56 Million SHIB Burned, Ripple Expands to Europe Luxury Market, Here’s Who Dumps BTC on Crypto Market: Crypto News Digest by U.Today – U.Today
To keep you updated on events in the crypto world over the past day, U.Today presents the top four news stories.
In a recent tweet, game developer Travis Johnson shared that he performed another Shiba Inu burn from the profits of his “Super Shib Store.” This time, a total of 56,000,000 SHIB tokens have been sent to unspendable wallets. Johnson managed to fulfill his weekly burn despite “having trouble with Robinhood, Coinbase” and MetaMask wallet. He didn’t provide any details on what the trouble was, but in one of his previous tweets, the game developer wrote that he had difficulty sending SHIB tokens via Robinhood. Apart from that, “Super Shib Store” managed to burn 16,525,821 Shiba Inu bought with commissions from the Amazon affiliate program that was announced two weeks ago.
Data provided by Arcane Research analysts suggests that there is a certain group of traders and investors responsible for putting the main selling pressure on the market. While Asian investors mostly pump Bitcoin, and European traders are seeing stable trading session returns, U.S. traders are mostly dropping their BTC holdings, which became the main sell-off driver in April. The data shows that the cumulative year-to-date return of BTC during U.S. trading hours dropped massively from 4.22% on April 1st to down 32.55% in May. With U.S. markets opening, Bitcoin and other digital assets are seeing a spike in selling volume, which can be used by retail traders to exit their positions or find better entries.
After gaining momentum in the Middle East, Ripple is also increasing its presence in Europe. The San Francisco-based fintech giant has entered into a partnership with Lunu crypto terminal operator to provide high-end German retailers with the ability to receive payments in cryptocurrency. The partnership focuses primarily on optimizing the exchange of cryptocurrencies for fiat money. To solve this task, Ripple’s Liquidity Hub will be used. The joint employment of RippleNet and Lunu’s point-of-sale (POS) terminals will be instrumental in providing an opportunity for high-end and luxury retailers in Europe and the United Kingdom to accept cryptocurrency payments in their stores.
The UK ministry of finance has announced that, next year, the country will start testing blockchain technology in traditional finance operations, like stocks trading and bonds settlement. The director general of financial services at HM Treasury, Gwyneth Nurse, says implementation of blockchain is a major way to modernize and improve the efficiency of the United Kingdom’s financial markets. However, according to industry representatives, the UK needs a proper digital currency to leverage the advantages of blockchain technology within the market infrastructure. Even though work on the digital pound is already underway, Nurse noted that the CBDC in question will see the light in 2025.
Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.
Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.