As the world’s top investment manager and financial market journalist, I bring you the latest updates from the crypto industry, with a focus on the top three news stories that unfolded over the weekend.
Bitcoin Trading Volume Soars to $83 Billion in 24 Hours
On Friday, August 2, Bitcoin witnessed a surge in trading activity, with bulls driving the price higher following a recent drop. According to CoinGlass, Bitcoin’s trading volume spiked by 25.61%, reaching a staggering $83 billion in just 24 hours. This influx of capital from traders propelled Bitcoin’s total market capitalization to $1.27 trillion. Leading the trading activity was Binance with a volume of $23.56 billion, followed by Bitget, Bybit, and OKX.
Shiba Inu Signals Death Cross Amid Market Sell-Off
On August 4, Shiba Inu’s four-hour chart revealed a death cross signal, indicating a bearish trend as the 50-period moving average crossed below the 200-period moving average. This pattern emerged as SHIB’s price continued to decline for the eighth consecutive day, grabbing the market’s attention. At the time of writing, SHIB is trading at $0.0000126, down 7.38% in the last 24 hours.
Ripple Unlocks 500 Million XRP as Coin Gains 5.56%
Ripple made headlines as it released 500 million XRP from escrow on August 3, following a previous withdrawal of one billion XRP a day prior. This move, valued at approximately $282 million, is part of Ripple’s ongoing efforts to support XRP’s liquidity in the market. The company still holds a substantial 4.682 billion XRP in cold wallets, demonstrating its commitment to providing XRP to institutional clients for payment transactions.
Analysis:
The weekend’s crypto news highlights significant developments in the market, from Bitcoin’s impressive trading volume to Shiba Inu’s bearish signal and Ripple’s continued support for XRP liquidity. These updates offer valuable insights for investors and traders, signaling potential opportunities and risks in the ever-evolving crypto landscape. Understanding these trends and their implications can help individuals make informed decisions about their finances and investments, ensuring they stay ahead of the curve in the dynamic world of cryptocurrencies.