Biggest Shiba Inu 'Falling Knife' in 2025, Ripple CEO Opposes Bitcoin Reserve, France Launches Probe into Binance: Crypto News Digest by U.Today
2025-01-29
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Here are the top three news stories by U.Today from the past day.
Biggest Shiba Inu SHIBUSD "falling knife" in 2025
Shiba Inu has experienced a significant decline, showing the signs of this year's most notable falling knife pattern. The substantial candle's shadow on the daily chart indicates heightened market volatility, leaving investors uncertain about future price movements. At the moment of writing, SHIB is trading at $0.00001817, with the previous support level of $0.000020 becoming a resistance point. If SHIB manages to get back to $0.000019 and hold above it with increased trading volume, a rebound toward $0.000022 may be possible; however, if the meme token fails to maintain this level, it could lead to further declines toward $0.000017 or lower. The ongoing selling pressure and downward-sloping moving averages underscore the challenges ahead, making the $0.000019 and $0.000017 levels critical for determining SHIB's short-term trajectory.
Ripple CEO opposes Bitcoin reserve
In a recent X post, Ripple CEO Brad Garlinghouse expressed strong opposition to the idea of creating a Bitcoin strategic reserve. The executive believes that a digital asset reserve should represent the entire industry rather than being limited to a single token. In his opinion, the Ripple-affiliated token, XRP, should also be included if such a reserve is created. Garlinghouse emphasized his personal investment in multiple cryptos, including Bitcoin and Ethereum. "I own XRP, BTC, and ETH among a handful of others – we live in a multichain world, and I’ve advocated for a level-playing field, instead of one token versus another," he said. Meanwhile, the ongoing rivalry between Bitcoin supporters and XRP enthusiasts has intensified, with accusations that Ripple has been secretly lobbying against the Bitcoin reserve initiative. Garlinghouse has seemingly confirmed Ripple's lobbying efforts with his recent statement, arguing that maximalism is the "enemy" of crypto progress.
France launches probe into Binance
French investigators have initiated a probe into Binance, as reported by Reuters. The investigation is focused on allegations of money laundering, tax fraud and other illicit activities, with potential implications that these violations were also committed in other EU countries. This development follows a preliminary inquiry initiated by the Paris prosecutor's office in 2023 regarding similar money laundering issues. Binance has vowed to "vigorously fight" any charges made and expressed disappointment over the extended duration of the investigation. Notably, former CEO Changpeng Zhao (CZ) was the sole shareholder of Binance France until last May, when he was replaced by two new shareholders. CZ's status as the sole owner would have prohibited the exchange from operating in the country, as French law does not allow criminals to be majority shareholders. In addition to its legal challenges in France, Binance has encountered significant regulatory hurdles in other countries, including a $4.3 billion settlement with U.S. prosecutors after pleading guilty to violating sanctions and anti-money laundering laws.