Analyzing Solana's Rebound: A True Recovery or False Hope?

• Weekly Crypto Update: A Quiet Week with Important Updates
• Ethereum's Updated Roadmap and Solana's Rebound
• Solana: A Temporary High or Sustainable Boom?
• Vitalik Buterin's Ethereum Roadmap Update
• Network News: Hacks, Updates and Trends
• Blockchain Tech Developments
• Regulatory and Policy Updates
• Important Dates to Remember

Weekly Crypto Update: A Quiet Week with Important Updates

The past week remained fairly undisturbed in the realm of cryptocurrency, with New Year celebrations slowing down trading and tech development activities. Despite the relative calm, there were a number of significant hacks, updates, and regulatory updates that may have escaped your notice amidst the festive distractions.

Ethereum's Updated Roadmap and Solana's Rebound

This week's edition provides updates on Ethereum$2,315 -2.42% co-founder Vitalik Buterin's newly updated roadmap for the ecosystem, focusing on potential solutions for the chain's recurring issues with speed and centralization. Additionally, we will discuss Solana$104 5.03%'s remarkable rebound following a huge surge in recent months after its dramatic plummet during the last crypto crash.

Solana: A Temporary High or Sustainable Boom?

Solana's SOL token, once declined in price from over $200 in 2021 to under $10 in 2022, has bounced back above $100 recently. This resilient comeback has marked Solana as one of the major beneficiaries of the recent crypto market surge. The SOL's recent price gains have been interpreted by some as an indication of broader faith in the ecosystem. However, it is worth noting that these gains were largely boosted by associated memes and airdrops, indicating the presence of hype-driven trading activities.

Vitalik Buterin's Ethereum Roadmap Update

Ethereum co-founder Vitalik Buterin recently unveiled an updated version of the Ethereum ecosystem roadmap. The roadmap serves as a rough guide and progress tracker for the overall development of the Ethereum ecosystem. This year's update offers insights into how Ethereum might address its two primary challenges: speed and centralization.

Network News: Hacks, Updates and Trends

Key updates include the loss of $81 million due to a cross-chain bridge exploit on Orbit Chain, an asset transfer platform. In more positive news, Arbitrum deposits exceeded $2.5 billion, indicating the rollup chain's continued lead in the battle to scale Ethereum.

Blockchain Tech Developments

Advancements in blockchain technology continue to emerge, with updates from Particle Network, KuCoin, Fountain, Waterfall Network, and Amboss. Notably, Particle Network released BTC Connect which they claim is the first-ever account abstraction protocol for Bitcoin$42,260 -0.64%.

Regulatory and Policy Updates

Last week, a U.S. federal judge ruled that Terraform Labs, the company behind the Terra and Luna cryptocurrencies, violated federal securities laws when it sold its cryptocurrencies to the public. In a more encouraging development, Nigeria reversed its ban on local banks and financial institutions serving crypto firms, expected to further drive crypto adoption in one of the world's largest digital asset markets.

Important Dates to Remember

Some of the key dates to note are the Crypto Finance Conference in St. Moritz from Jan 10-12, the Stellar upgrade for Soroban smart contracts on Jan 30, and the next Bitcoin halving estimated to occur in April 2024.

Edited by Jonathan Stoker