Bitcoin May Follow Gold's Spike in 2024, Ripple Sells Tens of Millions of XRP at Loss, Shibarium Hits Multimillion Milestone: Crypto News Digest by U.Today

U.Today has prepared the top three news stories over the past day.

Bitcoin may follow gold's spike in 2024, Lark Davis claims, here's why

According to a recent post by crypto YouTuber Lark Davis, Bitcoin may repeat the 2004 scenario of gold, when the yellow metal surged in price after the first ETF was released (SPDR Gold Shares [NYSE: GLD]) by State Street Corporation. Davis wrote that once a Bitcoin spot ETF launches, new investors will bring 20-30 billion USD into Bitcoin by grabbing around 50% on crypto exchanges at today's prices. The YouTuber backed his words with a chart showing that following the launch of the gold ETF, its price started rising in late 2004 from $400 per ounce and reached a peak of $1,939 in 2011. The same will happen to Bitcoin, believes Davis. As a reminder, the BTC price skyrocketed last Tuesday, briefly reclaiming $28,000, after Grayscale scored a victory against the SEC.

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Ripple sells tens of millions of XRP at a loss – price drops after recent rise

Per data from WhaleAlert, on Sept. 3, two large XRP transactions were detected, carrying 29,700,000 XRP and 425,322,309 XRP. The first one was made by Ripple Labs, which transferred this big lump of tokens to Bitstamp to sell for $15,040,591. The second transaction was made by Bitvavo digital exchange, which moved XRP to an unknown wallet. Meanwhile, on Monday, Sept. 4, XRP's price lost 1.44% of its value after increasing by 4.73% since Friday. It seems that Ripple managed to transfer tokens to Bitstamp before the price decline, but it remains unclear if the company sold at a profit or at a loss. Currently, XRP is trading at $0.502, per CoinMarketCap.

Shiba Inu's Shibarium hits multimillion milestone in record time

After only seven days since its launch, Shibarium protocol has had outstanding success in attracting millions of dollars. Data from DefiLlama shows that yesterday, its total value locked (TVL) constituted an impressive $1.05 million, with this figure reaching even higher, $1.47 million, on Aug. 30. Another spectacular milestone was achieved by Shibarium last weekend: as reported by U.Today, the number of wallets on the network surpassed the one million level. Today, the Layer 2 protocol scored one more little win as, at the moment of writing, its total transaction count stands at 1,098,480.