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Crypto News Digest by U.Today
Valeria Blokhina
U.Today’s daily news digest keeps you informed of the most important updates in the cryptocurrency industry
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U.Today presents the three main news stories of the past day.
Grayscale CEO resigns
According to a recent Press releaseMichael Sonneshein, CEO of Grayscale, he resigned from his position “to pursue other interests” after working at the company for 10 years. Succeeding Sonnenshein is Peter Mintzberg, global head of asset and wealth management strategy at Goldman Sachs, with more than 20 years of experience across the world’s leading asset managers. Mintzberg will assume his new position on August 15, 2024, concurrently joining Grayscale’s Board of Directors. Following the CEO transition, Barry Silbert, founder and CEO of Digital Currency Group, has made it to social media thank Sonnenshein for leading the company through exponential growth and wish him “the best in his future endeavors.” Sonneshein, in turn, thanked Silbert for watching him while wishing the Grayscale team “every success.”
Binance releases an important update on its token listing strategy
In a recent announcementBinance has revealed its plans to implement a drastic change to its token listing strategy. As stated in Binance’s blog post, the exchange has noticed a tendency to predominantly list high-value projects with low outstanding inventory; such market structure causes concerns, Binance wrote in its recent article relationship titled “Low Float and High FDV: How Did We Get Here?” as it leaves little sustainable margin for traders after the token generation event. To foster a healthy industry with a variety of market participants, Binance is stepping forward, providing support to small to medium value projects. According to Binance, project owners can apply for listing on its platform through any of its channels. However, to qualify for listing as a small or mid-cap project, candidates must have a minimum viable product (MVP).
Litecoin (LTC) whales wake up
Over the past month the Litecoin whales have been moving forward a great wave of accumulation. Data provided by IntoTheBlock shows that in the last 30 days alone, Litecoin whale addresses have accumulated 2,751,633 LTC. The peak of activity occurred on May 10, when whale addresses recorded a net inflow of more than 900,000 LTC. Such accumulation could signal a major shift in the Litecoin ecosystem and an increase in confidence among major holders. Particularly noteworthy was the net inflow of over 900,000 LTC in a single day on May 10. This indicates a significant change in whale behavior, marking the largest daily accumulation of whale addresses since February. PreviouslyU.Today reported that the Litecoin network has processed over 245 million transactions since its inception, with as many as 39 million occurring in 2024 alone. It is possible that whales are gearing up to take advantage of Litecoin’s upcoming developments.
About the author
Valeria Blokhina
Valeria is the community manager of U.Today. She is a cryptocurrency enthusiast and believes that cryptocurrency is the future of finance. Valeria currently covers the latest news in the world of cryptocurrencies and blockchain.