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3 Things (BTC) Needs to Reach $60,000
With Bitcoin currently trading below crucial resistance levels, many investors are eyeing the $60,000 mark as the next big target. However, for BTC price to reach this level, three key conditions need to align, with the first being the liquidation of high-leverage short orders; a short squeeze could send Bitcoin significantly higher, especially considering the substantial leverage seen between $58,000 and $60,000 on Binance heatmap data. Second, increasing institutional inflows are important for long-term growth; right now, BlackRock (NYSE:) is one of the few institutional investors focused on cryptocurrencies. Therefore, if Bitcoin hits $60,000, more institutions need to enter the market. Third, changing sentiment; currently, market sentiment is marked by extreme fear, which is holding Bitcoin back from rising any higher. If we want to see the flagship cryptocurrency advance towards $60,000, this sentiment needs to improve.
(SHIB) Soars 367% on Increased Bullish Whale Activity
Yesterday, September 10, Shiba Inu saw a 367% growth in large transaction volume, indicating increased whale activity. According to data from IntoTheBlock, Shiba Inu’s large transaction volume amounted to $43.52 million, or 3.21 trillion SHIB. This increase in large transactions coincided with a 2.22% increase in the price of SHIB, as the cryptocurrency recovered from a low of $0.00001231 on September 6 and reached a high of $0.0000137 on September 9. At the time of writing, the price of SHIB has fallen slightly; the meme coin is trading at $0.00001302, down 3.28% over the past 24 hours. Shiba Inu’s recovery is linked to a broader market rally, with Bitcoin also resuming its ascent after a drop below $53,000. Cryptocurrency gains are coming alongside a surge in US stocks, which also faced a drop last week. On Monday, both the Nasdaq and S&P 500 saw a 1.15% rise.
Major Ledger (XRPL) Amendment is about to come into effect
According to XRPScan, the XRP Ledger (XRPL) has announced that a new amendment called fixAMMv1_1 will go into effect later this month. An amendment in the context of XRPL involves a proposal to change the existing code or protocol that governs a specific function on the ledger. This amendment aims to improve or introduce new features by modifying existing code, specifically improving the automated market maker (AMM) functionality for decentralized trading on the XRPL. To be implemented, the amendment requires the support of a majority of validators, and currently, 29 out of 35 votes cast, representing 82.86%, have voted in favor of the amendment. The amendment has entered a 14-day activation window; if support remains above the required 80% by this time, the changes will go into effect.
This article was originally published on U.Today
