U.Today’s news digest keeps you updated on the latest events in the crypto industry
Here are the top four news stories over the past day presented to you by U.Today:
Shiba Inu major developer hints at Shibarium release
According to Shiba Inu’s lead developer Shytoshi Kusama, the release of Shibarium, the Layer 2 solution in the Shiba Inu ecosystem, may be right around the corner. This is good news for the SHIB community, since Shibarium will bring investors the opportunity to make huge profits. Shytoshi posted his announcement on the Welly’s Discord server, adding that discussions about moving into a more active pre-release phase have already begun. In May, Kusama also wrote on his Medium blog that the release of Shibarium will be accompanied with the launch of the Shibarium Hackathon. The hackathon will primarily have an educational purpose and educate the community about all the features of Shibarium.
At least two indicators show that Bitcoin reached bottom
Jurrien Timmer, director of global macro at Fidelity, pointed out two technical and market indicators that signify that Bitcoin has reached the bottom. The first one is the descending channel in which Bitcoin was moving since reaching the all-time high in November. The first test of the channel’s lower border happened back in January, when Bitcoin hit $31,000. As for now, Bitcoin hit the support at around $22,000, making a mid-term bounce possible from a technical standpoint. The second indicator is the ABC waves count, or Elliott Wave Theory, which suggests that the market moves in certain wavelike patterns. It is “cold comfort” for bullish Bitcoin holders, according to the expert, who claims that macroeconomics “couldn’t be any worse” right now, given the Fed’s hawkishness, “surprisingly” strong inflation figures, and a massive sell-off on financial markets.
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Cardano, XRP face institutional inflows as investors draw funds from Bitcoin and Ethereum
Negative sentiment continues to prevail on the cryptocurrency market. Data provided by Coinshares demonstrates negative outflows of $102 million in the past week, with Bitcoin recording outflows of $57 million, and Ethereum $41 million. Unlike the two largest cryptocurrencies, Cardano and XRP received minor positive inflows. The assets’ prices, however, experienced all of the struggles of the market downturn: Cardano dropped as much as 20% to touch lows of $0.435 before rebounding strongly. At the time of publication, ADA is trading at $0.472. XRP also dipped hard to lows of $0.293 before rebounding nearly 4% to trade at $0.31 at press time.
SEC boss is not happy about new crypto legislation
U.S. Securities and Exchange Commission Chairman Gary Gensler is not happy with Senators Kirsten Gillibrand and Cynthia Lummis’ new cryptocurrency bill, The Wall Street Journal reports. The SEC boss claims that the ambitious legislation may have a negative impact on the broader capital market. The bill would classify most cryptocurrencies as commodities and would include safeguards for crypto customers and stringent requirements for stablecoin issuers. The bill, however, is unlikely to pass this year since it would have to be approved by several relevant committees before the Senate will be able to hold a full vote on the legislation. According to the report, Gensler plans to discuss his concerns about the bill with lawmakers. Previously, he expressed his worries about unregistered securities being listed on cryptocurrency exchanges.