$213 Million Bitcoin Dump Stuns Largest US Crypto Exchange, Shiba Inu Sees 360% Whale Activity Surge, Ripple Taps Major License in Dubai: Crypto News Digest by U.Today
2024-10-02

U.Today presents to you the top three stories over the past day; don't miss this piece!
$213 million Bitcoin BTCUSD dump stuns largest U.S. crypto exchange
Bitcoin may have trouble sustaining its bullish trend due to increased selling pressure from some whales. This comes as the crypto community is eagerly anticipating more gains for Bitcoin during the month of October, often referred to as "Uptober." According to recent data by Whale Alert, a BTC whale moved 3,333 BTC (worth approximately $213 million) from his private wallet to Coinbase. The transfer indicates that the whale is planning to sell the coins in order to book profits, as Bitcoin is still on highs compared to previous levels seen in the last couple of months. While selling for profit is common among investors, such large transactions can create short-term market pressure. Despite this, it is not necessarily negative for the overall market outlook.
Shiba Inu SHIBUSD sees 360% whale activity surge: Details
In a recent development, Shiba Inu witnessed an impressive 360% surge in whale activity, which makes it one of the most traded cryptos among large investors. This could indicate a potential price recovery, as whales often influence trading patterns on smaller digital assets like SHIB. The increase in whale activity may signal that the meme coin is preparing for another major move, potentially toward $0.00002. However, investors should always stay cautious, as the presence of whales does not guarantee sustained growth, and the Shiba Inu price remains volatile. At the moment of writing, SHIB is changing hands at $0.00001665, down 1.09% over the past 24 hours, per CoinMarketCap.
Ripple Labs taps major license in Dubai
According to Ripple's press release from Oct. 1, the company is expanding its global reach after obtaining a significant operating license in Dubai. As stated in the press release, Ripple received in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC). The license will allow the company to enhance its payments network in the Middle East and provide services to clients in the region. In addition to advancing its cross-border payment solutions, the license helps Ripple demonstrate its compliance with regulatory standards in different jurisdictions. As a reminder, the fintech giant battled with the U.S. SEC for over three years on compliance-related charges.