In this daily crypto roundup, let’s find out what’s new in the cryptocurrency market
The past week in cryptocurrency has been another chaotic nightmare. Where the US Securities and Exchange Commission (SEC) vs Coinbase and Binance lawsuit saga continues, Bitcoin traders nervously watched the Federal Open Market Committee (FOMC) meeting. This article is a daily crypto roundup where you can jumpstart your day with the latest updates on cryptocurrencies like Bitcoin, Ethereum, and more.
Bitcoin Dropped after Reclaiming $26k Mark
Bitcoin, the world’s largest crypto by market cap, dipped on Monday morning after regaining the US$26,000 mark over the weekend. Factors such as regulatory concerns, market speculation, and profit-taking by investors may have contributed to this downward movement. Sentiment claims that the dynamics of Bitcoin have changed as a result of the continuing SEC legal actions against powerful exchange platforms. The Fed’s decision to maintain unchanged interest rates and projected two more interest rate hikes in the current cycle influenced the drop in Bitcoin’s value. According to the company, Bitcoin owners will keep looking for better self-custody solutions, reducing their dependency on exchange platforms, as long as these cases continue. However, it’s important to note that Bitcoin has demonstrated resilience in the past, recovering from similar market dips and continuing its long-term upward trajectory
ETHscription and more
Ethereum (ETH), the second largest cryptocurrency, has remained between US$1,600 and US$1,700. ETH has followed a similar trajectory to BTC and experienced a notable increase on Friday, breaking a three-day losing streak. On the other hand, ETHscription is becoming the talk of the town. It enables non-financial and arbitrary data to be written into the main Ethereum blockchain. Users can inscribe any file provided it is under 96 kilobytes. According to its creator, however, it currently only allows for images—but that will change.
Shiba Inu sees significant whale movement
Shiba Inu, a meme coin that gained significant popularity due to its association with the Shiba Inu dog breed and the meme culture, has caught the attention of whales. These large investors have been stacking up on Shiba Inu tokens, potentially signaling their confidence in the project and its prospects. This accumulation suggests that whales believe there is a potential for price appreciation in the coming days or weeks.
Recently, a well-known whale in the Shiba Inu community with an address of 0x40B3 attracted notice with a hefty purchase. According to blockchain analytics company Lookonchain, the top Shiba Inu holder purchased an astonishing 1.5 trillion Shiba Inu tokens.
This news caused a price rally as Shiba Inu traded hands at $0.000006816 with a market cap of $4B, jumping by 0.56% in the last day alone.
Ripple vs SEC: Debate Continued
In a recent Twitter exchange, members of the XRP community sought insights from Marc Fagel, a former lawyer, and SEC functionary, regarding the ongoing case between Ripple and the SEC. In particular, one of the community members questioned whether the watchdog would risk a trial against Ripple or opt for serious settlement talks, considering the potential ramifications for their broader crypto-related lawsuits against Binance and Coinbase.
