U.Today – Let’s take a look at what happened in the cryptocurrency industry this past weekend, presenting the three most essential U.Today news stories.
$83 Billion in (BTC) in 24 Hours: What’s Going On?
Friday, August 2, saw a huge amount of trading activity in Bitcoin as bulls showed a lot of interest in the flagship cryptocurrency, trying to boost the price following the drop in BTC price. According to CoinGlass, Bitcoin trading volume increased by 25.61% on the day, with investors injecting almost $83 billion into the market in the past 24 hours. With the support of bulls, BTC’s total market capitalization now stands at $1.27 trillion. Binance took the top spot in terms of trading activity with a volume of $23.56 billion. It was followed by Bitget with $14.51 billion, Bybit with $11.07 billion, and OKX with $10.77 billion.
confirms death cross in the face of a large sale
Yesterday, August 4, the Shiba Inu four-hour chart showed a death cross signal as the 50-period moving average crossed below the 200-period moving average. This comes as the meme coin continues to decline for the eighth day in a row, bringing SHIB to levels that have caused the market to take notice. The formation of a death cross pattern on the SHIB four-hour chart indicates an intensification of bearish momentum in the near term. According to CoinMarketCap data, at the time of writing, SHIB is changing hands at $0.0000126, down 7.38% in the last 24 hours.
Massive 500 Million XRP Unlocked as XRP Gains 5.56%
Following the customary withdrawal of Ripple funds from escrow on August 1-2, when the company released one billion XRP coins, another gigantic amount of XRP has been spotted leaving the same source. Data provided by the Whale Alert blockchain tracker reveals that Ripple released 500 million XRP on Saturday, August 3. This impressive sum is valued at around $282 million in fiat money. As stated in a recent Ripple report, the company still holds a whopping 4.682 billion XRP in its frigid crypto wallets. Recall that Ripple has been releasing XRP from escrow every month for the past seven years to support the coin’s liquidity in the market and provide some XRP coins to its institutional clients working with payments.
