Bitcoin Plunges 7%, DOGE Gets Ahead of SHIB, Coinbase Becomes Most Popular iPhone App: Crypto News Digest by U.Today

U.Today presents top five crypto news stories over the past day.

Bitcoin suddenly plunges 7%

Cryptocurrencies are not immune to sudden plunges, and Bitcoin is no exception. Yesterday, the flagship crypto dropped 7% on major exchanges within one minute, plummeting to an intraday low of $56,425. However, Bitcoin recovered to $61,848 earlier that day, but bulls were then caught off guard by the most recent flash crash.

As reported by U.Today, last week BTC crashed to the $8,200 level on the Binance.US exchange due to a bug in a client's trading algorithm.

Traders liquidate massive SHIB and DOGE positions, DOGE gets ahead of SHIB

Yesterday, after SHIB underwent a 50% setback upon reaching a new all-time high of $0.00008616 and hitting $0.00005731, traders liquidated approximately $1.46 million in SHIB and 7.99 million Doge coins. Meanwhile, the rivalry between meme canine coins is getting more and more intense every day. Dogecoin has managed to regain ninth place on CoinMarketCap, leaving Shiba Inu one step behind.

Today, however, SHIB and DOGE have again swapped places; Shiba Inu is now above its main archrival, with its price printing a double-digit increase.

Coinbase becomes the most popular iPhone app

Coinbase has recently made the news with its sudden outage, which some speculated was linked to Shiba Inu’s rally. But that is not the only reason why the name of the exchange is on everyone’s lips. On Wednesday, Coinbase climbed to the top of the Apple App Store in the U.S., surpassing TikTok, Instagram, YouTube and other popular apps. Yet some believe that it might not be a good sign. The Coinbase app also reached first place in late 2017, when the cryptocurrency bubble was about to pop.

Shiba Inu generates 1 million tweets

Shiba Inu’s explosive rally has stirred up the Twitter crypto community. The meme cryptocurrency became the top-trending topic on the popular social media platform, accumulating over 1 million tweets within just one day. The reason behind SHIB’s skyrocketing popularity is its surpassing the market cap of Dogecoin and scoring several consecutive all-time highs.

SHIB has turned this wallet into a billionaire

It looks like crypto luck smiled on this investor who arrived early to the Shiba Inu party. According to Etherscan data, back in August 2020, an undisclosed wallet purchased $8,000 worth of SHIB coins, which was valued at $5.7 billion when Shib reached its ATH. While the collateral can be estimated at $5.7 billion, it has already "lost" $1 billion of its value due to a retrace of SHIB/USD trading pairs. Additionally, there is no particular way to realize such a large volume on any exchange currently available without pushing the price down.