As an experienced financial analyst, I believe that these recent news stories showcase some significant developments in the cryptocurrency market and the broader financial landscape.
Here are the top three news stories over the past day presented to you by U.Today.
Shiba Inu (SHIB) joins ranks of major Solana-centered exchange
A well-known cryptocurrency exchange named Backpack has recently made an announcement that trading for SHIB, the popular dog-themed meme token, is now available on their platform. This news was shared by SHIB’s official account, encouraging its followers to check out the new listing and expressing gratitude towards Backpack for supporting the SHIB community. Launched in 2024 with a focus on the Solana ecosystem, Backpack has seen considerable growth and attracted substantial investment as a result. The SHIB listing not only represents another significant adoption milestone for the token but also makes it accessible to those enthusiastic about Solana. According to CoinMarketCap, at the time of writing, SHIB is priced at $0.00002436, marking a 3.40% decrease in value over the past 24 hours.
Ripple forms coalition with crypto heavyweights, CEO excited
As a crypto investor, I’m excited to share that Ripple, the fintech giant, recently announced its participation in a new “Tech Against Scams” coalition. This alliance, which includes the Global Anti-Scam Organization and tech giants like Coinbase, Match Group (parent company of Tinder and Hinge), Meta, Kraken, and Gemini, aims to combat online fraud and financial schemes targeting consumers across industries. I’m thrilled that Ripple is taking a stand against scammers by joining this anti-fraud coalition. As we all know in the tech world, it’s about time we put an end to these malicious activities once and for all.
Explosive 17,400% Bitcoin surge noted by Gabor Gurbacs, here’s question he asks
Gabor Gurbacs, a strategic advisor for Tether and VanEck, has drawn focus to Bitcoin’s remarkable growth in value over the last decade. In his recent blog post, Gurbacs pointed out that between 2010 and now, the price of Bitcoin soared by an astounding 17,400%, rising from $400 to its current $70,000 value. Some market participants might wonder what factors fueled this meteoric rise in Bitcoin. However, according to Gurbacs, a more pertinent question is: What transpired with the U.S. dollar? It’s well known that Satoshi Nakamoto developed Bitcoin in response to the 2009 mortgage market crisis as a potential safeguard against future economic instability. During this period, the Federal Reserve took action by printing money to save large banks and corporations. This trend reemerged during the banking crisis in Cyprus and again in 2020 when the pandemic began. That year alone, the Fed printed an enormous $3 trillion, which accelerated the depreciation of the U.S. dollar.
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2024-05-23 19:05