Here Are Factors That Could Trigger Bitcoin Spike This Week, XRP Attracts $2.5 Million Inflows into Crypto Market, SHIB Rockets to Second Place on Binance: Crypto News Digest by U.Today
U.Today has prepared the top three news stories over the past day.
Bitcoin: Here are factors that could trigger BTC spike this week
Bitcoin started the week on a very bullish note, rising to a price level not seen in almost two years in the backdrop of massive inflows into cryptocurrency ETFs. Yesterday, CoinMarketCap spotted the largest crypto trading at $66,500; now it is changing hands at $67,815, its highest level since November 2021. As market excitement keeps accumulating, traders closely monitor key economic data for new signals regarding the timing of Federal Reserve interest rate cuts. This week might witness significant macroeconomic releases, and on Wednesday and Thursday, Fed Chair Jerome Powell will give his annual testimony before Congress. Michael Barr, Fed Vice Chair for Supervision, is scheduled to speak today, March 5, while major releases, such as the U.S. unemployment rate and nonfarm payrolls are expected on Friday, March 8. Previously, Bitcoin's price responded to Fed Chair Jerome Powell's speech in both negative and positive ways, and it remains to be seen what will happen this time.
Mushumir ButtXRP attracts massive $2.5 million inflows into bullish crypto market
XRP has greatly benefited from the optimism that has dominated the cryptocurrency industry, attracting an astonishing $2.5 million amid a surge of significant inflows into the crypto market. The recent report by CoinShares demonstrates that weekly inflows into digital asset investment products reached a new high of $1.84 billion. Trading volumes in investment products scored a new high as well, reaching more than $30 billion for the week; 94% of the inflows went into Bitcoin, totaling $1.72 billion. Ethereum saw weekly inflows of $85 million. Even though the majority of inflows have gone into Bitcoin, XRP has managed to stand out from other digital assets, some of which have experienced outflows in the past week. For instance, Solana saw $12 million in outflows. While XRP's price performance has frequently been scrutinized, these recent inflows underscore an increasing sense of optimism surrounding the token.
Gamza KhanzadaevShiba Inu rockets to second place on Binance amid explosive SHIB price pump
According to data provided by CryptoDiffer, Shiba Inu meme token has managed to take the second spot on Binance, being left behind only by the exchange's native token, BNB. Currently, SHIB's trading volume on Binance accounts for an astounding 33% of all Shiba Inu token trades across various crypto platforms. Per CoinMarketCap data, SHIB has solidified its position as the eighth largest market on Binance, with a substantial 3% share of the exchange's $32.13 billion trading volume against the USDT pair alone. The rise in SHIB's popularity corresponds with its current price trend, which has seen an incredible 281% increase over the past seven days and a noteworthy 16% jump at the beginning of this week. Thanks to its incredible rise, Shiba Inu's price has reached highs not seen in more than two years, placing SHIB in tenth place among the top crypto assets in terms of capitalization. At the moment of writing, SHIB is changing hands at $0.00004021, up 49.75% over the past 24 hours, per CoinMarketCap.
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