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Top Crypto News: Bitcoin's Decline, Shibarium's Growth, and SEC Controversy

Explore the latest updates in the cryptocurrency world, including Bitcoin's price crash, Shibarium's milestone achievements, and SEC's legal stance on XRP.
Published on 2024-01-28

Bitcoin's Price Decline

Bitcoin recently experienced a significant drop, reaching an intraday low of $39,494.65. This decline led to a reduction in Bitcoin's market capitalization to $784.8 billion, with a notable 24-hour trading volume of $30 billion. The primary reason for this downturn is attributed to substantial withdrawals from Bitcoin exchange-traded funds (ETFs). The Grayscale Bitcoin Trust (GBTC) saw a massive outflow of $640 million in a single day, contributing to a total withdrawal of $3.45 billion. Analysts note a waning interest in Bitcoin ETFs and a decreased correlation between Bitcoin and technology stocks, currently at a low of 0.3.

Shibarium's Milestone Achievement

Shiba Inu's layer-2 solution, Shibarium, has reached a significant milestone, with its transaction count surpassing 300 million. Since its launch in August 2023, Shibarium has shown impressive growth, reflecting the strong support from the SHIB community. The total number of transactions now stands at 306,682,477, with 1,344,058 wallet addresses and 2,811,696 total blocks. This growth highlights the increasing adoption and expansion of Shibarium in the cryptocurrency ecosystem.

SEC's Legal Controversy on XRP

In recent discussions, pro-XRP lawyer John Deaton criticized the SEC for its "embodiment theory" in the ongoing lawsuit involving Ripple. The SEC claims that a crypto token represents the embodiment of an investment contract, a stance that has sparked debate in both legal and cryptocurrency circles. Critics argue that the SEC's position lacks precedent and conflicts with its previous statements, leading to confusion and ongoing discussions about the legal implications for XRP and similar tokens.

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