Let's see what the beginning of a new month brought in terms of crypto news with U.Today's top three news stories over the past weekend.
XRP community reacts to bill clarifying regulatory classification of digital assets
On May 18, pro-crypto congressman Tom Emmer introduced the Securities Clarity Act with U.S. Representative Darren Soto. According to Emmer's tweet, the bill clarifies the regulatory classification of digital assets, provides market certainty for innovators and gives clear jurisdictional boundaries for regulators. This caught the attention of the XRP community, with its most prominent members, such as lawyers Jeremy Hogan and John Deaton, sharing their opinions on the matter. Hogan called the act "XRP holder protecting/Coinbase & Binance relieving/Crypto start-up protecting/USA Pro-innovation/Hinman speech codifying/Stick it to the SEC/ ACT," implying its importance for various sorts of crypto market participants. Deaton, in turn, quoted the opinion of Digital Chamber founder and CEO Perry Boring, who described the Securities Clarity Act as "silver bullet legislation for digital assets" if passed.
Bitcoin (BTC) prints super-rare golden cross, analysts hint at upcoming rally
As shared by pseudonymous crypto analyst @CryptoJelleNL, who has over 36,000 followers on Twitter, Bitcoin flagship crypto has printed the famous "golden cross" pattern for the first time in its history, as its 13-day moving average (13MA) crossed its 200-day moving average (200MA) from the bottom. "The golden cross pattern indicates the potential for a major rally," wrote the analyst. In a following tweet, he added that more and more "crosses" of this kind may appear in the coming days if prices stay above the 200-week MA. For instance, the 21-week MA may print the famous signal "as early as next week." At the moment of writing, Bitcoin is changing hands at $26,668, per CoinMarketCap.
Shiba Inu large transaction volume exceeds 1.6 trillion SHIB as market accumulates
According to data provided by IntoTheBlock, Shiba Inu recently saw an impressive spike in its volume of large transactions. Since June 1, these transactions increased by 310.69%, which comprises a surge of 1.24 trillion SHIB, amounting to 1.65 trillion SHIB by Sunday, June 4. Such sudden jumps in activity from large investors usually emerge during periods of relative market inactivity. It is important to note that while the recent surge in large transactions offers insights into investor behavior, it is unlikely to serve as a definitive indicator of an imminent price increase.