Weekly Highlights: SEC Targets Ripple, Bitcoin’s Ongoing Mystery, and Solana Controversy

The crypto world is ever-changing, and this week was no exception. Events unfolded that not only shook the crypto market but also made investors’ hearts race. If you want to be part of this exciting journey, be sure to read this article. We’ve compiled the biggest news of the week along with all the details.

Ripple in Trouble: SEC Back in the Game, Could the Verdict Be Overturned?

Ripple recently secured a partial victory against the SEC, but now that win appears to be in jeopardy. Judge Analisa Torres ruled in favor of Ripple by excluding secondary transactions from being classified as securities. However, Dennis Kelleher, CEO of Better Markets, believes the SEC has a 90% chance of winning an appeal. If the SEC succeeds, Ripple’s legal win could be nullified, and U.S. crypto regulations could be shaken. Kelleher argues that Judge Torres has broken away from established legal norms, which could become a significant issue in the appeal. If Ripple loses on appeal, it could directly impact the crypto industry and threaten Ripple’s business model.

Bitcoin Mystery: FBI’s New Statement Fuels Curiosity

The identity of Bitcoin's creator, Satoshi Nakamoto, has always been shrouded in mystery, and this week, the FBI added more intrigue. In response to a FOIA request, the FBI neither confirmed nor denied the existence of documents related to Nakamoto. However, they did suggest that Satoshi could be one or more individuals. This sparked a flurry of speculation within the Bitcoin community, with some theories even involving agencies like the CIA. This ongoing mystery continues to add allure to Bitcoin, enhancing its status as a legendary and enigmatic cryptocurrency.

BlackRock’s Ethereum ETF Nears the Billion-Dollar Mark

BlackRock’s iShares Ethereum Trust (ETHA), launched on July 23, 2024, is close to reaching one billion dollars in inflows, having already crossed the 901 million dollar mark. This rapid success has positioned BlackRock at the forefront of Ethereum ETF management, surpassing giants like Fidelity, Bitwise, and Grayscale. ETHA has attracted investors by providing direct exposure to ether through traditional brokerage accounts, making it easier to invest in crypto. Despite this success, ether’s price remains volatile, fluctuating between 2,800 and 3,400 dollars. However, increasing trading volumes in ether suggest a potential recovery in the medium term.

Bitcoin vs. IMF: Clash Over Carbon Emissions

The IMF recently released a report criticizing Bitcoin for its environmental impact, accusing Bitcoin mining of significantly contributing to global carbon emissions. In response, Daniel Batten, a staunch Bitcoin supporter, strongly contested the IMF’s conclusions, arguing that the report is based on outdated data and flawed comparisons. Batten claims that Bitcoin mining, far from worsening carbon emissions, could actually drive innovation in the energy sector by utilizing surplus energy that would otherwise go to waste. He believes Bitcoin mining could promote decarbonization by using renewable energy sources.

Solana Under Fire: Accusations of a Ponzi Scheme

Solana, often dubbed the “Ethereum killer,” is now at the center of a major controversy. The network has been accused of operating a disguised Ponzi scheme, with allegations of manipulating decentralization. About 85% of transactions on Solana are voting transactions, favoring the most powerful validators at the expense of new entrants, creating a “rich get richer” environment. This dynamic has led to accusations of a pyramid scheme, where new validators must continuously inject funds to keep the system running, primarily benefiting established validators. Simultaneously, Solana is facing severe technical issues, with transaction failure rates reaching 83% on certain protocols, costing users thousands of euros.

Gold and Silver Shine as Crypto Markets Decline

While financial markets are experiencing a downturn, precious metals, particularly gold and silver, are seeing significant gains, attracting investors seeking safety. Gold has climbed to $2,496.30 and silver to $28.525, driven by positive economic indicators and geopolitical tensions. In contrast, the crypto market has seen a sharp decline, with major players like Bitcoin and Ethereum experiencing a 25% drop. This situation is leading investors to turn to gold and silver, which are perceived as safe havens during times of uncertainty. The stability and security offered by precious metals are currently more attractive than the volatility of cryptocurrencies, reinforcing their status as refuges during economic instability