Satoshi Predicted to Lose Bitcoin Crown by Christmas, Ripple President Speaks out on RLUSD Use Cases, $206 Million in Shiba Inu in 24 Hours: Crypto News Digest by U.Today
2024-10-17

Don't miss anything happening in the world of crypto with U.Today's top three news stories over the past day.
Satoshi predicted to lose Bitcoin crown by Christmas
In his X post from Oct. 15, Bloomberg's leading ETF expert Eric Balchunas predicted that Bitcoin ETFs will surpass Satoshi Nakamoto as the largest holders of Bitcoin by Christmas. Currently, their combined holdings comprise 938,533 BTC. Previously, U.Today reported that Bitcoin saw inflows of roughly $550 million, bringing ETF net inflows close to the $20 billion milestone. Despite the massive inflows, the price of the largest crypto remained rather underwhelming, and Balchunas has an explanation for this: "Price is the net result of buyers and sellers and so if ETFs were buyers then the only answer is that other holders were selling as much or more. Once again the call is coming from inside the house," he said. According to FalconX's head of research David Lawant, there is a "statistically significant" relationship between changes in ETF flows and prices, which currently stands at 0.30. Lawant believes that if the market finds a sustainable direction, this correlation "may continue to intensify."
Ripple president speaks out on RLUSD use cases as launch draws near
During the annual Ripple Swell event, Ripple President Monica Long has highlighted a significant milestone for the company, focusing on the future usage of its stablecoin, RLUSD. In her X post, Long outlined RLUSD's applications in financial sectors such as payments, DeFi and tokenization, emphasizing its role alongside XRP for enhancing cross-border payments. Ripple's payment solutions currently reach over 90 countries, facilitating more than 37 million transactions worth nearly $70 billion. Additionally, RLUSD aims to provide a stable means for users to convert fiat to crypto and vice versa, mitigating concerns around price volatility. Long also noted that RLUSD is designed as an enterprise-grade solution, responding to the needs of Ripple's partners and customers.
$206 million in Shiba Inu in 24 hours, SHIB rally confirmed?
With an increase in Shiba Inu trading volume, it seems that bullish sentiment has returned to the SHIB community; over the previous 24 hours, this metric saw growth of 21.21%, reaching $206.48 million and sparking discussions about a potential price rally. Over the past month, the coin has increased by an impressive 39.29%, reflecting growing interest despite broader market sluggishness. The surge in trading volume signals heightened market activity, often a precursor to significant price movements. This uptick in SHIB's activity aligns with an overall bullish trend in the crypto market, buoyed by Bitcoin's recent climb to $67,000, which tends to benefit altcoins like SHIB. Investor confidence appears to be growing, supported by the recovery of the broader crypto market and potential increase in buying pressure for SHIB as traders seek opportunities beyond Bitcoin.