U.Today presents the top three new stories over the past day.
Binance sees enormous volume drop: What's happening?
Yesterday, CoinGlass, an analytics platform that provides data and indicators on various cryptocurrencies, spotted a substantial drop in Binance's trading volume, with major assets losing from 70% to 95% of their volume. For instance, PEPE was down by more than 97.5%, Bitcoin lost 62% and Solana plunged by 88.9%. One of the possible causes for this is a malfunction of trading bots that keep the market's liquidity balanced. If a critical bot shuts down, it instantly eliminates a substantial portion of the trading activity, which results in a quick drop in transaction volume. The reason behind bots going offline is still unclear; it could be a technical issue, update or maintenance work on the platform. Another possible reason is changes in Binance's policies or limitations on its APIs.
Shiba Inu (SHIB) skyrockets 290% in key whale metric
Data provided by IntoTheBlock shows that yesterday, Shiba Inu saw a 290% increase in its volume of large transactions. Within the previous 24 hours, this metric grew from 1.23 trillion SHIB to 3.57 trillion SHIB, which was mirrored in a transaction volume spike from $29.93 million to $91.04 million in dollar terms. In total, there were 268 such whale deals over the said period. Shiba Inu's price movement was similarly captivating yesterday; following concerns related to Mt. Gox fulfilling its Bitcoin obligations, SHIB's price dropped by more than 3%. However, today, the meme coin is changing hands at $0.00002728, up by 5.84% over the past 24 hours. Based on Shiba Inu's chart, it is getting ready for the next big move, and whales are accumulating billions of tokens in anticipation.
Bitcoin ETPs go live on London's Stock Exchange
Following the approval of 21Shares and WisdomTree's Bitcoin ETFs by the FCA last week, yesterday, their products went live on the London Stock Exchange, the 11th biggest stock exchange in the world by trading volume. However, since retail investors will not be able to purchase these ETPs, it is unlikely that they will attract significant demand. The FCA voiced concerns regarding the harm these products could bring to retail buyers. Due to diversification rules, European regulations prohibit issuers from offering ETFs for a single commodity, such as Bitcoin. Cryptocurrency ETPs, which have been around for years, provide buyers with a rather similar investment experience. These products also claim to offer the same level of transparency and investor protection.
Dan Burgin
U.Today Editorial Team
