Stay tuned for the latest events in the industry with U.Today’s crypto news digest!
U.Today has prepared the key news stories over the past day. Don’t miss anything important in the crypto world!
Bitcoin collapses to $30,000 amid relentless selloff
Yesterday, Bitcoin’s price dropped to yet another 52-week low of $30,838 on the Bitstamp exchange. The flagship crypto has always been demonstrating a close correlation with the Nasdaq 100 index; the latter is down 23% since the start of the year, while BTC has plunged 31% over the same period of time. When compared to gold, Bitcoin is losing as a viable store of value, while the yellow metal remains in the green on a year-to-date basis. Apart from that, the “fear and greed” index flashed extreme fear with 11 points.
Shiba Inu holders increase in number, price nears historic “buying” zone
According to WhaleStats, Shiba Inu has gained nearly 7,000 holders since the start of May, with the number currently sitting at 1,146,486. Even though an increase in holders may not affect the price right away, it signifies interest in an asset over time. At the moment, SHIB is changing hands at $0.00001616, demonstrating a 0.41% decrease in the last 24 hours. As can be seen on daily charts, Shiba Inu is dabbling in support beneath the $0.000017 level, from where its price rose 100% in late January. The daily RSI remains at historic oversold levels, suggesting the possibility of a near-term relief rally and likely consolidation before the next major price move.
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James K. Filan Provides Latest Update on Ripple Defendants and SEC Scheduling Order
Defense lawyer James K. Filan shared that the Ripple defendants’ response to the SEC’s brief asserting that the Hinman documents are protected by attorney-client privilege is due Friday, May 13, while the SEC’s response to the Ripple defendants’ reply is due May 18.
Previously, the regulator had requested to file an additional brief in support of the aforementioned assertion; this was granted in a text-only order by Magistrate Judge Sarah Netburn. Despite seeming delays in the lawsuit, Ripple continues to record growth in its remittance technology, reporting 8x YoY growth in ODL volumes per the recently published Q1, 2022, report.
Luna Foundation “sells” $1.5 billion in Bitcoin bought at $47,000 for $33,000
Luna Foundation Guard and its lead Do Kwon announced a “lend” to market makers designed to defend the peg of the stablecoin. However, the “lend” looks more like a massive sell order. The foundation will use the proceeds from buying back the UST that lost its peg for a moment on the weekend. Terra community members were frustrated with the situation that emerged around the stablecoin, while other users accused Do Kwon of a lack of transparency. The Terra co-founder responded that during situations like this, speed is the key, and his decision was based on the interest of the foundation and UST holders.