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U.Today has prepared the top three news stories over the past day.
29,532,534 XRP hit major U.S. exchange, Coinbase: What's happening?
Yesterday, Whale Alert transactions tracker spotted a huge XRP transfer carrying 29,532,534 tokens valued at approximately $75.38 million. The transaction landed on major U.S. crypto exchange Coinbase, originating from an unknown wallet dubbed "r9ZMd." Such a large movement of assets raises questions about potential sell-offs, as it is often an indicator of someone possibly preparing to cash out. However, the development could also be explained by another routine transfer by Coinbase and not a trading action. Even though there are very little details known about the transaction, the crypto market can react to these large transactions, as they create speculation and uncertainty. As for XRP's price, at press time, the asset is changing hands at $2.18, down 10.76% over the past 24 hours, per CoinMarketCap.
Gamza Khanzadaev$64 billion hedge fund to offer crypto trading
According to a report by Bloomberg, Citadel Securities, a hedge fund with $65 billion in assets under management, is reportedly looking into entering crypto trading. The firm aims to become a market maker for major exchanges like Coinbase. The Miami-based giant plans to test the waters outside the U.S. while monitoring regulatory changes domestically. The importance of this move was emphasized by former hedge fund manager James Lavish, who urged market participants not to let the noise "drown out the signal." "With over $60 billion of assets and one of the 10 largest hedge funds in the world, Citadel is now looking to make markets in Bitcoin and crypto. Do not let the noise drown out the signal. This is signal," wrote Lavish in a recent X post. Citadel Securities was not always bullish on crypto; back in 2017, the firm's founder Ken Griffin criticized Bitcoin as another "tulip bulb mania." However, in 2022, he admitted that he was wrong about crypto.
Shiba Inu (SHIB) lost this price level first time since 2024
Shiba Inu is currently facing a crucial moment, with its price falling below the $0.000015 level for the first time since 2024. The decline in value follows a period of speculative excitement, but now it faces significant selling pressure and a lack of bullish momentum. Historically, the $0.000015 level serves as a price floor, and breaking below it raises concerns about further losses, with the next support level around $0.000012. Despite previous hopes for the Shiba Inu ecosystem, including developments like Shibarium, the token has struggled to regain momentum, and technical indicators suggest weak demand. While the crypto market is volatile and sudden reversals can occur, SHIB's short-term outlook appears grim unless it can quickly recover above the $0.000015 mark. Currently, SHIB is trading at $0.00001355, down 6.60% over the past 24 hours, per CoinMarketCap.
Dan Burgin
Vladislav Sopov