As a seasoned analyst with decades of experience in the ever-evolving financial markets, I find myself intrigued by these latest developments in the cryptocurrency sphere.
Here are the top three news stories presented to you by U.Today.
MicroStrategy’s Saylor reacts to Bitcoin skyrocketing above $80K
Bitcoin’s remarkable ascent reached a new pinnacle today, soaring to an unprecedented $89,000 on CoinMarketCap. This milestone left no crypto market enthusiast indifferent, particularly ardent Bitcoin advocate Michael Saylor, former CEO of MicroStrategy. Last weekend, when BTC was merely embarking on its upward trajectory and touched an all-time high of $80,772 on Bitstamp, Saylor took to social media to express his enthusiasm with Lil Bubble’s song “There Is No Second Best.” The track resonated with Saylor’s phrase, which he had used in one of his videos, promoting Bitcoin maximalism. As a firm believer in Bitcoin, Saylor has shown no inclination towards altcoins. With the latest surge in Bitcoin’s price, MicroStrategy’s Bitcoin holdings are now estimated to be worth around $23 billion.
Sensational 21 trillion Shiba Inu (SHIB) in 24 hours: All records are broken
On November 11th (Monday), Shiba Inu achieved a notable accomplishment by conducting 21 trillion transactions within a 24-hour period. This surge in activity caused a substantial price jump and rekindled interest in the meme currency. As per recent data from IntoTheBlock, Shiba Inu’s transactional activity is mainly attributed to high volumes and growing investor enthusiasm, implying a surge driven by the fear of missing out (FOMO). Nevertheless, an uptick in whale activity hints that major shareholders might be cashing out, which could potentially influence the market by redistributing their assets. The current elevated trading volume casts doubt on the potential for downward pressure on Shiba Inu’s price, particularly if large investors continue to offload their holdings. As Shiba Inu persists in its upward trend, it is crucial for investors to monitor resistance levels and stay vigilant for signs of market corrections.
XRP and ADA ETF filings predicted by top analyst
In a recent article posted on X, Nate Geraci, co-founder of The ETF Institute, has forecasted that multiple cryptocurrency ETF applications will be submitted this week in the U.S. These potential ETFs are expected to concentrate on digital currencies like Ripple (XRP), Solana (SOL) and Cardano (ADA). Geraci thinks it’s advantageous for ETF creators to be proactive. It is also mentioned that SEC Chair Gary Gensler may soon step down, with Dan Gallagher, Robinhood’s chief legal officer, being a strong contender for his position. Under Gensler’s tenure, the SEC has approved several Bitcoin ETFs, despite facing backlash from the crypto community. Importantly, Gensler also recently allowed Ethereum spot ETFs, and the process for ETFs focusing on other altcoins, such as Solana and XRP, has already started.
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2024-11-12 18:29