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<p>From groundbreaking announcements, technological advancements, and regulatory turbulence, the crypto ecosystem continues to prove that it is a territory of limitless innovations and a battlefield for regulatory and economic challenges. Here is a summary of the most significant news of the past week around Bitcoin, Ethereum, Binance, and Solana, etc.</p>
<h2 id="a-record-drop-in-bitcoin-reserves-on-exchanges">A record drop in Bitcoin reserves on exchanges</h2>
<p>In 2024, Bitcoin reserves held by centralized exchanges have reached their lowest level since early 2021. More than <a href="https://www.cointribune.com/en/bitcoin-exchange-reserves-plummet-to-a-record-low/" target="_blank" rel="noopener noreferrer nofollow">90,700 Bitcoins have been withdrawn from major exchange platforms</a> over the last month, indicating a significant decrease in available reserves. This massive withdrawal movement comes in a context of a general increase in the price of cryptos, adding an intriguing dimension to this capital flight.</p>
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<p>Various factors could explain this downward trend in reserves on exchanges. An increased awareness of the risks associated with holding funds on centralized platforms, exacerbated by a recent wave of hacks and bankruptcies, seems to encourage investors to opt for more autonomous management of their digital assets. This preference for individual storage in non-custodial wallets (cold wallets) and the growing adoption of decentralized financial protocols might signify a major pivot towards the principles of decentralized finance, reaffirming financial autonomy as a central pillar of crypto philosophy.</p>
<h2 id="h-binance-establishes-its-first-board-of-directors">Binance establishes its first board of directors</h2>
<p>Binance, one of the largest crypto exchanges in the world, has reached a significant milestone by announcing the creation of its first board of directors. This new governance structure includes seven members, four internal and three independent. Gabriel Abed, former ambassador of Barbados to the United Arab Emirates, will chair this board, bringing his expertise in diplomacy and international affairs. <a href="https://www.cointribune.com/en/crypto-binance-appoints-its-first-board-of-directors/" target="_blank" rel="noopener noreferrer nofollow">The appointment of this board</a> comes at a time when Binance seeks to strengthen its compliance in the face of regulatory challenges encountered in several countries.</p>
<p>The composition of Binance’s board of directors sparks discussions within the crypto community. Some experts welcome this initiative as a step towards more transparent and accountable governance. However, concerns remain about the actual independence of the board, particularly because of the predominance of internal members. This situation could potentially limit the board’s ability to exercise effective oversight, making it more prone to simply validate management decisions rather than question them. However, the presence of independent members is seen as an opportunity to enrich the board with a diversity of expertise and perspectives.</p>
<h2 id="ripple-challenges-stablecoin-giants">Ripple challenges stablecoin giants</h2>
<p>Ripple, the company behind the famous XRP, boldly ventures into the stablecoin market, a sector previously dominated by Circle with its USDC and Tether with its USDT. Ripple’s plan is to introduce a stablecoin pegged to the US dollar, which will initially be integrated on the XRP Ledger and the Ethereum blockchain. This initiative comes despite recent controversies that have shaken the stablecoin market, illustrating Ripple’s ambition to firmly establish itself in this competitive space.</p>
<p>To differentiate itself, Ripple is drawing inspiration from Circle’s model by ensuring that its stablecoin will be backed by US dollar deposits, short-term US Treasury bonds, and other liquid assets. In addition, monthly attestations from external auditors will be implemented to reassure investors about the solidity of the reserves. David Schwartz, Ripple’s Chief Technology Officer, emphasizes transparency as a key strategy to navigate the often turbulent landscape of stablecoins, seeking to establish Ripple’s credibility and reliability in a rapidly expanding market.</p>
<h2 id="tether-makes-a-massive-investment-in-bitcoin">Tether makes a massive investment in Bitcoin</h2>
<p>Tether, the stablecoin giant, has made a bold move by acquiring 8,889 bitcoins, representing <a href="https://www.cointribune.com/en/crypto-tether-invests-627-million-dollars-in-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">an investment of $627 million.</a> This action marks a strategic turn and affirms Tether’s long-term vision in the crypto ecosystem. With this acquisition, Tether not only diversifies its reserves but also bets resolutely on the value and longevity of bitcoin.</p>
<p>Furthermore, Tether is not just accumulating bitcoins but is also broadening its horizons by investing in cutting-edge technologies like artificial intelligence and bitcoin mining. This strategic diversification towards innovation shows Tether’s ambition to become a major player in the digital asset industry and highlights its desire to drive technological progress while consolidating its supremacy in the crypto sector.</p>
<h2 id="solana-launches-an-offensive-against-fraudulent-memecoins">Solana launches an offensive against fraudulent memecoins</h2>
<p>In response to the proliferation of offensive memecoins on its blockchain, <a href="https://www.cointribune.com/en/crypto-solana-declares-war-on-problematic-memecoins/" target="_blank" rel="noopener noreferrer nofollow">Solana has taken drastic measures by implementing filters to eliminate inappropriate content</a>. During a roundtable at the BUIDL Asia Summit, Solana’s leaders announced the implementation of blocklists by wallet developers, thus controlling access to these tokens while preserving the open nature of the network.</p>
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<p>Solana’s approach reflects the current moderation challenges in decentralized spaces and illustrates an attempt to respect the principles of decentralization while conforming operations to regulatory and ethical standards.</p>
<h2 id="ethereum-sets-new-records">Ethereum sets new records</h2>
<p>Ethereum has seen tremendous growth in the first quarter of 2024, <a href="https://www.cointribune.com/en/crypto-ethereum-breaks-all-records-over-370-million-in-profits/" target="_blank" rel="noopener noreferrer nofollow">tripling its profits to reach $370 million</a>, with revenues generated mainly from an increase in transaction fees that totaled $1.2 billion. This rise in fees stems from a spike in the cost of transactions, influenced by the increasing price of the ETH token.</p>
<p>Despite the high fees, the use of the Ethereum network continued to grow, with an 8.4% increase in the total number of transactions. Decentralized finance (DeFi) on Ethereum also saw a significant increase in its total value locked, demonstrating strong adoption and user engagement despite challenges in scalability and transaction costs.</p>
<h2 id="paypal-reinvents-cross-border-money-transfers">PayPal reinvents cross-border money transfers</h2>
<p>PayPal has introduced a significant innovation in cross-border money transfers by allowing its American users to use its stablecoin, the PayPal USD (PYUSD), to <a href="https://www.cointribune.com/en/paypal-revolutionizes-cross-border-transfers-with-crypto/" target="_blank" rel="noopener noreferrer nofollow">make international transfers without fees via the Xoom service</a>. This initiative eliminates transaction fees, offering an economical alternative to traditional methods and reducing the overall cost of sending funds internationally.</p>
<p>This development is seen as a major advance in the fusion of traditional finance with blockchain technology. PayPal, by partnering with Paxos Trust Company for the security of the PYUSD, strategically positions itself as an innovative player in the financial sector and puts pressure on other market players to innovate and adopt cryptocurrencies.</p>
<p><em>That’s the essential to remember for this week. But if you want a more detailed recap and in-depth analyses directly in your inbox, don’t hesitate <a href="https://newsletter-fr.cointribune.com/s/news-tribune-weekly" target="_blank" rel="noopener noreferrer nofollow">to subscribe to our weekly newsletter.</a></em></p>

Weekly Recap: Bitcoin, Binance, Ethereum, Solana… crypto news you shouldn’t miss!

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