Ah, dear reader, gather ’round as we delve into the curious happenings of the crypto realm over the past weekend, where fortunes are made and lost faster than one can say “blockchain.”
SEC’s “Enormous Message” About XRP
On that fateful Thursday, the 13th of February, the SEC, in a move that could only be described as a grand theatrical gesture, officially acknowledged Grayscale’s application to transform its XRP trust into an ETF. While this acknowledgment is as solid as a politician’s promise, it marks a significant milestone for the asset. Nate Geraci, the esteemed ETF analyst, waxed poetic on his X post, calling the SEC’s maneuver an “enormous message.” One can only wonder if the message was delivered via carrier pigeon or smoke signals. Meanwhile, the SEC finds itself embroiled in a legal tango with Ripple, the company that has the audacity to be linked to the XRP token, having recently filed an appeal in this ongoing drama. Grayscale, ever the optimist, launched its XRP trust in September and decided to apply for ETF status in January. Geraci suggests that while the SEC could very well reject the XRP filing, they opted for the more theatrical route of acknowledgment instead. Bravo! 🎭
$1.04 Billion Bitcoin Stuns Crypto Exchanges, What’s Happening?
In a twist that would make even the most seasoned soap opera writer blush, Bitcoin experienced a dramatic shift last week, with a staggering $1.04 billion in net inflows to exchanges. According to the data provided by IntoTheBlock, Bitcoin’s total fees took a nosedive of 10.74%, landing at a mere $3.2 million. But wait, there’s more! The $1.04 billion accounted for exchange flows, with a whopping $1.3 billion marking inflows. This sudden influx suggests a potential increase in selling pressure, as traders, perhaps feeling a bit jittery, move their assets to exchanges for selling purposes amidst the ongoing market hesitancy due to macroeconomic uncertainties. Speculation runs rampant about a possible price shift for Bitcoin, which has been as stagnant as a pond in mid-summer. Meanwhile, institutional interest is on the rise; according to CNBC, the video-game-retailer-turned-meme-stock GameStop is contemplating a foray into Bitcoin and other cryptocurrencies. Who knew that gaming and crypto would make such a delightful couple? 🎮💰
58,303,050 SHIB Coins Burned Over the Week
In a rather dramatic turn of events, the SHIB community, in a feat that could rival any Olympic event, successfully burned over 58 million SHIB coins in the past week. This remarkable achievement occurred despite a 20.77% decrease in the burn rate compared to the previous week. On February 15, the daily burn rate saw a catastrophic decline of 95.02%, with only 708,198 SHIB coins meeting their fiery demise that day. However, a notable spike occurred on Friday, with over 14 million SHIB coins removed from circulation, including a single transfer of 13 million coins. As of now, since 2021, the total amount of burned SHIB coins has reached a staggering 410,744,432,366,375. One can only imagine the bonfire that must have ensued! 🔥🐶
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2025-02-17 19:12