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Crypto Market Updates: Bitcoin, Shibarium, and Ripple News

Explore the latest developments in the cryptocurrency market, including Bitcoin's price hurdles, Shibarium's transaction spike, and Ripple's criticism of the SEC.
Published on 2024-01-19

Bitcoin's Price Struggle

Bitcoin's failure to reach the $50,000 mark has been attributed to actions by Vanguard Bank's CEO, Mortimer J. "Tim" Buckley. Despite the SEC's recent approval of spot Bitcoin ETFs, Vanguard has decided against allowing its customers to purchase these products. Buckley expressed skepticism about Bitcoin's intrinsic value and its lack of cash flow, opting not to offer Bitcoin-based or gold-based ETFs to their clients. This decision has been a significant factor in Bitcoin's stagnant price movement, preventing it from capitalizing on the positive momentum expected from the ETF approval.

Shibarium's Transaction Surge

Shibarium, Shiba Inu's Layer 2 solution, has experienced a remarkable 210% increase in transactions, driven by its integration with the cryptocurrency exchange Gate.io. This integration allows users to withdraw BONE tokens directly to the Shibarium network, marking a critical milestone as it becomes the first major centralized platform to support Shibarium. The recent surge from 1.16 million to 2.43 million transactions highlights the growing adoption and utility of the Shibarium network within the crypto ecosystem.

Ripple's Critique of the SEC

Ripple CEO Brad Garlinghouse has openly criticized SEC Chairman Gary Gensler, labeling him a "political liability" due to his handling of the crypto sector. Garlinghouse's comments focus on the SEC's delays in approving spot Bitcoin ETFs and its frequent legal actions against crypto companies. He questioned Gensler's motives, suggesting that his actions do not reflect the interests of citizens or economic growth. Highlighting the SEC's legal losses, Garlinghouse remarked on Gensler's repetitive strategies, implying that these are unlikely to succeed in court and contribute to an anti-crypto stance.

These updates reflect significant shifts and ongoing challenges within the cryptocurrency landscape, emphasizing the impact of regulatory decisions and the evolution of blockchain networks.

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