Crypto

Crypto News Digest by U.Today

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Valeria Blokhina

U.Today’s news roundup keeps you updated on the latest events in the crypto industry

Here are the four biggest news stories of the past day brought to you by U.Today:

Major Shiba Inu Developer Hints at Shibarium Release

According to Shiba Inu Shytoshi Kusama, Lead Developer, The release of Shibarium, the Layer 2 solution in the Shiba Inu ecosystem, may be just around the corner. This is good news for the SHIB community as Shibarium will provide investors with the opportunity to earn huge profits. Shytoshi posted his announcement on Welly’s Discord server, adding that discussions have already begun about moving to a more active pre-launch phase. In May, Kusama also wrote on his Medium blog that the Shibarium launch will be accompanied by the Shibarium Hackathon launch. The hackathon will primarily have an educational purpose and will educate the community on all the features of Shibarium.

At Least Two Indicators Show Bitcoin Bottomed

jurrien timmer, director of global macro at Fidelity, pointed to two market and technical indicators that mean Bitcoin has bottomed out. The first is the descending channel that Bitcoin has been moving in since reaching the all-time high in November. The first test of the lower edge of the channel occurred in January, when Bitcoin hit $31,000. For now, Bitcoin reached support around $22,000, making a medium-term bounce possible from a technical standpoint. The second indicator is the ABC wave count, or Elliott wave theory, which suggests that the market moves in certain wave patterns. It is a “cold comfort” for Bitcoin bull holders, according to the expert, who states that the macro economy “could not be worse” at the moment, given the aggressive attitude of the Fed, the “surprisingly” strong inflation figures and a financial market sell-off.

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Cardano, XRP Face Institutional Inflows As Investors Pull Funds From Bitcoin And Ethereum

negative feeling continues to prevail in the cryptocurrency market. Data provided by Coinshares demonstrates negative outflows of $102 million in the last week, with Bitcoin posting outflows of $57 million and Ethereum $41 million. Unlike the two largest cryptocurrencies, Cardano and XRP received minor positive entries. Asset prices, however, experienced all the hardships of the market downturn: Cardano fell as much as 20% to hit lows of $0.435 before recovering strongly. At press time, ADA is trading at $0.472. XRP also fell hard to lows of $0.293 before rallying nearly 4% to trade at $0.31 at press time.

SEC Chief Not Happy About New Crypto Legislation

Chairman of the US Securities and Exchange Commission Gary Gensler is not happy with the new cryptocurrency bill from Senators Kirsten Gillibrand and Cynthia Lummis, The Wall Street Journal reports. The head of the SEC claims that the ambitious legislation may have a negative impact on the capital market in general. The bill would classify most cryptocurrencies as commodities and include guarantees for crypto customers and strict requirements for stablecoin issuers. However, the bill is unlikely to pass this year as it would need to be approved by several relevant committees before the Senate can hold a full vote on the legislation. According to the report, Gensler plans to discuss his concerns about the bill with lawmakers. Previously, he raised concerns about the listing of unregistered securities on cryptocurrency exchanges.

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