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Crypto expert Crypto Bitlord criticizes Vitalik Buterin for neglecting Ethereum scaling efforts amid the 20% surge from XRP.

Market commentator Crypto Bitlord has gone to X to voice concerns regarding Ethereums progress. He criticized Ethereum co-founder Vitalik Buterin for not focusing enough on scaling the network, claiming Buterin is more concerned with personal matters.

This statement comes amid a significant 20% increase in XRPs value, highlighting a stark contrast in performance between the two cryptocurrencies. Bitlords comments have also sparked diverse reactions from the crypto community, reflecting varied perspectives on Ethereums future.

Crypto Bitlord accused Buterin of neglecting Ethereums scaling efforts, pointing out that Buterin is seen taking first-class flights and focusing on trivial issues like mask-wearing. The pundit asserts that these purported distractions have contributed to Ethereums sluggish movement in the market.

He highlighted that while XRP has surged by 20%, Ethereums growth remains minimal. Bitlords criticism underscores a sentiment of frustration among some Ethereum supporters, who believe Buterins current actions are insufficient for advancing the platform.

The crypto communitys response to Bitlords critique reveals a spectrum of opinions. A pseudonymous veteran known as Yakuza defended Buterin, emphasizing his past contributions to Ethereums success.

Yakuza argued that Buterins efforts have brought Ethereum to its current status, suggesting that recent inactivity does not negate his historical impact.

Conversely, another analyst dismissed the comparison between XRP and Ethereum, asserting that XRP will never surpass Ethereum. This analyst emphasized Ethereums potential and ongoing roadmap, suggesting that the platforms long-term vision remains intact.

However, there are also voices of dissent within the community, with some analysts expressing skepticism about Ethereums ability to scale effectively. These critics argue that Ethereums current and future scalability issues make it an unviable option for mainstream adoption.

Over the past month, the price performance of Ethereum (ETH) and XRP has shown notable differences. Ethereum experienced a steady decline initially, followed by stabilization and a gradual recovery, ultimately trending upwards but remaining below its starting point for most of the period.

In contrast, XRP displayed significantly higher volatility, with several sharp drops and quick recoveries. Notably, XRP surged dramatically towards the end of the period, resulting in a substantial positive gain that surpassed its initial value.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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While XRP Surges 20%, Expert Says Vitalik Buterin Neglects Ethereum Scaling Efforts - The Crypto Basic

Mon 15 Jul 2024 4 min of reading by Luc Jose A.

Between revolutionary announcements, technological advancements, and regulatory turbulence, the crypto ecosystem continues to prove that it is both a territory of limitless innovation and a field of regulatory and economic battles. Here is a summary of the most notable news from the past week around Bitcoin, Ethereum, Binance, Solana, and Ripple.

Last Saturday, an assassination attempt against Donald Trump during a rally in Pennsylvania shook the political and financial scene. The shooter, Thomas Matthew Crooks, was neutralized after injuring Trump in the ear. This attack triggered an immediate reaction in the crypto markets, with Bitcoins price climbing 5.5% to reach $62,450. Trump, known for his support of the crypto industry, contrasts sharply with his opponent Joe Biden, which has boosted investors confidence in a potential pro-crypto administration. The rise in Bitcoin was followed by other cryptocurrencies like Ethereum and Solana, driven by the public support of influential figures like Elon Musk.

Ripple has reached a crucial milestone in integrating XRP into the institutional market with the Chicago Mercantile Exchanges (CME) announcement to launch real-time price indices for the crypto. This initiative, supported by Brad Garlinghouse, Ripples CEO, marks a significant advancement for XRP and offers institutional investors reliable and accurate price benchmarks. The launch of these indices by CME, in partnership with CF Benchmarks, includes continuous updates based on activities from major trading platforms like Coinbase and Kraken. This could pave the way for future developments such as an XRP-based ETF, further strengthening its position in the traditional financial market.

Bitcoin makes a notable entry into French Pension Savings Plans (PER) through an innovative partnership between VanEck Europe and Inter Invest. This partnership introduces a Bitcoin ETN, allowing French savers to diversify their portfolios with the leading crypto. This ETN, backed by real bitcoins and held by a regulated custodian, ensures secure and controlled exposure to this emerging asset class. Jean-Baptiste de Pascal, Deputy General Manager of Inter Invest, emphasizes that this initiative is part of a strategy to democratize innovative financial assets. Martijn Rozemuller, CEO of VanEck Europe, adds that while Bitcoin is currently volatile, it represents a long-term innovative asset. This integration of Bitcoin into PER opens new opportunities for savers while modernizing the retirement savings sector in France and meeting the expectations of investors seeking diversification.

Tether (USDT) recently reached a daily transaction volume exceeding $55 billion, surpassing Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Solana (SOL) combined. This performance highlights the growing role of stablecoins in the crypto ecosystem, particularly during periods of high volatility. The increased demand for more stable assets like USDT, coupled with its growing use in trading transactions, explains this trend. The increased liquidity provided by USDT strengthens investor confidence and stabilizes exchanges. The prospects for USDT and stablecoins, in general, are promising but depend on regulatory developments and market adoption.

Thats the main takeaway for this week. But if you want a more detailed summary and in-depth analyses directly in your inbox, feel free to subscribe to our weekly newsletter.

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Graduated from Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, relay the latest technological innovations, and put the economic and societal issues of this ongoing revolution into perspective.

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Bitcoin, Binance, Ethereum, Solana and Ripple: The Biggest Crypto News of the Past Week - Cointribune EN

XRP would need to rally by as much as 1,223% to finally flip Ethereum as the second-largest cryptocurrency in the market.

The XRP community has continued to bemoan the underperformance witnessed with XRP over the past few years. This persistent underperformance since March 2020 has created a massive gap in market cap between XRP and Ethereum, two assets that continuously competed closely for the second spot in the early days.

Before Ethereums launch in July 2015, XRP battled with Litecoin for the second spot on the list of largest assets by market cap. After Ethereum launched, XRP transcended Litecoin, but instead began a new battle with ETH. Ethereum gained the upper hand until January 2018 when XRP hit its ATH of $3.3.

However, amid the correction from this peak, XRP dropped below the second spot again. Market data confirms that since March 2020, Ethereum (red) has outperformed XRP (blue) by a mile. This has led to ETHs market cap skyrocketing to the hundred-billionth level, while XRPs valuation remains below $40 billion.

Currently, Ethereum boasts a market cap of $377.2 billion, while XRPs market cap currently stands at $28.58 billion. XRP has now moved below the top 5 assets by market cap, with its current position being seventh. Despite the bearish reality, some market watchers project an imminent rally. Some of the expected targets could help XRP recover the second spot.

Amid these predictions, we recently assessed how much XRP needs to rally to reclaim the position as the second-largest cryptocurrency. For context, XRP must surpass Ethereums $377.2 billion valuation to reach this feat. This would mark a new all-time high valuation for the asset.

Supposing XRPs circulating supply remains fairly constant at 55.805 billion, the token would need to hit a price of $6.76 to claim a $377.2 billion market cap. With XRP currently changing hands at $0.5112, a massive 1,223% rally is necessary to clinch the $6.76 price level.

Notably, the $6 territory is one of the multiple targets set by market analysts. Interestingly, this $6 price level represents the lower end of these projections. Last month, crypto analyst EGRAG suggested that XRP could reach a minimum target of $6.4. His chart indicated that this target level aligns with the 1.618 Fibonacci retracement point.

Moreover, Mikybull, a Bitcoin analyst, disclosed in April that he expects XRP to clinch the $6 level soon. DustyBC, another analyst, predicts a rally to $6 during the bull run. Last October, market watcher Cryptobilbuwoo made a similar projection. Meanwhile, currently, XRP is among the top gainers over the last 24 hours, having spiked 10.45%.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Heres The Price XRP Must Reach to Flip Ethereum - The Crypto Basic

A roster of eight United States-based spot Ether exchange-traded funds (ETFs) are inching closer to going live, but crypto asset manager Bitwises chief compliance officer Katherine Dowling says an exact launch date remains unknown.

Were seeing in the S-1 amendments that there are fewer and fewer issues that are being vetted back and forth between issuers and the SEC, Dowling told Bloomberg on July 9.

Form S-1s provide information about the issuer and the securities they intend to offer. Once approved, the products can launch.

US Securities and Exchange Commission Chair Gary Gensler recently predicted thatthe spot Ether (ETH) ETFs will launch sometime in the summer.

Everyone has a different definition of summer. Its been a little bit of a long, hot summer for the issuers waiting, Dowling said.

Several spot Ether ETF issuers have been waiting for six weeks to have their S-1 registration statements signed off by the SEC after the regulator approved several 19b-4 filings on May 23.

The issuers submitted their amended S-1s in early July after the securities regulator provided a first round of feedback.

Bitwises chief investment officer Matt Hougan speculatedthat the spot Ether ETFs could attract up to $15 billion in inflows in the first 18 months of trading roughly the same amount that the spot Bitcoin ETFs have mustered since launching six months ago.

Dowling revealed that the SEC has also been open to discussions concerning non-Bitcoin and Ether products as well.

Weve actually dialogued with the SEC about the possibility of whats coming down the pipe with new products, Dowling said.

The Chicago Board Options Exchange (CBOE) filed applications to list spot Solana (SOL) ETFs on behalf of VanEck and 21Shares on July 8.

Related: Invesco Ether ETF sets fees at 0.25% as competition among issuers heats up

However, Dowling isnt confident that a third spot cryptocurrency ETF will be approved under Genslers leadership.

Senior Bloomberg ETF analyst Eric Blachunas made a similar observation on July 9, saying that a spot Solana ETF application would likely be dead on arrival if Biden were to be re-elected and Gensler kept on as the head of the financial regulator.

X Hall of Flame: Ethereums recent pullback could be a gift Dynamo DeFi

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Ethereum ETFs close to the finish line Bitwise exec - Cointelegraph

An Ethereum whale has been spotted withdrawing 16,449 Ether valued at approximately $50.3 million from Binance. This transaction occurred as the price of Ether rebounded over $3,000.

According to Spot On Chain, an onchain data provider, the whales activity marks their first significant accumulation of Ether (ETH), with the entire amount moved to a new wallet.

The timing of the withdrawal is notable, with an expected launch of spot Ether exchange-traded funds (ETFs) in the United States coming sometime in the next week. In their post on X, Spot On Chain questioned whether the large transfer could be a bullish signal for Ethereum.

The introduction of an ETF is expected to increase institutional interest and investment in Ether, potentially driving up its price.

Ethers price surged10.11% to $3,113 on July 9, up from a low of about $2,830 the previous day. The rally happened alongside the release of CoinShares weekly report, which showed that Ether-linked investment funds received inflowsof $10.2 million for the week ending July 5.

Asset management companies VanEck and 21Shares amended their S-1 registrationsin July 8 filings with the US Securities and Exchange Commission to gain approval in July and list and trade shares of a spot Ether ETF.

Related:Ethereum ETFs close to the finish line Bitwise exec

21Shares also submitted an updated form for its Core Ethereum ETF. While the filings do not provide an exact launch date for US exchanges, they state that the ETFs would launch as soon as practicable after the effective date of the registration.

Meanwhile, there has been increasing competition among ETF sponsors ahead of the expected launch of spot Ether ETFs. On July 9, Invesco and Galaxy set a 0.25% management fee for the Invesco Galaxy Ethereum ETF in a filing to US regulators.

The SECgave the go-aheadto spot Ether ETFsin May. However, investors withdrew $61 million from Ether investment products between June 24 and 29, bringing the total outflows for the months end to $119 million and Junes total balance to $37 million in funds withdrawn.

X Hall of Flame: Ethereums recent pullback could be a gift Dynamo DeFi

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Whale transfers $50M in ETH amid ETF anticipation - Cointelegraph