3 Things Bitcoin Needs to Hit $60,000, Shiba Inu Surges 367% in Bullish Whale Activity, Major XRP Ledger Amendment About to Go Live: Crypto News Digest by U.Today

by

As a seasoned crypto investor with a knack for deciphering market trends and understanding the intricacies of this ever-evolving digital economy, I find myself intrigued by these recent developments.

Check out U.Today’s top three news stories over the past day.

3 things Bitcoin (BTC) needs to hit $60,000

Given that Bitcoin is trading below significant resistance points at the moment, many investors are looking forward to $60,000 as a potential future milestone. However, for the price of BTC to hit this figure, three critical factors need to come together. Firstly, the liquidation of high-leverage short positions could trigger a ‘short squeeze’, causing Bitcoin prices to surge significantly, especially considering the significant leverage observed between $58,000 and $60,000 in Binance‘s heatmap data. Secondly, an increase in institutional investments is crucial for long-term growth; currently, BlackRock is one of the few institutions actively investing in cryptocurrencies. Therefore, if Bitcoin is to reach $60,000, more institutions need to jump on board. Lastly, a shift in investor sentiment is essential; currently, there’s an overwhelming sense of fear in the market that’s preventing Bitcoin from climbing higher. For Bitcoin to move towards $60,000, this negative sentiment needs to transform into something more positive.

Shiba Inu (SHIB) skyrockets 367% in bullish whale activity surge

Yesterday, September 10th, there was a significant increase in large transactions involving Shiba Inu, amounting to around $43.52 million or 3.21 trillion SHIB tokens. This surge suggests increased activity from large investors (whales). Simultaneously, the price of Shiba Inu rose by 2.22%, recovering from a low of $0.00001231 on September 6th and reaching a peak of $0.0000137 on September 9th. However, at the time of writing, the price has slightly dropped to $0.00001302, representing a 3.28% decrease over the last 24 hours. The recent growth in Shiba Inu is linked to a broader market recovery, with Bitcoin also regaining its upward momentum after dipping below $53,000. The rise in cryptocurrency values is mirroring an increase in U.S. stock markets, which similarly experienced a downturn last week. On Monday, both the Nasdaq and S&P 500 saw an uptick of 1.15%.

Major XRP Ledger (XRPL) amendment about to go live

As an analyst, I’ve just learned that, according to XRPScan explorer, the XRP Ledger (XRPL) is planning to activate a new amendment called fixAMMv1_1 later this month. In the context of XRPL, an amendment refers to a proposal for changing the existing code or protocol governing a specific function within the ledger. This amendment intends to improve or introduce new features in the automated market maker (AMM) functionality, which supports decentralized trading on the XRPL, by modifying the current code. Currently, 29 out of 35 validators have voted yes for this amendment, accounting for 82.86% of the votes cast. The amendment now enters a 14-day activation window, and if the support remains above the required 80% throughout this period, the changes will be implemented.

Read More

2024-09-11 19:50