3 Things Bitcoin Needs to Hit $60,000, Shiba Inu Surges 367% in Bullish Whale Activity, Major XRP Ledger Amendment About to Go Live: Crypto News Digest by U.Today

Check out U.Today's top three news stories over the past day.

3 things Bitcoin (BTC) needs to hit $60,000

With Bitcoin currently trading below crucial resistance levels, a lot of investors are eyeing the $60,000 mark as the next big target. However, for the BTC price to reach this level, three key conditions must align, with the first one being the liquidation of high-leverage short orders; a short squeeze could push Bitcoin up significantly, especially considering substantial leverage seen between $58,000 and $60,000 in the Binance heatmap data. Second, increased institutional inflows are important for long-term growth; at the moment, BlackRock is one of the few institutional investors focused on cryptocurrencies. Thus, if Bitcoin is to reach $60,000, more institutions must enter the market. Third, change in sentiment; currently, the market sentiment is marked by extreme fear, which keeps Bitcoin from rising higher. If we want to see the flagship crypto moving toward $60,000, this sentiment must improve.

Shiba Inu (SHIB) skyrockets 367% in bullish whale activity surge

Yesterday, Sept. 10, Shiba Inu saw 367% growth in large transaction volume, indicating increased whale activity. According to IntoTheBlock data, Shiba Inu's large transaction volume totaled $43.52 million, or 3.21 trillion SHIB. This surge in large transactions coincided with a 2.22% rise in SHIB's price, as the cryptocurrency rebounded from a low of $0.00001231 on Sept. 6 and reached a high of $0.0000137 on Sept. 9. At the moment of writing, SHIB's price has slightly dropped; the meme coin is changing hands at $0.00001302, down 3.28% over the past 24 hours. Shiba Inu's recovery is linked to a broader market upturn, with Bitcoin also resuming its ascent following a dip below $53,000. Cryptocurrency gains are happening alongside a rise in U.S. stocks, which also faced a decline last week. On Monday, both the Nasdaq and S&P 500 saw an increase of 1.15%.

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Major XRP Ledger (XRPL) amendment about to go live

According to the XRPScan explorer, the XRP Ledger (XRPL) has announced that a new amendment called fixAMMv1_1 is set to go live later this month. An amendment in the XRPL context implies a proposal to change the existing code or protocol governing a specific function in the ledger. This amendment aims to enhance or introduce new features by modifying the existing code, specifically improving the automated market maker (AMM) functionality for decentralized trading on the XRPL. To be implemented, the amendment requires the endorsement of the majority of validators, and currently, 29 out of 35 votes cast, representing 82.86%, have voted yes to the amendment. The amendment has entered a 14-day activation window; if the support remains above the required 80% for this period, the changes will take effect.