The cryptocurrency market has witnessed some major developments in the past week, as Bitcoin (BTC) finally got the green light from the U.S. Securities and Exchange Commission (SEC) to launch its first exchange-traded fund (ETF), Ethereum (ETH) successfully upgraded to its 2.0 version, and Solana (SOL) soared to new record levels. Here is a summary of the most important crypto news of the week:

Bitcoin ETF Approved by SEC

After years of anticipation and rejection, the SEC finally approved the first Bitcoin ETF in the U.S. on November 28, 2023. The ETF, called the VanEck Bitcoin Trust (VBTC), will track the performance of the MVIS CryptoCompare Bitcoin Benchmark Rate, an index that measures the price of Bitcoin across multiple exchanges. The ETF will trade on the Cboe BZX Exchange under the ticker symbol VBTC.

The approval of the Bitcoin ETF is a historic milestone for the crypto industry, as it will provide a regulated and convenient way for investors to gain exposure to the largest cryptocurrency by market capitalization. The ETF is expected to boost the demand and liquidity for Bitcoin, as well as increase its adoption and legitimacy among institutional and retail investors. The ETF is also likely to pave the way for more crypto-related products and services in the U.S., such as futures, options, and mutual funds.

Ethereum 2.0 Launches

Ethereum, the second-largest cryptocurrency by market capitalization and the leading platform for smart contracts and decentralized applications (DApps), successfully launched its 2.0 version on November 30, 2023. The upgrade, also known as the Beacon Chain, marks the first phase of the transition from the current proof-of-work (PoW) consensus mechanism to the more scalable and energy-efficient proof-of-stake (PoS) consensus mechanism.
The launch of Ethereum 2.0 is a major achievement for the Ethereum community, as it will enable the network to handle more transactions, support more DApps, and reduce the environmental impact of mining. The upgrade will also introduce new features and improvements, such as sharding, which will split the network into multiple parallel chains, and the merge, which will integrate the existing Ethereum 1.0 chain with the new Ethereum 2.0 chain. The upgrade will also enhance the security and decentralization of the network, as well as increase the rewards for staking ETH.

Solana Surges to New Highs

Solana, the fourth-largest cryptocurrency by market capitalization and the fastest-growing blockchain platform, surged to new all-time highs in the past week, reaching over $300 per coin on December 1, 2023. The rally was driven by several factors, such as the launch of a giant airdrop for Solana users by one of its popular platforms, the announcement of a $225 million fundraise by Wormhole, an interoperable blockchain protocol built on Solana, and the growing popularity and adoption of Solana-based DApps, such as Audius, a decentralized music streaming service, and Star Atlas, a metaverse game.

Solana is one of the most innovative and promising blockchain platforms in the crypto space, as it offers high scalability, low fees, and fast transactions. Solana claims to have over 1,000 DApps built on its network, and to process over 50,000 transactions per second. Solana also offers various products and services, such as Serum, a decentralized exchange, Sollet, a web-based wallet, and Solana Academy, an online learning platform. Solana is expected to continue its growth and expansion, as it competes with other leading blockchain platforms, such as Ethereum, Binance Smart Chain, and Cardano.

Conclusion

The past week has been a remarkable one for the crypto industry, as it witnessed some of the most significant and positive developments in its history. The approval of the first Bitcoin ETF in the U.S., the launch of Ethereum 2.0, and the surge of Solana to new highs are all indicators of the increasing maturity, innovation, and adoption of the crypto space. The future of crypto looks bright and exciting, as more opportunities and challenges await.

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📌Sources

1. Cryptocurrency’s Thirst: A Single Bitcoin Transaction Consumes a Pool’s Worth of Water. SciTechDaily.
2. Cryptocurrency Price Today: Bitcoin Streak Continues, TIA Becomes Top Gainer. MSN.
3. Crypto News: Latest Cryptocurrency News, Bitcoin News, Ethereum News ... CryptoNews.
4. Headlines | News | CoinMarketCap.

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