena.

Bitcoin's price has faced downward pressure recently, dropping below $92,000 after reaching an all-time high of $108,000 in November 2024. The Fear & Greed Index, which gauges market sentiment, has dipped to a low of 50, indicating a significant loss of confidence among investors.

Several factors contribute to this situation, including rumors surrounding large sell-offs of 198,000 bitcoins seized from the Silk Road, rising US bond yields, and a strengthening dollar.

Additionally, Bitcoin ETFs saw withdrawals totaling $570 million in just one day. While some analysts speculate about a potential recovery, predicting prices could climb to $140,000 by March, the market's condition remains fragile amid uncertainties tied to US Federal Reserve monetary policies.

Binance has achieved another significant milestone, reaching 250 million registered users in 2024. This accomplishment solidifies its position as the leading global cryptocurrency exchange. The rapid growth can be attributed to an expansion of the platform’s offerings, which now include decentralized finance (DeFi) innovations, streamlined NFT solutions, and digital wealth management tools.

This diversification has propelled Binance's annual trading volumes beyond $15 trillion while the Binance Crypto Card has attracted over 12 million users. Despite regulatory issues and market fluctuations, Binance has kept investor trust, reinforcing its essential role in fostering the global adoption of digital assets.

Meanwhile, XRP has experienced a notable increase in network activity, with over 2 million transactions reported in just one day. This significant uptick occurred between Saturday and Sunday, which highlights the rising interest in XRP. Alongside this surge in transactions, XRP's price has shown signs of stabilization, finding strong support levels above $2.20 and $2.30.

The current price sits near a critical resistance point at $2.60, suggesting that XRP's popularity and appeal, driven by its fast transactions and low costs, may continue to grow as traders flock to the network.

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