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Millionaire XRP Whales Quickly Increase Holdings, Binance Sees $2 Billion Outflow After Criminal Charges News, SHIB Back on Investors’ Radar: Crypto News Digest by U.Today

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Wed, 14/12/2022 - 14:58
Millionaire XRP Whales Quickly Increase Holdings, Binance Sees $2 Billion Outflow After Criminal Charges News, SHIB Back on Investors’ Radar: Crypto News Digest by U.Today
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Check out U.Today’s top four news stories over the past day.

Millionaire XRP whales quickly filling their bags, this might be reason

Yesterday, Santiment spotted increased whale activity as these large investors were hurriedly adding XRP to their holdings. The on-chain analytics firm stated in its recent report that, in five weeks, the whale address XRP supply went from 16.7% to 18.3%. Such behavior might suggest that the Ripple-affiliated token could experience a price run soon. The reason for this might be optimism regarding the outcome of the Ripple-SEC lawsuit that surrounded XRP in recent months and the clarity that this outcome could bring to the crypto industry.

Almost $2 billion out of Binance after criminal charges news: details

As reported by Nansen crypto analytics portal, Binance saw an outflow of almost $2 billion over the last week. However, it is still lower than the exchange’s $2.3 billion per week outflow during the FTX collapse just over a month ago. The cause of the recent spike in outflows could be a Reuters article about the U.S. prosecutor's office considering charging Binance and its executives with money laundering and sanctions violations. Binance CEO Changpeng Zhao (or CZ) commented on the news, calling it FUD and urging everyone not to worry.

SHIB back on investors' radar, as this metric signals

After an unexpected drop in the number of SHIB holders at the beginning of December, the canine token seems to start being in demand again, as its holder count has increased by 8,694 addresses, or 0.7%, and now comprises 1.26 million. Comparing the change in the number of SHIB holders and the price action of the token, one could assume that the 2.3% drop in the number of addresses from the last week of November to the beginning of December was due to profit taking. At the moment, we can conclude that SHIB investors now prefer not to stay in their positions for long.

Related

Bitcoin just surged to $18K, here’s why

To the great delight of BTC holders, the price of Bitcoin suddenly surged to $18,106 on the Bitstamp exchange yesterday. It spiked together with futures tracking U.S. equities: the S&P 500 index was on track to add 3% at market open, and Nasdaq futures were up by more than 4%. This happened due to cooler-than-expected CPI data: according to the U.S. Bureau of Labor Statistics, inflation rose 7.1% in November on a year-over-year basis, which is lower than analysts' forecast of 7.3%. However, while inflation is down significantly from the 9.1% mark in June, it is also far above the Federal Reserve's 2% target.

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