CryptoPotato, Bitcoin experienced significant price swings in January,
stabilizing around $42,000. Ripple is engaged in an escalating legal battle
with the SEC, which has demanded certain financial documents. Shiba Inu has
seen a significant increase in its token burn rate, with over 9 billion assets
destroyed since January 1, 2024.
spiked to as high as $49,000 on January 11 and dropped to a low of $38,600 on
January 23. The rapid swings could be attributed to the historic approval of
the first spot Bitcoin ETFs in the US and the confusion surrounding the
process. BTC bulls pushed the asset’s value to approximately $42,000, a mark
that has been evident in the past three days. Many experts predict a bright
future for Bitcoin, with some suggesting that those investors waiting for a
price crash toward the $30K level will be disappointed.
The legal battle
between Ripple and the SEC escalated in recent weeks after the SEC insisted
that Ripple hand over its financial statements for 2022 and 2023 and its
post-complaint XRP sales contracts. Ripple labeled those records untimely and
unrelated to the case, causing the regulator to re-file its motion. Ripple’s
attorneys asked to present a sur-reply letter seeking to correct a significant
factual mischaracterization made by the SEC. The US magistrates greenlighted
their wish at the end of last week. The two organizations are scheduled to meet
at a grand trial on April 23.
Shiba Inu, the
second-largest meme coin by market capitalization, has witnessed a severe spike
in its burn rate since the beginning of 2024, with over 9 billion tokens
already destroyed. Most recently, the metric exploded by 4,200% on a daily
scale. The mechanism aims to reduce the tremendous circulating supply of SHIB,
making it scarcer and potentially more valuable in time. Last week, the team
behind Shibarium, Shiba Inu’s layer-2 blockchain solution, introduced an
essential update designed to minimize the burden of manual token burning and
automate the entire system.