U.Today presents the top three crypto news stories over the past day.
XRP's price behavior has silver lining
Yesterday, market watchers spotted a peculiar behavior of XRP's price. After the news of the Hinman Documents' release went live, the Ripple-affiliated token saw a swift spike of its price that was followed by an increase in selling volume, which countered the price rise. The sudden selling pressure suggests that someone, or some people, were ready for this price pump and that there are entities who are working to manipulate the XRP price, presumably for their own benefit. As the summary judgment news on XRP looms, a similar situation may occur. Such price behavior might have a silver lining: in the event that suppression efforts fall short of counteracting the demand sparked by favorable regulatory news, XRP prices may sharply increase.
SHIB burn rate finally soars as millions of Shiba Inu are 'set on fire'
Despite the fact that the Shiba Inu price is still negative and continues to show a sharp decline on a weekly basis, the SHIB army has managed to boost SHIB burns. Data provided by Shibburn shows that yesterday, after several consecutive days of hanging below the zero level deep in the red zone, the SHIB burn rate surged by almost 1,000% thanks to burning 7,825,621 SHIB. The total weekly count of burned SHIB has now closely approached 300,000,000 meme coins. This is a huge decrease from the numbers that were seen a few weeks ago, when the Shiba Inu community was burning between one and two billion SHIB every week. The Shiba Inu price seems to be slowly recovering from the 30% crash that occurred over the weekend on the news of the SEC filing charges against Coinbase and Binance. The token is currently trading at $0.00000672.
Billionaire Mark Cuban defends crypto, calls out banks
In response to the criticism of cryptocurrencies by former SEC official John Reed Stark, billionaire and crypto enthusiast Mark Cuban took to Twitter to defend the digital assets industry while also exposing alleged flaws in the conventional banking system. Cuban pointed out what he sees as an irony in Stark's criticism of "groupthink" among cryptocurrency users. According to the billionaire, "groupthink" is what saved depositors of Silicon Valley Bank and other institutions when oversight and regulation failed. Cuban also exposed a controversial practice within the banking industry. He stated that the Federal Deposit Insurance Corporation (FDIC) and other regulators have been allowing banks to work around the FDIC's insurance limit of $250,000. Per Cuban, banks cross-deposit in FDIC-insured institutions to ensure that deposits of up to $1 million are fully insured.