July 20, 2024

Bitcoin, Solana, and Terra Propel Speculations

The first week of 2024 ends with substantial and fresh advancements made within the realm of crypto. Among these, a notable surge in interest was observed among crypto market traders and investors globally, orbiting Bitcoin, Solana, Terra, and the US SEC. This primarily seems to be attributed to the key developments noted by the abovementioned entities. Aligning with this, some of the top headlines of the week are:

Bitcoin’s Chronicle

The week kicked off with quite the optimistic sentiment for Bitcoin globally, as the token noted a prompt rise in its dominance following the crypto market rally on New Year’s Day. Furthermore, this chronicle was jacked up with positive sentiments ahead of the spot Bitcoin ETF approval by the US SEC, nearing as of January 10.

Meanwhile, in the interim, Bitcoin S2F model creator PlanB hinted BTC price to hit $55,000 as the halving nears and slated it to reach $1 million by the end of 2025. However, Bitcoin soon backtracked, erasing earlier gains, as the broader crypto market saw over $700 million in liquidation on January 3, 2024.

Moreover, Dennis Porter, CEO of Satoshi Action Fund, revealed U.S. Senator Thom Tillis’s “noteworthy concerns” about the ‘Bitcoin Ban Bill.’ Simultaneously, it spotlighted the importance of a balanced regulatory approach for innovation and addressing illicit finance.

On the other hand, Matrixport forethought a potential BTC price dip to $36000, as the platform’s anticipation forecasted SEC’s unfavourable stance on spot Bitcoin ETF decisions.

Simultaneously, 210,010 BTC, worth $9 billion, were exchanged in block #824239 on January 4, showcasing one of the most noteworthy Bitcoin transactions to date. Concerning this, two unknown wallets transferred the aforestated amounts between themselves.

However, despite the colossal market selloffs and transfers amid triggered concerns over SEC’s stand on spot Bitcoin ETF, long-term Bitcoin holders appeared to be unfazed. Besides, Arthur Hayes, Co-founder of BitMEX, hinted toward a potential 40% correction in BTC price post spot Bitcoin ETF approval.

In addition, Citigroup Inc. Alumni also unveiled plans to launch Bitcoin depositary reserves, unchained to the US SEC’s constraints.

Solana Sparks Optimism

Solana, a prominent blockchain with the native token SOL, also marked a tempest of strides this week, following a significant listing bonanza. According to a report by CoinGape media, Binance, the world’s largest cryptocurrency exchange, announced plans to build support for SOL cross margin and isolated margin pairs on its platform.

Furthermore, Solana co-founder Anatoly Yakovenko cracked down on significant vulnerabilities orbiting the Solana ecosystem. Meanwhile, Solscan, Solana’s blockchain analytics platform, also strategically merged forces with Etherscan, revolutionizing the blockchain exploration space.

In addition to this, Yakavenko affirmed Solana’s continued robust approach to layer-1 scaling, fueling further optimism for SOL.

Also Read: Lido DAO (LDO) Price Hits New highs In Extended Rally

Terra Stirs Inferences

The Terra Classic community also marked noteworthy developments this week as Binance, a leading crypto exchange announced the incineration of 5.57 billion Terra Luna Classic tokens. With this, the community collectively noted the burning of 93 billion LUNC, as per a report by CoinGape Media.

Furthermore, the community also rejected an 8 million USTC burn proposal, aiming to utilize it for chain development-related purposes.

Simultaneously, Chris Amani, CEO of Terraform Labs, promptly propelled a price surge in Terra-backed tokens’ prices. This comes forth as a result of Amani’s prediction, proclaiming that the Terra ecosystem will have the deepest stablecoin liquidity in Cosmos. Moreover, he states that Terra will be the only ecosystem to have sufficient liquidity for DeFi.

Also Read: Terraform Labs & Do Kwon Challenge SEC’s Expert Opinion In Legal Showdown

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