BTC ETF Approval
The approval of Bitcoin ETFs by the SEC caused significant price volatility for BTC. The price experienced rapid fluctuations and eventually consolidated between $42,000 and $43,000.
Ripple v. SEC
Ripple is currently engaged in an ongoing legal battle with the SEC. A trial is scheduled for April 2024, and the outcome of the case remains uncertain.
Shiba Inu Token Burn
Shiba Inu has seen an increased token burn rate, resulting in billions of assets being removed from circulation since the beginning of the year.
BTC’s Historic Week
After years of delays and rejections, the SEC finally approved spot Bitcoin ETFs on January 10. This historic event caused massive volatility for BTC. However, there were some hiccups along the way.
On January 9, the SEC’s X account was compromised when a false tweet claimed that the ETF had been greenlighted. BTC soared to almost $48,000 but dropped below $45,500 after the SEC confirmed the security breach.
There was also confusion surrounding the official approval of multiple spot Bitcoin ETFs. The SEC’s website initially published the order but then removed it, causing doubts about its legitimacy. After a few hours, the confirmation was reinstated, and BTC jumped to $46,000.
The following day, BTC experienced even greater volatility, reaching $49,000 before dropping back to $46,000. This rollercoaster ride led to multi-million liquidations and ultimately resulted in BTC consolidating between $42,000 and $43,000 over the weekend.
Ripple v. SEC
The legal battle between Ripple and the SEC is heading towards a trial scheduled for April 23, 2024. Both parties must comply with necessary procedures leading up to the trial. The SEC is required to file its brief regarding remedies by March 13, 2024, while Ripple must file its opposition by April 12, 2024.
The SEC recently requested an order for Ripple to hand over essential documents, including financial statements and post-Complaint contracts. Ripple has had partial wins throughout 2023, giving them an advantage in the lawsuit.
Shiba Inu’s Burning Mechanism
Shiba Inu, the second-largest meme coin by market capitalization, has witnessed a spike in its token burn rate. Over 16.5 million tokens have been removed from circulation as a result.
The burning program has been successful recently, with over 9 billion assets destroyed since the beginning of 2024. This accounts for over 10% of the total amount burned in 2023.
By permanently removing SHIB tokens from circulation, scarcity is created, which could lead to a potential price increase for the meme coin. The value of SHIB has been on an uptrend lately, rising 9% on a weekly scale.
Hot Take: What Lies Ahead?
The recent events surrounding BTC’s ETF approval, Ripple’s legal battle with the SEC, and Shiba Inu’s token burn have all contributed to an eventful start to the year in the crypto world. BTC’s volatility may continue as it consolidates between $42,000 and $43,000. The outcome of Ripple’s trial remains uncertain but could have significant implications for the cryptocurrency industry. As for Shiba Inu, its burning mechanism has increased scarcity and potential price growth. Keep an eye on these developments as they shape the future of the crypto market.
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