$83 Billion in Bitcoin in 24 Hours, Shiba Inu Confirms Death Cross, Ripple Unlocks Massive 500 Million XRP: Crypto News Digest by U.Today

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As a seasoned crypto investor who’s witnessed the rollercoaster ride of the digital currency market for more than half a decade now, I can’t help but feel a mix of excitement and trepidation when I see headlines like these.

As someone who has been closely following the cryptocurrency market for several years now, I find it essential to stay updated with the latest developments. Over the weekend, U.Today’s top three news stories in the crypto industry caught my attention.

$83 billion in Bitcoin (BTC) in 24 hours: What’s happening?

On Friday, August 2nd, I found myself actively engaged in Bitcoin trading as the bulls demonstrated a strong interest in the flagship crypto, aiming to boost its price following a recent drop. According to CoinGlass, the trading volume of Bitcoin surged by an impressive 25.61% that day, with traders pumping approximately $83 billion into the market within the last 24 hours. The collective efforts of these bulls have pushed the total market capitalization of BTC to a staggering $1.27 trillion. Leading the pack in terms of trading volume was Binance, with a whopping $23.56 billion, closely followed by Bitget at $14.51 billion, Bybit at $11.07 billion, and OKX at $10.77 billion.

Shiba Inu confirms death cross amid major sell-off

Yesterday, August 4th, a bearish signal known as a ‘death cross’ appeared on Shiba Inu’s four-hour chart. This occurs when the short-term moving average (50 periods) falls below the long-term moving average (200 periods). The persistent decline in the meme coin’s price for eight consecutive days has caused it to reach levels that have caught the market’s attention.

Massive 500 million XRP unlocked by Ripple as XRP gains 5.56%

After Ripple’s release of one billion XRP coins between August 1st and 2nd, as per their traditional escrow withdrawal, additional large amounts of XRP were detected being sent from the same source. According to Whale Alert, a blockchain tracker, Ripple disbursed an additional 500 million XRP on August 3rd, which equates to approximately $282 million in real money. As mentioned in Ripple’s latest report, the company currently holds around 4.682 billion XRP in its cold storage wallets. It is important to remember that Ripple has been periodically releasing XRP from escrow over the past seven years for purposes of maintaining coin liquidity on the market and supplying some XRP to its institutional clients involved in payment services.

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2024-08-05 19:34