Crypto Weekly Roundup: Major Moves in Bitcoin, Binance, Ethereum & More!
12h35 ▪ 5 min read ▪ by
The crypto landscape is ablaze with groundbreaking developments, tech innovations, and regulatory challenges. It’s a dynamic realm filled with both opportunities and risks, and this past week has been nothing short of thrilling. Buckle up as we dive into the most pivotal updates surrounding Bitcoin, Ethereum, Binance, Solana, and Ripple.
Brazil Sets Its Sights on Bitcoin
Brazil is on the brink of a financial transformation with an ambitious plan to establish a federal reserve in Bitcoin, dubbed RESBit. Spearheaded by Deputy Eros Biondini, this groundbreaking initiative aims to allocate up to 5% of national reserves into this digital currency, creating a buffer against economic volatility and geopolitical uncertainties. Drawing inspiration from El Salvador’s successful adoption of Bitcoin, RESBit is poised not only to bolster the Digital Real—the Central Bank of Brazil’s digital currency—but also to embrace cutting-edge blockchain and AI technologies for transparent and secure management. If this proposal gains traction, Brazil could emerge as a pioneering nation in integrating Bitcoin into its monetary policy.
🔗 Dive deeper into this story here
Ethereum Hits New Heights: 90.8% of Wallets in Profit
Ethereum is soaring, with an astonishing 90.8% of its investors currently enjoying profits—a historical milestone according to IntoTheBlock. As the price hovers around $3,570, this surge showcases the network’s resilience amid market fluctuations. Notably, the significant outflows of stablecoins in November indicate that savvy investors are cashing in, preparing for the next wave of market action. As altcoins gain momentum, all eyes are on Ethereum as it strengthens its position as a cornerstone of the crypto ecosystem.
Ripple Set to Unveil Game-Changing Stablecoin: RLUSD
Ripple is gearing up for a major breakthrough with its upcoming stablecoin, RLUSD, which has just received the green light from New York regulators. Backed by the dollar and designed for transparency and reliability, this over-collateralized stablecoin will launch on December 4, with regular audits to maintain its integrity. Integrated into both the XRP Ledger and Ethereum networks, RLUSD aims to revolutionize cross-border payments through unparalleled speed and security. Furthermore, Ripple aspires to expand RLUSD across multiple blockchains, eyeing a slice of the booming $2 trillion stablecoin market projected for 2028. However, this development raises questions among XRP holders about the company’s strategic focus moving forward.
🔗 Learn more about this launch here
Bitcoin Reserves Decline: Binance and Coinbase Under the Microscope
The trend of dwindling Bitcoin reserves on centralized exchanges continues, signaling a notable shift in the crypto landscape. From a staggering 3.3 million BTC in 2022, reserves have plummeted to 2.5 million in 2024. Coinbase, a favorite among institutional investors, witnessed its reserves shrink from 993,000 to 790,000 BTC this year, while Binance experienced a slight uptick, reaching 586,000 BTC by November. This overall decline underscores the growing trend toward self-custody solutions and indicates a more stable market environment.
Changpeng Zhao Takes a Stand Against Memecoins
Changpeng Zhao (CZ), the former Binance CEO, has voiced his concerns regarding the memecoin phenomenon, seeing it as a potential roadblock to blockchain innovation. With a hefty market cap of $110 billion, these speculative tokens often lure inexperienced investors, fueling volatility and jeopardizing the credibility of the crypto space. While CZ calls for a renewed focus on blockchain initiatives that deliver real value, Binance still lists memecoins like WHY and CHEEMS, whose values plummeted shortly after hitting the market. This juxtaposition amplifies the debate over the responsibilities of trading platforms and highlights the urgent need for a shift towards sustainable blockchain solutions.
🔗 Read CZ’s full statement here
That wraps up the key takeaways from this week! For more in-depth insights and analysis delivered straight to your inbox, don’t hesitate to subscribe to our weekly newsletter.
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A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification from Alyra, I joined the Cointribune team in 2019. Passionate about the transformative potential of blockchain across various sectors, I am committed to enlightening the public about this ever-evolving ecosystem. My mission is to empower individuals to better understand blockchain and seize the opportunities it presents. I strive daily to provide objective analysis of current events, decode market trends, highlight the latest technological innovations, and contextualize the economic and societal implications of this ongoing revolution.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author and should not be taken as investment advice. Always conduct your own research before making any investment decisions.
