News from U.Today keeps you updated with the latest happenings in the crypto industry
Here are the top four news stories from the past, brought to you by U-Today:
Shiba Inu lead developer hints at Shiberium release
According to shiba inuso Lead developer Shiotoshi Kusama released Shiberium, the layer 2 solution in the Shiba Inu ecosystem, could be just around the corner. This is good news for the SHIB community, as Shiberium will give investors a chance to make huge profits. Shyotoshi posted his announcement on Valley’s Discord server, and said that discussions about moving to a more active pre-release phase have already begun. In May, Kusama also wrote on his Medium blog that the launch of Shiberium would coincide with the launch of the Shiberium Hackathon. The hackathon will primarily have an educational objective and educate the community about all the features of the Shiberium.
At least two indicators suggest that bitcoin has bottomed out
Jurian TimmerThe Director of Global Macro at Fidelity pointed to two technical and market indicators indicating that Bitcoin has bottomed out. The first is the descending channel in which bitcoin was headed since reaching an all-time high in November. The first test of the lower boundary of the channel took place in January, when Bitcoin reached $31,000. For now, bitcoin has hit a support level of around $22,000, making a medium-term rally possible from a technical standpoint. The second indicator is the ABC Waves Count or Elliott Wave Theory, which suggests that the market moves in some wavelike pattern. This is “cold comfort” for bullish bitcoin holders, according to the expert, who claims the macroeconomics just “couldn’t get any worse”, the flurry of the Fed, “surprisingly” strong inflation figures and massive But looking at the sell-off. financial markets.
Cardano, XRP face institutional influx as investors withdraw funds from Bitcoin and Ethereum
negative feeling The cryptocurrency continues to dominate the market. Data provided by Coinshares shows that there was a negative outflow of $102 million over the past week, with Bitcoin recording a $57 million outflow, and Ethereum $41 million. Unlike the two largest cryptocurrencies, Cardano and XRP received marginally positive inflows. However, the asset price experienced all the bearish struggles in the market: Cardano fell by 20% to touch a low of $0.435 and then saw a strong rally. At the time of publication, ADA is trading at $0.472. At press time, XRP also declined to a low of $0.293 and traded down nearly 4% at $0.31.
SEC Bosses Not Happy with New Crypto Law
Chairman of the US Securities and Exchange Commission Gary Gensler Senators Kirsten Gillibrand and Cynthia Loomis are not happy with the new cryptocurrency bill, The Wall Street Journal reported. SEC bosses claim the ambitious legislation could have a negative impact on broader capital markets. The bill would classify most cryptocurrencies as commodities and include safeguards for crypto customers and stricter requirements for stablecoin issuers. However, the bill is unlikely to pass this year as it will have to be approved by several relevant committees before the Senate can make a full vote on the law. According to the report, Gensler plans to discuss his concerns about the bill with lawmakers. Earlier, he had expressed his concern about unregistered securities listed on cryptocurrency exchanges.