Take a look at what happened in the world of cryptocurrencies by reading the top three news stories from U.Today.
Take a look at what happened in the world of cryptocurrencies by reading the top three news stories from U.Today.
XRP just did something unacceptable to bulls
The XRP market recently witnessed the so-called “bullish trap”: the XRP/USDT price chart showed a misleading bullish signal after breaking through the local trendline resistance. This frustrated traders who were expecting a long-term uptrend. Typically, a bull trap has a negative effect on the short-term price action of the asset. Traders who bought during the false breakout are often forced to sell at a loss as the market resets and the price drops. This selling pressure could intensify the downtrend, resulting in a larger price correction. At the time of writing, XRP is changing hands at $0.6356, according to CoinMarkerCap.
Shiba Inu (SHIB) whales disappear
SHIB whale activity is decreasing significantly. SHIB whales reduced their participation to levels not seen since early December, resulting in a 77% decline in large transactions in just two days. According to data from IntoTheBlock, the volume of large SHIB transactions dropped to 1.46 trillion tokens, equivalent to $15.83 million. Notably, only transactions over $100,000 in Shiba Inu tokens are taken into account in this sharp drop, although there were only 48 such transactions during the designated period. The implications are twofold. On the one hand, the disappearance of SHIB whales suggests that their activity levels have decreased significantly, almost to the point of near extinction. On the other hand, this void left by the whales suggests an imminent explosion of on-chain activity, which could lead to another roller coaster ride for the SHIB token.
Bitcoin (BTC) Breaks Correlation with Tech Stocks
According to data provided by Barchart, Bitcoin’s correlation with technology stocks has turned negative for the first time since early 2020. Historically, Bitcoin and technology stocks have often moved in tandem, reflecting investor sentiment toward risk and innovation. This parallel movement can be mainly linked to the profile of investors in both markets, which often overlap with demographic groups seeking growth and comfortable with digital assets. Furthermore, both markets have shown similar sensitivity to monetary policy and economic factors. When the Federal Reserve makes statements or changes interest rates, tech stocks and Bitcoin often react in unison.
