MicroStrategy's Saylor Reacts to Bitcoin Skyrocketing, Sensational 21 Trillion Shiba Inu in 24 Hours, XRP and ADA ETF Filings Predicted by Top Analyst: Crypto News Digest by U.Today
2024-11-12

Here are the top three news stories presented to you by U.Today.
MicroStrategy's Saylor reacts to Bitcoin skyrocketing above $80K
Bitcoin continues its stunning rally, with its price hitting a new high of $89,000 on CoinMarketCap earlier today. This achievement could not leave any crypto market participant unfazed, especially such an ardent Bitcoin supporter as former MicroStrategy CEO Michael Saylor. Last weekend, when BTC was only at the very start of its way up and just hit an all-time high of $80,772 on Bitstamp, Saylor celebrated it on social media by sharing Lil Bubble's music track, "There Is No Second Best." The track was inspired by Saylor's phrase, used in one of his videos, in which he advocated for Bitcoin maximalism. The MicroStrategy cofounder has fully committed to investing in Bitcoin, dismissing any interest in altcoins. Currently, the company's Bitcoin holdings are valued at approximately $23 billion, following the asset's most recent price surge.
Sensational 21 trillion Shiba Inu SHIBUSD in 24 hours: All records are broken
On Monday, Nov. 11, Shiba Inu scored a significant milestone of 21 trillion transactions over the course of 24 hours. This spike led to a major increase in its price and renewed attention on the meme coin. According to recent data provided by IntoTheBlock, SHIB's network activity is driven by high transaction volumes and rising investor interest, suggesting a breakout fueled by fear of missing out (FOMO) among investors. However, the rise in whale activity may indicate that large holders are taking profits, which could impact the market by shifting their assets. The current high trading volume raises concerns about possible downward pressure on SHIB's price, especially if whales continue to sell their holdings. As SHIB continues to rise, it will be important for investors to keep an eye on resistance levels, while also remaining alert to the possibility of market corrections.
XRP and ADA ETF filings predicted by top analyst
In a recent X post, Nate Geraci, cofounder of The ETF Institute, made a prediction, according to which several cryptocurrency ETF filings are going to be filed this week in the U.S. These ETF products are anticipated to focus on altcoins such as XRP, Solana SOLUSD and Cardano ADAUSD. Geraci believes there is no "downside" for ETF issuers to getting aggressive. As reported by U.Today, SEC Chair Gary Gensler is expected to resign soon, with Dan Gallagher, Robinhood's top lawyer, being a top candidate to succeed him. Under Gensler's leadership, the SEC approved various Bitcoin ETF products, despite facing criticism from the cryptocurrency community. Notably, Gensler also recently approved spot Ethereum ETFs, and filings for ETFs targeting other altcoins, such as Solana and XRP, have already begun.