Crypto Market This Week: Bitcoin, XRP, & Shiba Inu Steal Spotlight

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As a seasoned analyst with years of immersion in the dynamic world of cryptocurrencies under my belt, I must say this past week has been nothing short of exhilarating. The interplay between Bitcoin (BTC), XRP, and Shiba Inu (SHIB) has kept me on my toes, with each day bringing fresh developments that have sent ripples across the crypto landscape.

This week in the captivating sphere of cryptocurrencies, Bitcoin (BTC), XRP, and Shiba Inu (SHIB) dominated the headlines. Significantly, developments pointed towards a promising future for Bitcoin, while XRP and Shiba Inu reflected an upward trend due to their respective community progress. Interestingly, the meme coin witnessed significant ‘destruction’ incidents over the past week, whereas optimism about Ripple Labs-supported XRP surged following speculation around Trump’s reelection.

Below, you’ll find a summary of the latest cryptocurrency news highlights from CoinGape Media over the past seven days.

Bitcoin Eyes Further Gains Amid Bullish Q4 Crypto Market

This week saw several significant developments for Bitcoin, boosting market confidence. For instance, BTC miner MARA unveiled its plans to secure a massive $700 million fund, which will be used to intensify its Bitcoin acquisition activities. At the same time, Semler Scientific, a healthcare-oriented company, declared its purchase of $29 million in Bitcoin, adding to the growing demand for this digital asset.

Furthermore, MicroStrategy recently purchased 15,400 Bitcoins at a cost of $1.5 billion this week, fueling investor enthusiasm about the cryptocurrency. Moreover, Bitcoin miner Hut 8 revealed intentions to raise $500 million for buying more of the leading digital coin. Collectively, these events highlight increased market interest in the asset and heavy buying, suggesting a potentially bullish trend ahead.

It’s important to mention that troubled cryptocurrency company Mt Gox has transferred large quantities of the same coin, sparking worries since its plans for creditor compensation are still unresolved. Furthermore, the U.S. administration recently moved approximately $1.9 billion in digital assets to a different address, which has fueled curiosity among investors.

In the meantime, Donald Trump chose Paul Atkins to be the next chair of the U.S. Securities and Exchange Commission (SEC). This appointment increased market confidence about the future of the cryptocurrency sector.

Ripple’s Crypto Gains Traction

As a researcher immersed in the dynamic world of cryptocurrencies, I’ve observed an intriguing development this week: XRP has become the center of attention, surpassing Solana and USDT in market capitalization. This shift, coupled with significant movements by Ripple whales transferring over $177 million of XRP, has ignited optimism among investors, particularly as legal maneuvers seem to be favoring the American blockchain company.

David Sacks, Trump’s pick for White House AI and Crypto Advisor, has sparked hope among crypto enthusiasts regarding the ongoing XRP lawsuit, suggesting that its resolution may be near. This optimism is also bolstered by the appointment of Paul Atkins as the new SEC Chair. As a result, market participants are anxiously watching to see if these appointments under Trump’s administration will catalyze a pro-cryptocurrency trend.

Furthermore, it’s worth mentioning that those responsible for validating transactions on the XRP Ledger (XRPL), along with its developers, are planning an update to the mainnet with a focus on transaction optimization. This has contributed to some substantial growth in the value of the native coin. Ripple’s CEO, Brad Garlinghouse, believes that recent positive events like SEC Chair Gary Gensler’s departure and a significant legal victory have fueled XRP’s upward trend, thereby boosting market confidence.

Shiba Inu Coin Mirrors Bullishness

This week, Shiba Inu, the popular cryptocurrency based on dogs, was also part of the market’s excitement, with several positive updates. Notably, about 3 billion SHIB coins were destroyed through a process called SHIB burn mechanism over the last seven days. Additionally, it was reported by CoinGape that the 1 CENT DREAM project played a significant role in this massive burn, disposing of 250 million tokens.

At the same time, because of the decrease in supply caused by burns, the price of SHIB jumped 15% each week and hit $0.00003. Moreover, it’s worth mentioning that Shytoshi Kusama, the coin’s main developer, recently brought attention to the launch of SHIFU coin, which has added an element of mystery to the progress being made within the ecosystem.

To summarize, here’s a rundown of significant cryptocurrency news from CoinGape within the last week, which seems to have noticeably influenced investor feelings.

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2024-12-08 08:36