Mt. Gox Started Sending $2.4 Billion in Bitcoin, Shibarium Skyrockets With 450% New Users, Ripple Doing ‘A Lot Less Hiring’ in U.S., Garlinghouse Says: Crypto News Digest by U.Today

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As a seasoned financial analyst with extensive experience in following the cryptocurrency market, I find today’s news particularly intriguing. The recent developments surrounding Mt. Gox have left me both excited and cautious.

Stay informed about the latest crypto developments! Here are U.Today’s top three news stories from the past day for your convenience.

Mt. Gox started sending $2.4 billion in Bitcoin (BTC)

Based on a recent post by Lookonchain on July 16, Mt. Gox transferred 44,527 BTC, equivalent to approximately $2.84 billion, from its account to an internal wallet. The primary explanation for this action is believed to be Mt. Gox’s preparation to return funds to victims of the infamous 2014 hack. In the same day, Mt. Gox transferred 48,641 BTC, or around $3.1 billion, to Kraken exchange. This occurrence supports the hypothesis of an imminent return since Mt. Gox had chosen Kraken as one of the exchanges for dispersing the lost BTC to creditors. These significant Bitcoin transactions sparked market instability, leading to fluctuations in BTC’s price, causing it to drop from around $65,000 to $63,315 but then recover and revert back to the $65,000 level.

Shiba Inu‘s Shibarium skyrockets with 450% new users

Yesterday, there was a significant increase in Shibarium’s new account registrations, with a 450% jump from the previous day’s figure of only 6. This surge brought the total to 27 new accounts within a day. The influx of new users is indicative of growing interest and popularity in Shibarium, the layer-2 solution for Shiba Inu. Alongside this, there was also a 23% rise in the number of active accounts, which grew from 489 to 602. This increase coincided with an uptick in BONE token usage for transaction fees, causing a hike in fees from 19.31 BONE to 40.14 BONE. Amidst these developments, the network’s overall transaction activity saw a marked rise, leading to a daily transaction volume of 4,319 – a 35.6% increase compared to the previous day.

Ripple is doing “a lot less” hiring in U.S., Garlinghouse says

At Fortune’s Brainstorm Tech summit on July 16, Ripple CEO Brad Garlinghouse shared insights into his company’s recruitment tactics. He revealed that over the past two years, 75% of Ripple’s new hires came from outside the U.S., a situation he described as unfortunate. Moreover, Garlinghouse mentioned that an impressive 95% of Ripple’s clientele are located outside the United States. After the SEC filed a lawsuit against Ripple in December 2020, employee turnover increased significantly at the company. Despite this setback, Ripple experienced remarkable growth since expanding its operations beyond U.S. borders. According to Garlinghouse, “The goods we’re selling and the problems we’re solving are inherently global.”

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2024-07-17 19:41