SEC Wanted Coinbase to Delist SHIB, ADA and Other Altcoins, Shibarium Hackathon Announced, SHIB's Double Burn Rate Sparks Price Surge: Crypto News Digest by U.Today

Tue, 08/01/2023 - 14:38
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Here are the top three news stories from the previous day brought to you by U.Today.

SEC wanted Coinbase to delist Shiba Inu (SHIB), Cardano (ADA) and other altcoins

As became known recently, the SEC recommended that Coinbase halt trading all cryptocurrencies except Bitcoin before the regulatory agency started its legal action against the exchange. The measure indicates the SEC's intent to assert its authority over a broader part of the crypto market. Coinbase CEO Brian Armstrong revealed in his recent interview with the Financial Times that the SEC had made this recommendation last month before filing a lawsuit against the platform for failing to register as a broker. If Coinbase agreed to do this, said Armstrong, it would have set a precedent that could lead to the majority of American crypto businesses operating illegally unless they registered with the regulator. The SEC has not yet made an official comment on the implications of a potential settlement that would involve Coinbase delisting all tokens other than Bitcoin.

Shibarium hackathon announced, big BONE prize promised

According to a recent announcement by Shiba Inu ecosystem official Lucie, the project team has launched Shibarium Hackathon, with a bounty prize of $5,000 in BONE. The main topics of the event are healthcare, DeFi, cryptography, zero trust finance with speed, Distributed Cloud Operating Systems and low code DeFi for small businesses. Participants are invited to build anything they like and encouraged to create "something completely original and new." Meanwhile, another hackathon by Shiba Inu appears on the horizon. As mentioned by Shiba Inu lead Shytoshi Kusama in his blog, the Shibarium team will also conduct a "multi-month Hack-a-thon" during the Blockchain Futurist Conference that will take place in Toronto, Canada, in mid-August.

Shiba Inu Joins Elite Ranks After SHIB Market Cap Soars by Half Billion Dollars

Shiba Inu (SHIB) ignites: Double burn rate sparks price surge

Yesterday, Shiba Inu saw an impressive surge in its price, which led to a massive upswing in its burn rate. The upward price trend came after the successful breakout of an ascending triangle pattern. This bullish pattern predicted a significant increase in the coin's value, and the prediction came true. The rise in volatility that followed the breakout proved to be a catalyst for the current momentum that SHIB is experiencing. This growing momentum has also influenced the SHIB burn rate, which increased by 100% over the past day. Market watchers can already see the effects of this burn rate starting to emerge, as the meme token managed to breach the crucial $0.0000089 price level yesterday. The SHIB community is now eyeing the next target, the 200 EMA line situated around $0.00000920. However, at the moment of writing, SHIB is seeing a decline in its value, trading at $0.0000083 per CoinMarketCap.