U.Today – Latest in Crypto News

Stay updated with the top three news stories in the cryptocurrency world from the past day.

Satoshi Predicted to Lose Bitcoin Crown by Christmas

In a post on X from October 15, Eric Balchunas, Bloomberg's leading ETF expert, stated that Bitcoin ETFs are expected to surpass Satoshi Nakamoto as the largest holders of Bitcoin by Christmas. Currently, their total holdings amount to 938,533 BTC. Previously, U.Today reported $550 million in Bitcoin inflows, bringing ETF net inflows near the $20 billion mark. Despite these significant inflows, Bitcoin's price remains relatively stagnant. Balchunas explained that the price result reflects a balance between buyers and sellers; if ETFs are buying, other holders must be selling simultaneously. According to FalconX's head of research, David Lawant, there's a notable correlation between ETF flows and Bitcoin prices at 0.30, suggesting that as the market stabilizes, this relationship may strengthen.

Ripple President Speaks on RLUSD Use Cases

At the annual Ripple Swell event, Ripple President Monica Long discussed the upcoming usage of their stablecoin, RLUSD. In her remarks, she highlighted RLUSD's potential applications in finance, including payments, DeFi, and tokenization, alongside XRP to improve cross-border transactions. Ripple currently provides payment solutions in over 90 countries, executing more than 37 million transactions worth nearly $70 billion. Additionally, RLUSD intends to serve as a stable medium for converting fiat to crypto, addressing volatility concerns. Long emphasized RLUSD's enterprise-grade design to meet the demands of Ripple's partners and clientele.

$206 Million in Shiba Inu in 24 Hours: SHIB Rally Confirmed?

Shiba Inu trading volume has risen, indicating a resurgence in bullish sentiment within the SHIB community. In the last 24 hours, trading volume surged by 21.21%, reaching $206.48 million, triggering discussions on a possible price rally. Over the last month, SHIB's value increased by 39.29%, demonstrating rising interest despite general market sluggishness. This spike in trading activity often precedes notable price movements. The recent rise aligns with a broader bullish trend, supported by Bitcoin's recent ascent to $67,000, which usually benefits altcoins like SHIB. Investor confidence appears to be returning, backed by the overall crypto market recovery and anticipated increased demand for SHIB as traders seek alternatives to Bitcoin.

This article was originally published on U.Today.