Bitcoin
Crypto News Digest by U.Today By U.Today
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XRP Soars with $1M Fund Flows as Predicted by SEC Ruling
According to the latest weekly report from CoinShares, in the last seven days, XRP flows reached $1.1 million. This is an excellent result for the asset, considering the rest of the market experienced a difficult week, with digital asset investment products recording outflows of $600 million. Another notable fact is that such inflows continue for the second week in a row, which seemingly suggests that investors in traditional markets are preparing for a big move in XRP. The possible explanation behind this behavior of investors lies in the fact that they plan for a quick resolution of the SEC case against Ripple. Currently, the parties are discussing the remedies that Ripple should pay as a penalty for unregistered sales of XRP to institutional investors; the company wants to pay $10 million, while the SEC demands almost $2 billion.
Legendary “cup and handle” pattern appears in (BTC)
According to the latest network data, Bitcoin has been identified forming one of the most bullish patterns on its chart, called “cup and 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; at that time, it resulted in a major breakout and a prolonged bull run. With a striking similarity between 2016 and this year’s chart, BTC enthusiasts can expect such a positive scenario to repeat itself. If this really happens, there could be a substantial increase in Bitcoin prices soon. Despite general market volatility, Bitcoin has demonstrated resilience. The price of Bitcoin has been oscillating between important resistance and support levels recently. BTC is currently trading at $64,594, down 1.16% in the last 24 hours, per CoinMarketCap.
The company’s Shibarium soars 962% in key metric
Over the past 24 hours, Shiba Inu’s tier 2 solution, Shibarium, has witnessed a huge increase in the number of new user accounts; this metric increased from 16 on June 15 to 154 on June 16, demonstrating a 962% jump. Interestingly, this increase in new users coincided with an increase in the average amount spent per transaction on BONE, Shiba Inu’s native token. According to Shibariumscan, the average transaction value increased from 0.00222 BONE to 0.00458 BONE. However, even with the influx of new accounts and higher transaction values, the network saw a decline in active accounts and total transactions. This can be explained by the fact that new users may be signing up to explore the platform or to hold BONE and SHIB tokens, rather than to carry out transactions.