Here's Why Bitcoin Might See Volatility This Week, Cardano Rockets 300% in Fund Flows, SHIB Team Member Makes Crucial BONE Statement: Crypto News Digest by U.Today
2024-10-08

To keep you updated on events in the crypto world over the past day, U.Today presents the top three news stories.
Here’s why Bitcoin might experience volatility this week
Following Bitcoin's recent drop below the $63,000 level, traders and investors are preparing for a potentially volatile week ahead. On Wednesday, the Federal Open Market Committee (FOMC) is set to publish minutes that will reveal the central bank's view on monetary policy. As a reminder, after the Fed cut rates last month, Bitcoin and other digital assets have experienced substantial rallies. Now market participants are expecting the Fed to announce another rate cut after its November meeting; however, the likelihood of a 50 basis point cut is low, with only 7% of traders believing in such an outcome. In addition to the FOMC meetings, market participants will be closely monitoring crucial macro data, such as the unadjusted consumer price index (CPI), which will be released on Thursday, as well as the producer price index (PPI), and jobless claims, which will indicate the health of the U.S. economy.
Cardano rockets 300% in fund flows, XRP in green too
According to a recent report on the movement of funds in the ETP market from CoinShares, Cardano ETPs demonstrated outstanding performance, as they experienced a 300% increase in investment over the past week. As a result, investors added $300,000 to ETPs focused on the ADA token. Since the start of the year, Cardano has seen $13 million in inflows, with its ETP providers having $49 million in assets under management. Despite being last among cryptocurrencies with ETPs by these parameters, Cardano's recent performance shows growing interest. Meanwhile, XRP ETPs also demonstrated a second consecutive month of inflows, totaling $300,000 this week and $24 million since the start of the year, with $86 million in assets under management. The overall weekly result for the market of crypto ETPs is still dictated by Bitcoin and Ethereum, and by the end of the week, it was $147 million of net outflows.
Crucial BONE statement made by SHIB team
In a recent X post, Shiba Inu marketing lead Lucie emphasized the crucial role of the BONE token within the SHIB ecosystem, including Shibarium. According to Lucie, BONE functions similar to the “energy source” for the ecosystem, comparing its necessity to gas for a car, stating that "without fuel, you’re just sitting in a fancy metal box!" This is why, wrote the marketing lead, BONE is so important as a gas fee token, as it keeps Shibarium's engine running. "Without Bone, the whole system would be stuck in park—just idling and going nowhere!" concluded Lucie. As a reminder, BONE is also used for token burns, where a portion of gas fees is set aside, converted into SHIB, and permanently locked to reduce its circulating supply. This strategy is designed to make SHIB tokens more scarce, which could ultimately drive up their market value.