As a seasoned researcher with over two decades of experience in the financial markets, I find myself constantly intrigued by the dynamic nature of the cryptocurrency industry. Over the weekend, three stories have caught my attention that highlight both the potential and challenges within this space.
U.Today has prepared a summary of the top three news stories over the weekend.
SEC is “done,” former official says
In a recent post on X platform, former SEC official John Reed Stark stated that the U.S. SEC is essentially “done.” He believes that in the coming years, it is unlikely that the regulator will pursue significant cases against the cryptocurrency industry. Meanwhile, Ripple‘s chief legal officer Stuart Alderoty has urged SEC Chair Gary Gensler and his “anti-crypto minions” to voluntarily resign, or the new chair will eventually “remove them” by using the agency’s internal mechanisms. Gensler, criticized by the cryptocurrency community, is expected to step down in early 2025, though his current term is set to end on June 5. However, Stark has noted that Gensler cannot be forcibly removed, due to the agency’s independent nature and the fixed terms of its commissioners. Previously, U.Today reported that the top candidate to replace Gensler is currently Robinhood’s top lawyer, Dan Gallagher.
Ex-Binance CZ issues crucial warning as Bitcoin hits new ATH
Given Bitcoin’s continuous record-breaking highs, Changpeng Zhao (CZ), a former CEO of Binance, has warned investors on social media about possible future ups and downs. In just last week, Bitcoin skyrocketed by 11%, rising from $69,350 to around $77,000, and it reached an all-time high of $81,000, currently trading at $81,779, which is a 2.48% increase over the past day, according to CoinMarketCap. With these recent price peaks, CZ has issued a warning about potential fluctuations in Bitcoin’s value and emphasized the necessity of careful risk management. He also suggested that Bitcoin investors should diversify their holdings and trade cautiously to minimize risks associated with impulsive decisions. Interestingly, when Bitcoin crossed above $77,250, CZ predicted that this is merely the start, hinting at even higher future values for the asset.
Shiba Inu (SHIB) burn rate skyrockets 1,323% as price tackles key resistance
On Saturday, November 9th, there was a significant spike in the burn rate of Shiba Inu tokens, rising by an impressive 1,323% over a 24-hour period. Data from Shibburn reveals that around 34,912,694 SHIB tokens were moved to inactive wallets, demonstrating the dedication of the community towards price stabilization and maintaining a bullish momentum. This action has escalated the total burned SHIB tokens to over 410 trillion, while approximately 583 trillion are still circulating, suggesting that additional deflationary tactics might be needed. As I write this, the meme coin with a canine theme is being traded at $0.00002575, marking a 1.31% decrease over the last day, as per CoinMarketCap. Some experts predict that if the community persists in implementing deflationary strategies, Shiba Inu could potentially continue its upward trajectory and reach its all-time high.
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2024-11-11 18:58