Top Crypto News: Shibarium Milestone, Ripple SEC Tension, and China's Bitcoin Outlook
Shibarium Achieves New Milestone
Shibarium, a prominent Layer-2 protocol, continues to make significant strides in its block production mechanism. Recent data indicates a surge in block count, surpassing 745,000 since early September. This marks a nearly twofold increase from the 500,000 blocks recorded at the beginning of the month. Each block is now generated approximately every five seconds. Furthermore, Shibarium's transaction volume has exceeded three million, with over 1.25 million wallet addresses connected to the protocol. These metrics underscore Shibarium's rapid growth and its increasing influence in the crypto landscape.
Ripple's Ongoing Battle with the SEC
Ripple CEO Brad Garlinghouse recently shared a light-hearted moment on social media, capturing himself and the company's general counsel outside the SEC headquarters. This comes amidst ongoing legal tensions between Ripple and the SEC, despite Ripple's recent victory regarding XRP's status. The SEC has appealed for tighter securities classification on XRP transactions. The photo, along with a subsequent one at the Supreme Court, highlights Ripple's call for clearer legislative guidelines on cryptocurrency regulation.
China's Potential Shift Toward Bitcoin
Former BitMex CEO Arthur Hayes speculated on China's financial strategy amid a 15% depreciation of the Chinese yuan against the U.S. dollar. Hayes, referencing research by Andrew Collier, pointed out discrepancies between China's international net export earnings and its foreign reserves, suggesting potential capital outflow. He proposed several scenarios for this capital, including investments in gold, debt repayment, or external wealth relocation. Notably, Hayes hinted at the possibility of these funds being channeled into cryptocurrencies, especially Bitcoin, suggesting a future influx into the digital asset market.
These developments reflect dynamic shifts in the crypto world, with significant implications for investors and stakeholders.
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