Top Crypto News: Bitcoin Decline, Shibarium Milestone, and SEC Critique

Bitcoin Price Decline

Bitcoin experienced a significant price drop, reaching an intraday low of $39,494.65, which led to a decrease in its market capitalization to $784.8 billion. This decline is primarily attributed to substantial withdrawals from Bitcoin exchange-traded funds (ETFs), with the Grayscale Bitcoin Trust seeing $640 million withdrawn in a single day. Overall, the total amount withdrawn has reached $3.45 billion. The diminishing excitement around Bitcoin ETFs is also notable, as evidenced by the reduced correlation between Bitcoin and technology stocks.

Shibarium's Major Milestone

The Shiba Inu project has announced a significant milestone for its layer-2 solution, Shibarium, which has achieved over 300 million transactions. Launched in August 2023, Shibarium's growth has been remarkable, with the current total transaction count at 306,682,477. Additionally, the number of wallet addresses has reached 1,344,058, with a total of 2,811,696 blocks. This milestone underscores the rapid adoption and expansion of Shibarium within the crypto community.

Legal Critique of the SEC

A pro-XRP lawyer, John Deaton, has criticized the SEC's "embodiment theory" regarding crypto tokens. This theory, which emerged in the context of the ongoing lawsuit with Ripple, suggests that a crypto token represents an investment contract. Deaton argues that the SEC has failed to provide precedent or established case law to support this theory. The claim has sparked debate and confusion within both the legal and cryptocurrency communities, as it appears to conflict with previous SEC statements on the matter.

These developments highlight the dynamic and often contentious nature of the cryptocurrency landscape, with significant implications for investors and regulatory bodies alike.