U.Today – Let's take a look at what happened in the cryptocurrency industry over the weekend with U.Today's top three news stories.
$83 Billion in (BTC) in 24 Hours: What's Going On?
On Friday, August 2, massive Bitcoin trading activity was seen as bulls showed keen interest in the flagship cryptocurrency, attempting to push the price higher following the BTC price drop. According to CoinGlass, Bitcoin trading volume increased by 25.61% on the day, with traders pumping nearly $83 billion into the market over the past 24 hours. Thanks to the support of the bulls, the total market capitalization of BTC currently stands at $1.27 trillion. The first place in terms of the highest trading activity was taken by Binance, with a volume of $23.56 billion. It was followed by Bitget with $14.51 billion, Bybit with $11.07 billion, and OKX with $10.77 billion.
Death Crossing Confirmed Amid Major Clearance Sale
Yesterday, August 4, the four-hour chart of Shiba Inu demonstrated the emergence of a death cross signal as the 50-period moving average has crossed below the 200-period moving average. This happens as the price of the meme coin continues to fall for the eighth consecutive day, bringing SHIB to levels that made the market pay close attention. The formation of the death cross pattern on SHIB’s four-hour chart indicates an intensification of bearish momentum in the near term. According to data from CoinMarketCap, at the time of writing, SHIB is changing hands at $0.0000126, down 7.38% over the past 24 hours.
500 Million XRP Unlocked as XRP Gains 5.56%
Following Ripple’s traditional withdrawal of funds from escrow on August 1 and 2, when the firm released 1 billion XRP coins, another large amount of XRP was spotted leaving the same source. Data provided by blockchain tracker Whale Alert reveals that Ripple released 500 million XRP on Saturday, August 3. This impressive sum is valued at approximately $282 million in fiat currency. As stated in Ripple’s recent report, the firm still holds a massive amount of 4.682 billion XRP in its cold crypto wallets. Recall that Ripple has been releasing XRP from escrow on a monthly basis for the past seven years to support the coin’s liquidity in the market and provide some XRP coins to its institutional clients working with payments.
This article was originally published on U.Today
