As a seasoned analyst with a decade of experience under my belt, I must say that the crypto market is as unpredictable as ever, but it’s always a thrill to keep up with the latest developments. Let me share my take on today’s top stories.
Check out U.Today’s selection of the top three news stories over the past day.
XRP ready for “huge squeeze” against Bitcoin, top trader says
The digital asset XRP is showing signs of potentially squeezing significantly against Bitcoin, as evidenced by the current XRP/BTC pair standing at 0.00000945 according to TradingView data. Since the start of this year, it has experienced a decrease of 35.05%, but it has also increased by 27% since June. A squeeze typically happens when an asset experiences a sudden surge due to numerous short bets, which may soon be the case for XRP and Bitcoin. The last significant squeeze was observed in August following the final ruling in the Ripple lawsuit against the SEC, although XRP failed to maintain its upward momentum beyond a brief spike during that time. A similar pattern occurred last year when the court classified secondary XRP sales as non-securities.
Coinbase announces new listing: Details
Based on a post on Coinbase’s Twitter account dated September 6, there is a new listing on their platform. The newly listed asset is ZK, which is the native token of the ZKSync blockchain. This is a layer-2 scaling solution constructed on Ethereum that employs zero-knowledge rollups to speed up and reduce costs for transactions within its network. Coinbase is continuously growing its product range by incorporating new tokens into their platform. In addition, on September 5, the exchange announced the inclusion of Moonwell (WELL) in its listing roadmap. Earlier, Coinbase had announced that CORE (CORE), Lido DAO (LDO), Safe (SAFE), and Velodrome Finance (VELO) are now accessible to New York residents through the Coinbase iOS and Android apps.
Binance XRP reserves plummet to 2.78 billion: What happened?
In their most recent report detailing reserves, Binance disclosed significant shifts in the digital assets of its users. The 22nd monthly report taken on September 1 shows a decrease of 1.27% in Bitcoin holdings to approximately 605,000, and a drop of 4.58% in Ethereum assets to 4.486 million, representing a loss of around 215,000 ETH. In contrast, users’ USDT assets totaled 22.11 billion, marking an increase of 4.34%. This suggests that crypto holdings are on the decline while stablecoin holdings are rising. Similar trends were observed for XRP, with holdings dropping to 2.75 billion coins, a decrease of approximately 174.89 million since August. However, this shift towards stablecoins indicates that users are choosing to stay engaged in the crypto market, seemingly waiting for more favorable conditions before investing further in assets like XRP.
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2024-09-10 19:48