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Ripple CEO Makes Stunning Market Prediction, Here's Why April 10 Is Crucial Date for Crypto and BTC Markets, SHIB Burns Surge Drastically: Crypto News Digest by U.Today

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Tue, 9/04/2024 - 16:40
Ripple CEO Makes Stunning Market Prediction, Here's Why April 10 Is Crucial Date for Crypto and BTC Markets, SHIB Burns Surge Drastically: Crypto News Digest by U.Today
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U.Today provides you with an overview of the past day’s crypto events with the top three news stories.

Ripple CEO makes stunning market prediction

According to a recent CNBC report, Brad Garlinghouse, head of San Francisco-based fintech giant Ripple, expects the total cryptocurrency market cap to top $5 trillion this year. He stated that he is "very optimistic" about the current state of the industry. Among the key factors that could potentially influence the direction of the crypto market, Garlinghouse named favorable micro-financial conditions, including the advent of Bitcoin exchange-traded funds (ETFs) and the upcoming Bitcoin halving event. According to the Ripple boss, this is the first time that "real institutional money" is being drawn to the industry. Previously, U.Today reported that Garlinghouse met the SEC's approval of spot Bitcoin ETFs with great enthusiasm, claiming that the significance of this milestone could not be overstated and that it would be "yet another catalyst" for institutional adoption.

April 10 crucial date for crypto and Bitcoin markets: Here's why

While everyone's attention is currently drawn to the Bitcoin halving event taking place this month, there are other dates in April that deserve the same amount of consideration, if not more. Tomorrow, April 10, the United States is set to announce the Consumer Price Index (CPI) for March; this index measures inflation and can affect the Fed's interest rate decisions. The next day, April 11, the U.S. will release the minutes from the Federal Open Market Committee (FOMC) meeting in March, with a strong likelihood that interest rates will remain the same in May. Naturally, a move this significant for the U.S. economy almost always has an impact on the performance of digital assets, and Bitcoin in particular. When interest rates remain unchanged, the economy is often considered stable enough not to need higher rates to slow down inflation. For Bitcoin and digital assets, steady interest rates might be considered "good."  If the news from April 10 and 11 indicates that the U.S. economy is performing strong, Bitcoin may see an increase as more investors would like to gain additional risk exposure.

Related

SHIB burns surge drastic ally, with 91 million coins scorched by mysterious whale

Per data provided by Shibburn, yesterday, 98,045,035 SHIB coins were sent to dead-end wallets, which pushed the overall daily burn rate up by 304.98%. This massive amount of SHIB was moved in 10 transactions; however, the majority of the aforementioned SHIB was incinerated in one transaction carrying 91,102,596 SHIB. It was made by a mysterious cryptocurrency whale, which both Shibburn and Etherscan failed to identify. Regarding the weekly burns, the SHIB burn tracker recently reported that the burn rate had increased by 82.66%. Overall, in the past seven days, the Shiba Inu community has managed to destroy 330,335,592 SHIB. However, despite the constant burns, the total SHIB supply remains practically unchanged and constitutes 589,534,086,491,242 SHIB meme coins. At the moment of writing, SHIB is changing hands at $0.0000275, down 3.72% over the past 24 hours, per CoinMarketCap.

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