SEC Preparing for Shutdown, Shiba Inu (SHIB) Whales Selling Rapidly, Millions of RLUSD Ready to Hit Market After Recent Launch: Crypto News Digest by U.Today

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As a seasoned crypto investor with a decade of experience under my belt, I find myself constantly keeping an eye on market trends and regulatory changes. The recent news about the SEC preparing for a potential government shutdown has me a bit worried, not just because of the potential disruptions to various services but also due to the possible implications for the crypto market. If routine reviews of filings such as ETF applications are suspended, it could lead to uncertainties and delays in the approval process. However, I’ve learned over the years that markets tend to be resilient and adaptive, so I’m keeping a close watch on how this unfolds.

Take a look at what’s happening in the world of crypto by reading U.Today’s top three news stories.

SEC preparing for shutdown

The Securities and Exchange Commission (SEC) has announced that they are preparing for a possible federal government shutdown. They plan to concentrate on crucial tasks, primarily those involving market integrity and investor protection, while their EDGAR database system, employed for monitoring government filings, will carry on functioning. Nevertheless, non-essential duties will be halted during the shutdown. Earlier this week, a vote on a bipartisan funding bill in the House of Representatives was postponed, sparking worries about a potential shutdown. If this occurs, government workers may go without pay during the holiday season, and various services, including food assistance, will face interruptions. Moreover, the SEC might temporarily halt routine examinations of filings, like ETF applications, although they will continue to tackle cases of fraud and market manipulation.

Shiba Inu (SHIB) whales selling rapidly: Details

Yesterday, Shiba Inu witnessed a significant sell-off, as a SHIB whale liquidated 250 billion SHIB, valued at approximately $6.05 million. This whale entered the Shiba Inu market back in August 2020, purchasing 15.28 trillion SHIB, which peaked at a value of $1.22 billion. The total profit realized by the investor over the course of their holdings constitutes $109 million, and they still retain 2.15 trillion SHIB, worth around $52.18 million. The recent liquidation raises concerns about changing whale behavior, which can influence retail market sentiment and increase volatility. At writing time, SHIB is changing hands at $0.00002041, down 15.94% over the past 24 hours; the asset failed to maintain both support levels at $0.00002283 and $0.00002045, which may indicate potential further declines.

Millions of RLUSD ready to hit market after recent launch

Over the past couple of days, Ripple has been busy creating new units of its recently launched stablecoin, RLUSD, with over 10 million coins produced. According to data from the Ripple Stablecoin Tracker, these coins were moved in batches, with 1.5 million going from the Ripple Treasury to Uphold, a crypto exchange based in Lithuania. In a recent interview, Ripple’s President, Monica Long, discussed the newly launched RLUSD. She pointed out that the current market value of stablecoins is around $160 billion and could potentially reach $3 trillion within the next four years. Long underlined the growing need for stablecoins that prioritize regulatory compliance, diversity, and utility – aspects that RLUSD aims to deliver. In her view, the launch of RLUSD represents another significant stride for Ripple in bridging the divide between traditional finance and blockchain technology.

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2024-12-20 19:43