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DOGE and BTC Head to Literal Moon, Bitcoin Made History With This Bullish Pattern, 546 Billion SHIB Withdrawn from Binance: Crypto News Digest by U.Today

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Tue, 9/01/2024 - 16:10
DOGE and BTC Head to Literal Moon, Bitcoin Made History With This Bullish Pattern, 546 Billion SHIB Withdrawn from Binance: Crypto News Digest by U.Today
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Here are the top three news stories over the past day presented to you by U.Today.

Dogecoin and Bitcoin head to moon with epic rocket launch

Yesterday, Jan. 8, Dogecoin (DOGE) and Bitcoin (BTC) started their cosmos journey to the literal moon. According to the latest update by the Dogecoin Foundation, the United Launch Alliance launched its Vulcan Centaur rocket carrying the physical replica of Dogecoin, among other cargo, which includes the Astrobotic Peregrine lunar lander, a vital component of NASA's initiative. At the same time, the BitMex exchange, in collaboration with its founder Arthur Hayes, announced that it will be sending Bitcoin on the same lunar voyage. DOGE and BTC's moon trip is planned to unfold in nine stages, from the initial launch to a high elliptical orbit to landing on the lunar surface.

Bitcoin (BTC) just made history with this bullish pattern

According to an X post by Barchart, yesterday, Bitcoin made an outstanding achievement. For the very first time in its history, the largest cryptocurrency by market capitalization has formed a "golden cross" pattern on its weekly chart. Traditionally, this pattern is interpreted as a positive sign, which indicates the possibility of an impending sustained upward trend. However, it is important to keep in mind that the "golden cross" can occasionally act as a lagging indicator. By the time the cross occurs, the market may have already factored in bullish sentiment; as a result, the pattern is confirming an established trend rather than signaling the start of a new one.

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Massive 546 billion Shiba Inu (SHIB) withdrawn from Binance as whales capitulate

Data from on-chain analytics platform Spotonchain reveals that 546 billion SHIB worth around $4.93 million were withdrawn from Binance by a SHIB whale. This transaction adds to the series of withdrawals from Binance that have occurred over the past 1.5 months. Over the said period, five whales, speculatively including Tron Founder Justin Sun, have withdrawn 2.742 trillion SHIB worth around $25.2 million from Binance. Although the reason behind the 546 billion SHIB withdrawal from Binance is unknown, some possible suggestions are: the whale might be moving the SHIB to a different wallet or exchange or getting ready to stake or burn the SHIB to earn rewards or reduce the total supply.

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