Weekly Recap: Ethereum Celebrates 10th Anniversary
Happy weekend Defiers!
Ethereum turned 10 this week amid growing investor interest in ETH, as the second-largest cryptocurrency traded above $3,900 for the first time since December 2024.
The rally turned out to be short-lived, however, as major cryptocurrencies fell sharply on Friday following an abysmal U.S. jobs report that rekindled recession fears. Bitcoin dipped under $114,000, while ETH plunged under $3,500.
Meanwhile, the SEC unveiled ‘Project Crypto,’ a new initiative that aims to further integrate TradFi with DeFi. The move comes as major financial institutions continue to embrace crypto, with JP Morgan Chase teaming up with Coinbase and PayPal expanding crypto payment options.
Finally, BlackRock says that stablecoins are set to boost the U.S. dollar’s global reach after the passage of the GENIUS Act.
Enjoy!
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Ethereum Turns 10: Experts Say ETH Could Hit $40,000 in Next Decade as Network Matures
Ethereum officially turned 10 on Wednesday, marking a decade since its mainnet launch on July 30, 2015.
Initially proposed in a 2013 white paper by programmer Vitalik Buterin, Ethereum introduced the concept of smart contracts, which paved the way for the emergence of decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs).
SEC Launches ‘Project Crypto’ to Bring All Markets On-Chain
SEC leadership has unveiled a new initiative, dubbed “Project Crypto,” which aims to overhaul the traditional finance system with DeFi integrations.
SEC Chair Paul Atkins released a statement on July 31, praising DeFi & TradFi super-apps and crypto’s role in the evolution of capital markets.
Crypto Markets Pull Back amid Macro Worries
Following a strong July, crypto markets dipped on Friday as U.S. tariff developments and disappointing jobs data dampened investor sentiment.
Bitcoin (BTC) slipped below $115,000 after hitting a new all-time high of about $122,800 earlier in the month.
JPMorgan, Coinbase Partnership ‘Removes the Need for the Middleman’
The largest bank in the United States has teamed up with the country’s top centralized crypto exchange in a multi-part strategic partnership.
The deal centers around three new features: a “direct bank-to-wallet connection” through JPMorgan’s API, the ability to use Chase credit cards to buy crypto on Coinbase, and the option to convert Chase Ultimate Rewards points into USDC.
Meanwhile, fintech giant PayPal unveiled its new “Pay with Crypto” feature, allowing users to pay merchants with more than 100 different cryptocurrencies.
Stablecoins Could Help Cement US Dollar’s Global Dominance: BlackRock
New legislation in the U.S. “cements the role of stablecoins” as a payment method, according to BlackRock, the world’s largest asset manager. The firm in particular referenced the GENIUS Act, the landmark stablecoin bill signed into law earlier this month.
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