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Mike Novogratz Admits Being Wrong About XRP, Key Reasons Why BTC Dropped Below $41,000, New Shiba Inu Whale Holding 4.1 Trillion SHIB Born: Crypto News Digest by U.Today

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Tue, 12/12/2023 - 16:16
Mike Novogratz Admits Being Wrong About XRP, Key Reasons Why BTC Dropped Below $41,000, New Shiba Inu Whale Holding 4.1 Trillion SHIB Born: Crypto News Digest by U.Today
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Here are the top three news stories presented to you by U.Today.

Crypto mogul Mike Novogratz on XRP: "I was wrong"

Mike Novogratz, CEO at Galaxy Digital, publicly backed off of his prior skepticism regarding Ripple and its affiliated cryptocurrency, XRP. He admitted being wrong about XRP's future, previously pointing to Ripple's large ownership of the token as a potential disadvantage. "I was skeptical that XRP would have lasting power," said Novogratz, referring to Ripple's 60% stake in XRP, which has now been reduced to about 50%. The Galaxy Digital head also expressed his admiration for Ripple's CEO Brad Garlinghouse and the "XRP Army." "The XRP Army is real. They care about their ecosystem and their coin," he added. Novogratz's words follow Ripple's significant court victories in 2023; earlier this year, Judge Torres did not classify XRP as a security in its entirety and later dismissed the charges on the company's top execs, Brad Garlinghouse and Chris Larsen.

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Key reasons why Bitcoin (BTC) price has plummeted below $41,000

Yesterday, Dec. 11, Bitcoin's value dropped below the $41,000 level, to the great disappointment of its holders. Even though the flagship crypto has managed to recover from the crash, currently trading at $41,457 per CoinMarketCap, the incident has made the crypto community go abuzz. According to on-chain analysis, there were a few signs hinting at a potential plunge. CryptoQuant's Julio Moreno noted that after a significant increase to $40,000, Bitcoin's price started overheating. Also, Mara Pool decided to cash in some chips after a recent high in an attempt to lock in profits while dodging potential risks. Another reason is over half of the Bitcoin being profitable for its holders, a situation that frequently precedes some selling off at the peak.

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New Shiba Inu whale holding 4.1 trillion SHIB born

As reported by Whale Alert crypto data tracker, there was a massive transfer of Shiba Inu tokens spotted yesterday. Per provided data, 4.19 trillion SHIB worth $40,823,942 moved between whale wallets. The enormous shift of 4.1 trillion SHIB to a new address, which only holds $40 million worth of crypto, has led to the emergence of a new SHIB mega whale. In addition to this, over the weekend, 4,218,953,460,450 Shiba Inu tokens valued at $43,372,951 were transferred between whale wallets. The transactions could be wallet reshuffling or over-the-counter (OTC) transactions that take place outside of a cryptocurrency exchange. However, the identity of the new whale and the motive behind his or her actions remain unknown.

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