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Top Crypto News: Bitcoin Crash, Shibarium Milestone, and SEC Controversy

Explore the latest developments in the crypto world with Bitcoin's price dip, Shibarium's growth, and a legal debate surrounding XRP and the SEC.
Published on 2024-01-26

Bitcoin Price Decline

Bitcoin experienced a significant price drop, hitting an intraday low of $39,494.65, which impacted its market capitalization, reducing it to $784.8 billion. The primary reason for this downturn is the substantial withdrawal from Bitcoin exchange-traded funds (ETFs). Notably, the Grayscale Bitcoin Trust (GBTC) saw an outflow of $640 million in a single day, contributing to a total withdrawal of $3.45 billion. This trend of withdrawals is accelerating, with decreasing enthusiasm around Bitcoin ETFs noted. The correlation between Bitcoin and technology stocks has also diminished, currently standing at a low of 0.3.

Shibarium's Remarkable Growth

The Shiba Inu project has announced a significant achievement with its layer-2 solution, Shibarium. Launched in August 2023, Shibarium has surpassed 300 million transactions, showcasing impressive growth in just five months. The current transaction count stands at 306,682,477, with wallet addresses reaching 1,344,058 and total blocks at 2,811,696. The Shiba Inu team celebrates this upward trajectory, highlighting the active involvement of the SHIBARMY community.

SEC's New Theory Criticized

Pro-XRP lawyer John Deaton has criticized the SEC's "embodiment theory" related to the ongoing lawsuit with Ripple. The SEC's claim suggests that a crypto token itself represents an investment contract. Deaton argues that the SEC has not provided any precedent or established case law to support this novel theory. This stance has sparked debate and confusion within the legal and cryptocurrency communities, as it conflicts with other SEC statements. The controversy continues to unfold, drawing attention to the SEC's legal strategies.

Explore how these developments are shaping the crypto landscape, impacting investors, and influencing market dynamics.

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