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BTC Jumps Back Above $17,000, FLR Tokens Airdropped to XRP Holders, Trillions of SHIB to Be Burned Once Shibarium Launches: Crypto News Digest by U.Today

Tue, 01/10/2023 - 14:41
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Valeria Blokhina
What happened in the world of crypto over the past day? Read U.Today’s news digest to find out!
BTC Jumps Back Above $17,000, FLR Tokens Airdropped to XRP Holders, Trillions of SHIB to Be Burned Once Shibarium Launches: Crypto News Digest by U.Today
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U.Today has prepared a summary of the top four news stories over the past day.

Bitcoin jumps back above $17,000

Good news for investors owning the world’s largest cryptocurrency, Bitcoin: it managed to surpass the $17,000 level once again. At the moment of writing, BTC is trading at $17,245, according to CoinMarketCap data, which is more than 4% higher than its 2023 low of $16,496 registered on Jan. 1. The Bitcoin price surge occurred amid the cryptocurrency crisis exacerbated by Barry Silbert’s Digital Currency Group. U.S. authorities are currently looking into the cryptocurrency giant, and in particular, into DCG’s internal transfers. For now, the authorities are yet to bring an indictment against Silbert’s crypto empire.

Trillions of SHIB will be burnt when Shibarium launches: SHIB whale

According to a recent tweet by @ShibaInuHodler Twitter user, a “SHIB, BONE and ETH whale” with almost 384,000 followers, the Shibarium launch will play an essential role in burning Shiba Inu tokens. In his post, the whale stated that once the long-anticipated Layer 2 solution kicks off, trillions of these meme coins will be removed from circulation. Meanwhile, per data provided by Shibburn, a total of 516 million SHIB were destroyed over the past week. It took the SHIB Army 50 transactions to achieve such a result.

Shiba Inu (SHIB) Burn Rate Jumps 1,395% with Over Half Billion Burned, Here's What Happened

XRP holders to receive FLR tokens from major exchange

Yesterday, on Jan. 9, the Flare Network conducted the long-awaited airdrop of its native coin, FLR. The airdrop was supported by major crypto exchanges, including Binance. FLR tokens were distributed among XRP holders. According to the project, the initial airdrop represented 15% of the entire fund size, and the remaining 85% will be used in accordance with the prior FLR Foundation proposal. Thus, for each XRP held until the snapshot, XRP holders received about 0.15 FLR.

If Ripple loses SEC case, here's likely outcome for XRP: attorney Jeremy Hogan

Michelle Nightengale, CEO of Global Institute of Wellness Entrepreneurs, has asked on her Twitter account if anyone knows what can realistically happen if Judge Torres deems XRP to be a security. Nightengale tagged several Twitter users, including attorney Jeremy Hogan, founder of CryptoLaw John Deaton and lawyer James Filan. Hogan replied to the tweet, saying that in case Ripple loses against the SEC and XRP is classified as a security, the token would likely lose 25% of its utility, since the U.S. provides 25% of global economic activity.

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About the author

Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.