SEC Preparing for Shutdown, Shiba Inu (SHIB) Whales Selling Rapidly, Millions of RLUSD Ready to Hit Market After Recent Launch: Crypto News Digest by U.Today

Take a look at what's happening in the world of crypto by reading U.Today’s top three news stories.

SEC preparing for shutdown

According to the SEC's recent alert, it is currently preparing for a potential federal government shutdown. The agency has stated that it will focus on essential functions, particularly those related to market integrity and investor protection, while its internal EDGAR database system, which is used for tracking government filings, will remain operational. However, nonessential operations will be suspended during the shutdown. On Wednesday, the House of Representatives delayed a vote on a bipartisan government funding bill, which raised concerns about a potential shutdown. Such a scenario would result in government employees not receiving their pay during the holidays, while also causing disruptions to various services, including food assistance. Besides, the SEC may cease routine reviews of filings, such as ETF applications, although it will continue to pursue cases of fraud and market manipulation.

Shiba Inu (SHIB) whales selling rapidly: Details

Yesterday, Shiba Inu witnessed a significant sell-off, as a SHIB whale liquidated 250 billion SHIB, valued at approximately $6.05 million. This whale entered the Shiba Inu market back in August 2020, purchasing 15.28 trillion SHIB, which peaked at a value of $1.22 billion. The total profit realized by the investor over the course of their holdings constitutes $109 million, and they still retain 2.15 trillion SHIB, worth around $52.18 million. The recent liquidation raises concerns about changing whale behavior, which can influence retail market sentiment and increase volatility. At writing time, SHIB is changing hands at $0.00002041, down 15.94% over the past 24 hours; the asset failed to maintain both support levels at $0.00002283 and $0.00002045, which may indicate potential further declines.

Millions of RLUSD ready to hit market after recent launch

Following the launch of the much-anticipated RLUSD stablecoin earlier this week, Ripple continues minting stablecoins, with over 10 million RLUSD created over the previous two days. According to data provided by the Ripple Stablecoin Tracker, more than 10.3 million RLUSD were transferred in batches, including 1.5 million sent from the Ripple Treasury to the Lithuania-based crypto exchange Uphold. Meanwhile, Ripple President Monica Long spoke on the freshly launched RLUSD in a recent interview. She highlighted the stablecoin market's current valuation of approximately $160 billion, and it is predicted that it could grow to around $3 trillion within the next four years. Long emphasized the increasing demand for stablecoins that focus on regulatory compliance, diversification and utility, all of which RLUSD aims to provide. She believes that for Ripple, the launch of RLUSD is another big step in continuing to “bridge the gap between traditional finance and blockchain.”