As a seasoned researcher with years of experience in the ever-evolving world of cryptocurrencies, I find myself constantly intrigued by the dynamic nature of this industry. Today, I’d like to share my insights on three captivating stories that have caught my attention.
Check out U.Today’s top three news stories over the past day.
Ripple introduces crypto vaults for banks in major expansion move
According to a report from CNBC on October 10th, the fintech giant Ripple has broadened its cryptocurrency storage business by introducing new services tailored for banks and financial technology companies. These services include pre-set operational settings, compatibility with the XRP Ledger, monitoring for potential money laundering risks, and a more user-friendly interface. This move allows Ripple to extend its offerings beyond conventional payment settlement solutions. Furthermore, it places the company in a competitive position within the digital asset custody market against established players like Coinbase, Gemini, and Fireblocks.
Shiba Inu‘s Shibarium finally waking up in DeFi
The Shiba Inu initiative is aggressively pursuing growth within the Decentralized Finance (DeFi) market, largely by means of its Layer-2 solution, Shibarium, which was introduced last year. While progress has been gradual, recent information points to positive advancements within the Shibarium DeFi environment. According to DefiLlama, the locked total value (TVL) in Shibarium now stands at approximately $4.37 million, marking a new high of $4.81 million not long ago. This rise is significant compared to the previous peak of $3.9 million achieved earlier in March, indicating a change in retail influence. The primary decentralized application (dApp) remains ShibaSwap, which presently holds around $2.22 million in TVL, while the newly added K9 Finance DAO comes in second, hinting at renewed enthusiasm for Shibarium’s potential as a significant DeFi participant.
Bitcoin whale goes bearish with $424 million in BTC
Over the past few months, Bitcoin has been unable to surpass the $61,000 mark and has stayed below its record high from March ($73,780). This situation is causing unease among some investors who fear a potential market downturn. A significant Bitcoin investor, known as a whale, was forced to liquidate part of their holdings due to BTC‘s subpar performance this year. In June and August, they withdrew 8,510 BTC from Bitfinex but have since deposited 1,500 BTC back into the exchange. The value of these coins sold amounts to approximately $92.95 million, resulting in a loss of around $30.54 million because the selling price ($61,965) was lower than their average purchase price ($64,434). With 7,010 BTC still in their wallets, worth approximately $424.6 million, there are speculations that this whale may continue to sell off their holdings ahead of a possible market correction. This selling pattern could be indicative of panic selling, which might negatively influence Bitcoin’s price growth in the near term.
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2024-10-12 12:46