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XRP Did Something Unacceptable for Bulls, Shiba Inu Whales Disappear, Bitcoin Breaks Correlation With Tech Stocks: Crypto News Digest by U.Today

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Fri, 29/12/2023 - 16:25
XRP Did Something Unacceptable for Bulls, Shiba Inu Whales Disappear, Bitcoin Breaks Correlation With Tech Stocks: Crypto News Digest by U.Today
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Take a look at what happened in the world of crypto by reading U.Today’s top three news stories.

XRP just did something unacceptable for bulls

The XRP market recently witnessed a so-called "bull trap": the XRP/USDT price chart displayed a deceptive bullish signal after breaking past the local trendline resistance. This frustrated the traders who were hoping for a long-term rising trend. Usually a bull trap has a negative effect on the asset's short-term price performance. Traders who bought in during the false breakout are often left to sell at a loss as the market readjusts and the price declines. This selling pressure could escalate the downward trend, resulting in a larger price correction. At the moment of writing, XRP is changing hands at $0.6356, per CoinMarkerCap.

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Shiba Inu (SHIB) whales disappear

SHIB whale activity is significantly declining. The SHIB whales reduced their participation to levels unseen since the beginning of December, resulting in a 77% decrease in big transactions within just two days. Per IntoTheBlock data, the volume of large SHIB transactions dropped to 1.46 trillion tokens, equivalent to $15.83 million. Notably, only transactions over $100,000 in Shiba Inu tokens are taken into account in this sharp decline, yet there were only 48 such transactions throughout the designated period. The implications are twofold. On the one hand, the disappearance of SHIB whales suggests that their activity levels have dropped significantly, almost to the point of near-extinction. On the other hand, this vacuum left by whales suggests an imminent explosion of on-chain activity, which might lead to another roller coaster ride for the SHIB token.

Bitcoin (BTC) breaks correlation with tech stocks

According to data provided by Barchart, Bitcoin's correlation with technology stocks has turned negative for the first time since the beginning of 2020. Historically, Bitcoin and tech stocks have often moved in tandem, reflecting investor sentiment toward risk and innovation. Such parallel movement can be primarily linked to the profile of investors on both markets, often overlapping demographics seeking growth and being comfortable with digital assets. Additionally, both markets have shown a similar sensitivity to monetary policy and economic factors. When the Federal Reserve makes statements or modifies interest rates, tech stocks and Bitcoin usually react in unison.

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