Satoshi Predicted to Lose Bitcoin Crown by Christmas, Ripple President Speaks out on RLUSD Use Cases, $206 Million in Shiba Inu in 24 Hours: Crypto News Digest by U.Today

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As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset landscape, I find myself intrigued by these recent developments. The prediction of Bitcoin ETFs surpassing Satoshi Nakamoto’s holdings is an interesting proposition that could reshape the market dynamics significantly. However, as we all know, crypto never sleeps and the price action remains unpredictable – much like a cat on a hot tin roof!

Stay updated on the latest cryptocurrency happenings around the globe: Here are U.Today’s top three headlines from yesterday.

Satoshi predicted to lose Bitcoin crown by Christmas

In his Oct. 15 post, Eric Balchunas, a leading Bitcoin ETF expert for Bloomberg, forecasted that by Christmas, Bitcoin ETFs could accumulate more Bitcoin than Satoshi Nakamoto, the creator of Bitcoin. As of now, their combined Bitcoin holdings amount to approximately 938,533 coins. Previously, U.Today reported that Bitcoin experienced inflows worth around $550 million, bringing ETF net inflows close to the $20 billion mark. Despite this substantial increase in investments, the price of Bitcoin has remained relatively stagnant. Balchunas suggested that this could be due to other holders selling an equivalent or greater amount of Bitcoin. He stated, “Price is determined by the balance between buyers and sellers, so if ETFs are the buyers, it means that other holders are selling just as much or more. Once again, the call seems to be coming from within the market.” David Lawant, head of research at FalconX, also noted a “statistically significant” correlation between Bitcoin ETF flows and prices, currently estimated at 0.30. He anticipates that if the market establishes a consistent direction, this relationship might strengthen further.

Ripple president speaks out on RLUSD use cases as launch draws near

At the yearly Ripple Swell gathering, Ripple President Monica Long underscored a substantial achievement for the company, centering on the prospective uses of their stablecoin, RLUSD. In her blog post, Long explained various applications of RLUSD within financial industries like payments, DeFi, and tokenization, emphasizing its synergy with XRP in improving cross-border transactions. Ripple’s payment services currently span over 90 nations, handling over 37 million transactions worth approximately $70 billion. Furthermore, RLUSD intends to offer a steady conversion option for users transitioning between fiat currencies and cryptocurrencies, addressing worries about market fluctuations. Long also mentioned that RLUSD is engineered as an enterprise-level solution, catering to the requirements of Ripple’s partners and clients.

$206 million in Shiba Inu in 24 hours, SHIB rally confirmed?

It appears that optimism is back among Shiba Inu investors, as the trading volume has gone up significantly. Over the last 24 hours, this figure jumped by 21.21%, reaching a total of $206.48 million. This rise has ignited conversations about an upcoming price surge. Over the past month, the coin has shown impressive growth of 39.29%. Even with the broader market being relatively slow, Shiba Inu’s increasing popularity is evident. The increased trading volume suggests a heightened level of activity in the market, often a precursor to significant price changes. This surge in Shiba Inu’s activity coincides with an overall bullish trend in the crypto market, fueled by Bitcoin’s recent rise to $67,000. As altcoins like SHIB tend to benefit from Bitcoin’s upward movement, investor confidence seems to be on the rise, supported by the recovery of the broader crypto market and the potential increase in demand for SHIB as traders look for opportunities outside of Bitcoin.

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2024-10-17 19:10