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The Crypto Recap: Last Week in Crypto

Didn't catch all the news last week? Here's what you missed in Crypto.

The Crypto Recap: Last Week in Crypto

XRP's Winning Streak

XRP Scores Legal Win as SEC Drops Lawsuit

Ripple's XRP price has rebounded after a legal victory, with the SEC dropping a lawsuit against Ripple CEO Brad Garlinghouse. The move has led to a bullish XRP price prediction, but a key resistance level at $0.53 looms as a potential turning point.

SEC Changes Stance on XRP Sales

The SEC's decision to dismiss its lawsuit against Ripple executives is a major shift, with XRP sales no longer classified as securities. Ripple's Chief Legal Officer called it a "surrender," and this move may have broader implications for crypto regulations.

XRP Market Responds Positively

XRP's price reacted positively to the news, signifying progress in resolving the legal dispute. This development is rooted in the SEC's initial accusation that Ripple raised over $1.3 billion through an unauthorized digital asset securities offering.

Coinbase's Base Open Sources, Rises to Third Largest Layer-2

Coinbase Opens Base Smart Contracts

Coinbase has open-sourced its Base smart contract and web repositories, aiming to boost transparency and developer collaboration. Base has grown quickly and is now the third-largest Layer-2 protocol, with a TVL of $549 million, surpassing zkSync, dYdX, and Starknet.

Enhanced Transparency and Collaboration

Open sourcing Base's code allows developers to access the knowledge base, improving existing structures and fostering collaboration. The move also provides room for community feedback and potential improvements.

Challenges Faced by Base

Despite rapid growth, Base faces challenges, such as its market share of just 5.26%. The Layer-2 market is dominated by Arbitrum One and Optimism, holding nearly 80% of the share.

Uniswap's New Fee Structure and Price Decline

Uniswap's Price Decline Amid New Fee Structure

Uniswap's price has dropped 15% from its monthly high, coinciding with the introduction of a new 0.15% fee structure for specific token swaps. Despite the initial negative market reaction, on-chain data suggests that the network's traction remains strong.

Mixed Reactions to New Fees

Uniswap's founder announced the fee structure change, which led to a 10% drop in UNI's price. However, on-chain data indicates that Uniswap's network traction remains robust.

Uniswap Creator Burns HayCoin Holdings

Uniswap Founder Burns HayCoin

Hayden Adams, the creator of Uniswap, burned 99.9% of his HayCoin holdings in response to unexpected trading activity and the coin's transformation into a meme. The price of HayCoin surged from $657,000 to over $4 million following the burn. Haycoin is now trading at $2.8M at the time of writing.

Unusual Trading Activity Sparks Action

Hayden Adams made the decision to burn a significant portion of HayCoin due to its unexpected transformation into a meme coin, marking a 300% price increase in response.

Binance Discontinues Card Services in Europe

Binance Ends Card Services in Europe

Binance has announced the discontinuation of card services for customers in the European Economic Area (EEA) by December 2023. The decision coincides with Binance's efforts to reinstate Euro payments in partnership with financial institutions.

End of Card Services in EEA

Binance Visa Debit Card holders in the EEA region will need to find alternative payment methods after December 20, 2023. Binance advises users to explore Binance Pay for their payment needs moving forward. This decision follows Binance's earlier termination of its partnership with Mastercard.

Resuming Euro Payments

In parallel, Binance has been working on restoring Euro payment services for European users through collaborations with various financial partners, expanding financial options for its customers.

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