Check out the top three news stories over the past weekend presented to you by U.Today.
Shiba Inu rings alarm bells: here's what's going on behind scenes of SHIB
According to data provided by IntoTheBlock crypto intelligence portal, large SHIB holders have recently demonstrated concerning behavior as their transaction volume experienced a significant decline starting last Friday and extending into the weekend. Even though this figure increased by 150%, or 1.5 trillion SHIB earlier last week, it then dropped to 865 billion tokens. Another concerning sign is the plunge in the Shiba Inu token's netflow value. Outflows from the wallets of prominent investors have surpassed inflows, with 272.45 billion tokens leaving these wallets compared to 195.98 billion entering. As a consequence, the netflow of Shiba Inu whales' wallets hit -76.48 billion SHIB by Saturday, a drastic shift from the 310.59 billion just a few days earlier.
Both XRP and Ethereum (ETH) will be demolished by SEC: president's advisor explains why
Max Keiser, advisor to the president of El Salvador and Bitcoin evangelist, has recently taken to Twitter to share his view on the contentious issue of cryptocurrency regulation. In his tweet, he touched upon the topic of the fate of XRP and Ethereum, saying that the SEC's "overreaching" will eventually lead to "killing off" XRP and every other cryptocurrency, except for Bitcoin, which he deemed "untouchable." Pro-crypto lawyer John Deaton disagreed with Keiser, arguing that Bitcoin has been previously labeled as a security as well. Deaton also admitted that even though the SEC could damage XRP, the influence of its current regulator, Gary Gensler, would be short-lived. However, Keiser remained steadfast in his belief that the SEC would continue pursuing ETH and XRP as unregistered securities.
Bitcoin (BTC) targeting $34,000 following strong channel breakout: analyst
Expert market analyst Aksel Kibar believes that Bitcoin may be about to experience a huge price increase as it continues to hover around the $30,640 level. However, before meeting its price target of $34,000, Bitcoin has to surpass the short-term resistance at $31,000, notes the analyst. Kibar's analysis is based on a head and shoulders (H&S) pattern, indicating strong bullish sentiment on the market following a breakout from the channel. The anticipation of this bull run was sparked by the growth of investor confidence driven by a series of exchange-traded fund (ETF) filings. Thanks to this ETF hype, BTC's price recently surged to a one-year high of $31,431. Further promising news for Bitcoin supporters is the effectiveness announcement of the 2x Bitcoin ETF from Volatility Shares, which is set to launch on Tuesday.