Massive changes and claims surfaced last week in the cryptocurrency industry, with CryptoWatch delivering you the round-up of top news, including Bitcoin's massive drop to $65,000 to close the week. Moreover, Binance's CEO believes that this year will be massive for the industry, calling 2024 a 'landmark' year with massive developments soon.
There was also Ripple's massive focus on its RLUSD stablecoin, which it thinks would greatly help its XRP's further growth, not one that will overshadow its original digital asset.
Bitcoin Dropped to $65,000 to Close the Week
The top coin in the cryptocurrency industry, Bitcoin, saw it drop to $65,000 from its $70,000 valuation, and it closed the week with a massive $5,000 off its selling price as it closed last Friday. This follows a hopeful performance from Bitcoin as earlier this week, it already saw a $65,000 valuation but climbed to around $69,000 to $70,000 on June 13.
(Photo : Tech Times)
In only several hours since its massive gain, the crypto saw a staggering performance, with its week's charts seeing a 7.5 percent decline. According to CoinDesk, Bitcoin saw a 2.1 percent drop in only 24 hours before settling at $65,000 for the weekend.
This massive BTC drop also affected other coins, including Ethereum, Solana, Cardano, Near, and Avalanche.
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Binance CEO: 2024 is a 'Landmark' Year
Binance CEO Richard Teng has massive beliefs for this year, with the top executive calling 2024 a "landmark" for the entire crypto industry. Teng touted massive growth for the market, which also comes alongside Binance's massive position now, as the return of the company's operations and footing is also seeing benefits from the prominent bear market now.
(Photo : Dan Kitwood/Getty Images)
According to Teng, the industry is now seeing a rebound due to regulatory clarity from agencies and the growing adoption of crypto in the market.
Currently, Binance has started appointing its monitors, who will join the company for three years and monitor their operations as part of the US DOJ plea deal. The company is celebrating a 200 million registered users milestone, with a 12.5 percent increase in its monthly active users from February to May.
Ripple Believes RLUSD Will Help XRP
Ripple put massive hopes on the upcoming release of its USD-based stablecoin, RLUSD, and according to Chief Technology Officer David Schwartz, it will help XRP grow more in the market soon. The questions regarding what RLUSD will bring to the table were asked last XRP Ledger Apex Summit 2024, with the company claiming that both coins will see mutual benefits from each other.
The RLUSD's future release would help to "fully deploy" XRP's qualities and offer an entry and exit gateway for its cryptocurrency.
Its synergistic relationship will be seen in the future, with Ripple betting heavily on its RLUSD and XRP once they are both available in the market.
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