{"id":119859,"date":"2023-07-09T03:02:59","date_gmt":"2023-07-09T03:02:59","guid":{"rendered":"https:\/\/dripp.zone\/news\/this-week-in-coins-solana-surges-as-bitcoin-and-ethereum-rally-rebound-crypto-news\/"},"modified":"2023-07-09T03:03:01","modified_gmt":"2023-07-09T03:03:01","slug":"this-week-in-coins-solana-surges-as-bitcoin-and-ethereum-rally-rebound-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/this-week-in-coins-solana-surges-as-bitcoin-and-ethereum-rally-rebound-crypto-news\/","title":{"rendered":"This Week in Coins: Solana Surges as Bitcoin and Ethereum Rally Rebound\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div style=\"position:relative;overflow:visible;font-size:1.2em;line-height:1.58\">\n<figure class=\"w-full max-w-full mt-4 overflow-hidden\"><span style=\"box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative\"><span style=\"box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:58.214285714285715%\"\/><noscript><img alt=\"This week in Coins\" loading=\"lazy\" decoding=\"async\" data-nimg=\"responsive\" style=\"position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:contain\" class=\"absolute inset-0 box-border p-0 border-0 m-auto block w-0 h-0 min-w-full max-w-full min-h-full max-h-full object-contain\" sizes=\"(min-width: 640px) 950px, 384px\" srcset=\"https:\/\/img.decrypt.co\/insecure\/rs:fit:16:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 16w, https:\/\/img.decrypt.co\/insecure\/rs:fit:32:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 32w, https:\/\/img.decrypt.co\/insecure\/rs:fit:48:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 48w, https:\/\/img.decrypt.co\/insecure\/rs:fit:64:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 64w, https:\/\/img.decrypt.co\/insecure\/rs:fit:96:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 96w, https:\/\/img.decrypt.co\/insecure\/rs:fit:128:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 128w, https:\/\/img.decrypt.co\/insecure\/rs:fit:256:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 256w, https:\/\/img.decrypt.co\/insecure\/rs:fit:384:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 384w, https:\/\/img.decrypt.co\/insecure\/rs:fit:640:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 640w, https:\/\/img.decrypt.co\/insecure\/rs:fit:768:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 768w, https:\/\/img.decrypt.co\/insecure\/rs:fit:1024:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 1024w, https:\/\/img.decrypt.co\/insecure\/rs:fit:1280:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 1280w, https:\/\/img.decrypt.co\/insecure\/rs:fit:1536:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp 1536w\" src=\"https:\/\/img.decrypt.co\/insecure\/rs:fit:1536:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/11\/Coins6.2%402x.png@webp\"\/><\/noscript><\/span><figcaption class=\"m-0 text-left gg-dark:text-neutral-200 scene:font-itc-avant-garde-gothic-pro scene:text-neutral-700 scene:font-light scene:mt-1\">Illustration by Mitchell Preffer for Decrypt.<\/figcaption><\/figure>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Echoing <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coingecko.com\/\" class=\"sc-adb616fe-0 ePvUAp\"><span style=\"font-weight:400\">last week<\/span><\/a><span style=\"font-weight:400\">the values \u200b\u200bof market leaders Bitcoin and Ethereum remained pretty inert over the past seven days. <\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Nevertheless, market leader Bitcoin (BTC) hit a <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/decrypt.co\/147203\/bitcoin-hits-its-highest-price-in-over-a-year\" class=\"sc-adb616fe-0 ePvUAp\"><span style=\"font-weight:400\">one year high<\/span><\/a><span style=\"font-weight:400\">  after crossing the $31,000 threshold on Monday on news that the world&#8217;s largest asset manager, BlackRock, was <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/decrypt.co\/147177\/blackrock-spot-bitcoin-etf-filing-sec-coinbase-surveillance\" class=\"sc-adb616fe-0 ePvUAp\"><span style=\"font-weight:400\">refilling its application<\/span><\/a><span style=\"font-weight:400\">  to the SEC for a Bitcoin spot ETF\u2014a regulated investment vehicle that, if approved, would provide investors with exposure to Bitcoin without the dangers of buying it directly.<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">The SEC expressed <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/decrypt.co\/146863\/sec-calls-blackrock-fidelity-bitcoin-etf-applications-inadequate-wsj\" class=\"sc-adb616fe-0 ePvUAp\"><span style=\"font-weight:400\">misgivings<\/span><\/a><span style=\"font-weight:400\">  about BlackRock&#8217;s first filing last month, stating broadly that none of the many applicants for a Bitcoin spot ETF have been specific enough about how they&#8217;ll integrate a &#8220;surveillance-sharing agreement&#8221; to deter fraud and manipulation.  Such an agreement would allow applicants to monitor market trading activity and clearing activity and verify customer identity.<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">BlackRock named Coinbase as its market surveillance partner in its refilling.  Two days later, the crypto-focused asset manager Valkyrie <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/decrypt.co\/147405\/valkyrie-refiles-bitcoin-etf-coinbase-surveillance-sharing-partner\" class=\"sc-adb616fe-0 ePvUAp\"><span style=\"font-weight:400\">also refilled its ETF application<\/span><\/a><span style=\"font-weight:400\">  And, echoing BlackRock, it named Coinbase as its market surveillance partner. <\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">In another bullish sign for Bitcoin fans, the crypto ATM operator Bitcoin Depot became the first company of its kind to be <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/decrypt.co\/147168\/bitcoin-depot-atm-company-launch-nasdaq-listing\" class=\"sc-adb616fe-0 ePvUAp\"><span style=\"font-weight:400\">publicly listed on the NASDAQ<\/span><\/a><span style=\"font-weight:400\">  on monday. <\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">However, the headlines weren&#8217;t enough to turn Bitcoin&#8217;s upward price movement into a sustained rally.  The biggest cryptocurrency by market capitalization dropped back under $31,000 on Tuesday, then briefly recrossed the threshold early on Thursday before bottoming out at $30,153.<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Bitcoin&#8217;s volatility settled down by the weekend.  It currently changes hands at $30,252\u2014about one percent lower than it was this time last week. <\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Ethereum (ETH) holders suffered marginally greater losses.  The second largest cryptocurrency in the world dropped in value by 2.8% to enter the weekend at $1,861.  It moved in step with Bitcoin, posting intraweek highs of close to $2,000 on Monday and Thursday. <\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">The prices of most of the top thirty cryptocurrencies remained flat over the last seven days.  The biggest increase was observed in Solana (SOL), which exploded 20% to hit $22.85 by Saturday, up nearly 20% for the week. <\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Remarkably, Solana thrived in spite of news that popular trading app Revolut <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/decrypt.co\/147165\/revolut-to-delist-solana-polygon-cardano-sec-security-label\" class=\"sc-adb616fe-0 ePvUAp\"><span style=\"font-weight:400\">is delisting<\/span><\/a>,<span style=\"font-weight:400\">along with Polygon (MATIC) and Cardano (ADA)\u2014after they were <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/decrypt.co\/146286\/solana-polygon-cardano-still-recovering-from-the-sec-calling-them-securities\" class=\"sc-adb616fe-0 ePvUAp\"><span style=\"font-weight:400\">named as securities<\/span><\/a><span style=\"font-weight:400\">  by the SEC in its ongoing lawsuits against Binance and Coinbase. <\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Big losses were felt by holders of Litecoin (LTC) and Ethereum Classic (ETC).  The former dropped 11% to $98, while the latter dropped 12.5% \u200b\u200bto $19.06. <\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Ethereum forked from Ethereum Classic in 2016 after an infamous DAO smart contract hack enabled thieves to abscond with <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/decrypt.co\/41952\/book-sheds-new-light-on-ethereums-55-million-dao-hack\" class=\"sc-adb616fe-0 ePvUAp\"><span style=\"font-weight:400\">$55 million in ETH<\/span><\/a><span style=\"font-weight:400\">,  The Ethereum community voted to have the illicit transactions wiped from the blockchain and continued under the name Ethereum.  The original ledger recording these transactions continued as Ethereum Classic. <\/span><\/p>\n<h2 class=\"sc-2ed2039d-2 hmmXcn gg-dark:text-white scene:font-itc-avant-garde-gothic-pro scene:font-light\" style=\"margin-top:2em;text-align:left;padding-bottom:16px;margin-bottom:16px;border-bottom:1px solid #dfe2e4\" color=\"#333\">Regulation in Asia and the UK<\/h2>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">On Monday, Singapore announced two <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/decrypt.co\/147091\/singapore-regulator-bans-crypto-exchanges-from-lending-staking-retail-investors\" class=\"sc-adb616fe-0 ePvUAp\"><span style=\"font-weight:400\">new consumer protection measures<\/span><\/a><span style=\"font-weight:400\">  as the island nation&#8217;s regulators continued to build a regulatory framework for its burgeoning crypto industry. <\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">The Monetary Authority of Singapore (MAS)\u2014the country&#8217;s chief financial regulator\u2014will enforce a ban on lending and staking for retail customers (individual traders, as opposed to institutional clients). <\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">The MAS now also requires that exchanges move customers&#8217; digital assets into a trust before the end of the year to prevent an FTX-style scenario where their funds are commingled or traded.<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">Coincidentally, Thailand&#8217;s Securities and Exchange Commission also announced a ban on \u201cdepository services <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/decrypt.co\/147114\/thailand-follows-singapore-bans-crypto-exchanges-offering-lending-services\" class=\"sc-adb616fe-0 ePvUAp\"><span style=\"font-weight:400\">that offer returns<\/span><\/a><span style=\"font-weight:400\">  to depositors and lenders,&#8221; thus outright banning exchanges from offering both lending and staking services. <\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">On the other side of the globe on Tuesday, the Financial Conduct Authority (FCA) for the United Kingdom announced that companies promoting cryptocurrencies to UK customers must get ready to comply with the regulator&#8217;s <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/decrypt.co\/147290\/crypto-companies-must-get-ready-comply-uk-financial-regulator\" class=\"sc-adb616fe-0 ePvUAp\"><span style=\"font-weight:400\">financial promotion regime<\/span><\/a><span style=\"font-weight:400\">  before October 8, 2023.<\/span><\/p>\n<p class=\"font-meta-serif-pro scene:font-noto-sans scene:text-base scene:sm:text-lg font-normal text-lg md:text-xl md:leading-9 tracking-px text-body gg-dark:text-neutral-100\"><span style=\"font-weight:400\">The rules govern all communications that can be regarded as &#8220;financial promotion,&#8221; including websites, social media posts, mobile apps, and online advertising.  Crypto companies will need to register with the FCA to get authorization and, if approved, they&#8217;ll also need to pay a fee. <\/span><\/p>\n<div class=\"my-4 border-b border-decryptGridline\">\n<div class=\"text-left p-8 md:py-12 md:px-12 max-w-prose relative\"><span class=\"border-t-4 border-l-4 w-4 h-4 md:border-t-[6px] md:border-l-[6px] md:w-6 md:h-6 border-decryptPurple dark:border-decryptNeon gg-dark:border-cc-pink-2 absolute top-4 left-4 md:top-6 md:left-6\"\/><span class=\"border-t-4 border-l-4 w-4 h-4 md:border-t-[6px] md:border-l-[6px] md:w-6 md:h-6 border-decryptPurple dark:border-decryptNeon gg-dark:border-cc-pink-2 absolute rotate-180 bottom-4 right-4 md:bottom-6 md:right-6\"\/><\/p>\n<h3 class=\"font-akzidenz-grotesk font-bold text-xl md:text-3xl mb-6 md:text-center gg-dark:text-white\">Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Illustration by Mitchell Preffer for Decrypt. Echoing last weekthe values \u200b\u200bof market leaders Bitcoin and Ethereum remained pretty inert over the past seven days. Nevertheless, market leader Bitcoin (BTC) hit a one year high after crossing the $31,000 threshold on Monday on news that the world&#8217;s largest asset manager, BlackRock, was refilling its application to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":119860,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-119859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/119859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=119859"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/119859\/revisions"}],"predecessor-version":[{"id":119861,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/119859\/revisions\/119861"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/119860"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=119859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=119859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=119859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}