Following a significant surge over the previous few days, major cryptocurrency tokens declined on Friday as investors booked profits.
All other big crypto tokens were trading lower, with the exception of Uniswap and the Tether that is tethered to the US dollar. Following Ethereum and Polygon, which lost 3% each, were Cardano and Shiba Inu, which both fell by 5%.
Ethereum was able to keep $1,500 while Bitcoin soared above the $20,000 mark. The third quarter of the US economy saw growth of 2.6%, exceeding expectations for 2% growth.
The market capitalization of all cryptocurrencies fell below $1 trillion, to $980.18 billion, after declining more than 2% during the previous day. The overall trade volume, however, fell by as much as 13% to $89.23 billion.
Shiba Inu currency has surpassed a critical milestone in terms of the proportion of long-term holders, according to Edul Patel, CEO and co-founder of Mudrex. It has now increased to a maximum of 38%.
With ONMETA, based in Bengaluru, crypto staking platform UniFarm has formed a strategic partnership. The cooperation aims to give Indian users the ability to buy tokens for staking in Indian rupees and generate passive revenue.
Long-term SHIB holdings have increased significantly since the start of 2022, from a mere 1% to more over 38% of holders, he claimed. He continued, “The proportion of short-term holding remains largely stable while midterm speculators continue to shrink.
According to a Bloomberg story, Hong Kong intends to legalise cryptocurrency retail trading as it seeks to establish itself as a hub for the industry. To enable retail trading, cryptocurrency platforms will have to submit an application for a licence.
Google, a major player in technology, will introduce a cloud-based node engine for Ethereum applications. The business said that because of its Google Cloud Blockchain Node Engine, it will be in charge of keeping track of node activity and restarting them when there are disruptions. According to recently published study from crypto risk monitoring company Solidus Labs, nearly 12% of all BEP-20 tokens, the basic token on the BNB chain, are connected to frauds.
Tech perspective from bitcoin exchange BuyUcoin DOGE rose 35% after the Twitter transaction. Since Monday, as Elon Musk’s Twitter deal got closer to being finalised, DOGE, the most well-known meme coin, has experienced a massive rise. Elon Musk has been a steadfast backer of DOGE, and his tweets frequently have a big impact on the value of meme coins.
News Summary:
- Shiba Inu and Cardano both drop by up to 5% while Bitcoin holds $20K
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