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Crypto News Digest by U.Today
Valeria Blokhina
Read U.Today’s news summary to find out the latest events in the cryptocurrency industry!
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Binance Sees Huge Drop in Volume: What’s Happening?
Yesterday, CoinGlassan analytics platform that provides data and indicators on various cryptocurrencies, stained a substantial decline in Binance trading volume, with major assets losing 70% to 95% of their volume. For example, PEPE fell more than 97.5%, Bitcoin lost 62%, and Solana fell 88.9%. One possible cause of this is a malfunction of the trading bots that keep market liquidity in balance. If a critical bot goes down, it immediately eliminates a substantial portion of trading activity, which results in a rapid decline in transaction volume. The reason why bots go offline is not yet clear; it could be a technical problem, an update or maintenance work on the platform. Another possible reason is changes in Binance’s policies or limitations on its API.
Shiba Inu (SHIB) Skyrockets 290% in Key Whale Metric
Data provided by IntoTheBlock shows that yesterday Shiba Inu saw a 290% increase in large transaction volume. Over the previous 24 hours, this parameter grew from 1.23 trillion SHIB to 3.57 trillion SHIB, which was reflected in a spike in transaction volume from $29.93 million to $91.04 million in dollar terms. In total, there were 268 such whale deals in the aforementioned period. Yesterday the Shiba Inu price movement was equally interesting; Following concerns about Mt.Gox’s fulfillment of its Bitcoin obligations, SHIB’s price fell by more than 3%. However, today, the meme coin changes hands at $0.00002728, up 5.84% in the last 24 hours. Based on the Shiba Inu card, he is preparing for the next big move and the whales are accumulating billions of tokens in anticipation.
Bitcoin ETPs are published on the London Stock Exchange
Following the approval of the 21Shares and WisdomTree Bitcoin ETFs by the FCA last week, Yesterday, their products were listed on the London Stock Exchange, the 11th largest stock exchange in the world by trading volume. However, as retail investors will not be able to purchase these ETPs, they are unlikely to attract significant demand. The FCA has expressed concern about the harm these products could cause to retail buyers. Due to diversification rules, European regulations prohibit issuers from offering ETFs for a single commodity, such as Bitcoin. Cryptocurrency ETPs, which have been around for years, offer buyers a somewhat similar investment experience. These products also claim to offer the same level of transparency and investor protection.
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.