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Crypto News Digest by U.Today
Valeria Blokhina
U.Today’s news summary helps you take a closer look at the latest events in the cryptocurrency industry
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Don’t miss anything that’s happening in the world of cryptocurrencies with U.Today’s top three stories from the past day.
XRP Skyrockets with $1M Fund Flows as Expected in Ripple v. SEC
According to the latest CoinShares weekly relationshipin the last seven days, inflows of XRP reached up $1.1 million. This is an exceptional result for the asset, considering that the rest of the market has had a difficult week, with digital asset investment products recording $600 million in outflows. Another noteworthy fact is that such inflows continue for the second week in a row, which seems to suggest that investors in traditional markets are preparing for some big move on XRP. The possible explanation behind this behavior of investors lies in their plot for a quick resolution of the SEC’s case against Ripple. Currently, the parties are discussing the remedies that Ripple must pay as a penalty for unregistered sales of XRP to institutional investors; the company wants to pay 10 million dollars, while the SEC is asking for almost 2 billion.
Legendary “cup and handle” pattern appears on Bitcoin (BTC)
According to the latest on-chain data, Bitcoin was spotted forming one of the most bullish patterns on its chart, called “the cup and the handle”. This pattern could improve sentiment, as it has historically been a sign of significant price increases. The last time Bitcoin formed a cup and handle pattern was in 2016; then, the result was a major breakout and a prolonged bull run. With a notable similarity between the 2016 chart and this year’s, BTC enthusiasts may be hoping for such a positive scenario to repeat itself. If this actually happens, there could be a substantial rise in Bitcoin prices soon. Despite the overall market volatility, Bitcoin has demonstrated resilience. Recently the price of Bitcoin has fluctuated between important resistance and support levels. Currently, BTC is trading at $64,594, down 1.16% over the past 24 hours, according to CoinMarketCap.
The Shiba Inu’s Shibarium skyrockets by 962% in terms of key parameters
In the previous 24 hours, the layer 2 solution of Shiba Inu Shibarium testified a large wave of new user accounts; this parameter increased from 16 on June 15 to 154 on June 16, demonstrating a 962% jump. Interestingly, this spike in new users coincided with an increase in the average amount spent per transaction in BONE, Shiba Inu’s native token. According to Shibariumscan, the average transaction amount increased from 0.00222 BONE to 0.00458 BONE. However, despite the influx of new accounts and increased transaction amounts, the network has seen a decline in active accounts and total transactions. This can be explained by the fact that new users might register to explore the platform or to hold BONE and SHIB tokens and not to make transactions.
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.