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Bitcoin Falls Under $40k, $1.2 Billion Worth of BTC Moved Out of Coinbase Shiba Inu Become Most Used Smart Contract by ETH Whales, AMC Theatres Accepts SHIB Terra’s UST Overtakes Binance USD to Become Third-Largest Stablecoin Whales Accumulate ADA Despite Low Profitability, Unknown Whale Moves 90 Million XRP CoinsBitcoin Falls Under $40k, $1.2 Billion Worth of BTC Moved Out of Coinbase
As selling pressure intensifies, the world’s largest crypto, Bitcoin, has fallen to its lowest price in more than a month. Over the last 24, Bitcoin has dropped by 3%, hitting a new monthly low of $38,696.
The 24 hours price chart of Bitcoin (BTC). Source: Tradingview
Although Bitcoin recovered above $39,500, the market remains gripped by “extreme fear.” Bitcoin’s price drop is preceded by heavy outflows from exchanges and a drop in liquidity.
According to data from Crypto Quant, Bitcoin outflows have shown a spike amounting to 30k (worth over $1.2 billion) BTC leaving Coinbase Pro – representing the largest bitcoin outflows in the last five weeks.
Over the weekend, data tracker, Santiment, reported large quantities of $BTC moving off exchanges. The continuous exchange outflow is a pointer to bullish sentiment and the return of institutional investors to Bitcoin.
Flipsider:
Over the last 24 hours, Bitcoin’s drop has seen traders suffer liquidations of over $71 million.Why You Should Care
According to experts, the spike in Bitcoin exchange outflows signals the return of institutional investors to the crypto space.
Shiba Inu Become Most Used Smart Contract by ETH Whales, AMC Theatres Accepts SHIB
According to the Ethereum wallet tracker, WhaleStats, Shiba Inu (SHIB) has experienced a spike in on-chain activities after listing on Robinhood. Shiba Inu is now the highest-held coin by the top 100 ETH wallets, with $12.9 million worth of SHIB.
Shiba Inu ETH Whale Metrics. Source; WhaleStats
Shiba Inu (SHIB) also became the most used smart contract among the 2,000 largest Ethereum wallets after a 500% surge in the SHIB inflow in ETH whale addresses. The average balance on Ethereum whale addresses is now 2.362 billion SHIB tokens.
Announcing a partnership with BitPay, American movie theater company AMC Theatres has announced that it now accepts Shiba Inu (SHIB) on its mobile app. In addition, the company adds support for Dogecoin to join Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
The acceptance of SHIB follows a January announcement where the CEO of AMC Theatres, Adam Aron, tweeted that the company would accept the doggy coins no later than March 2022.
Flipsider:
Despite the positive news, the Shiba Inu (SHIB) price continues to experience intense selling pressure, falling by a further 7% over the last day.The 24 hours price chart of Shiba Inu (SHIB). Source: Tradingview
Why You Should Care
Ethereum whales continue to increase their SHIB holdings as they expect an upswing from the popular meme coin.
Terra’s UST Overtakes Binance USD to Become Third-Largest Stablecoin
The algorithmic stablecoin of the Terra ecosystem, Terra USD (UST), has overtaken Binance USD (BUSD) to become the third-largest stablecoin in the cryptocurrency market.
According to data from CoinGecko, UST’s total market capitalization has surged 15%. The USD pegged stablecoin, which was launched in September 2020, now has a market cap of $17.5 billion.
Market Cap of Terra USD (UST) over the last 7 days. CoinGecko
New UST coins are created when Terra (LUNA) coins are burnt. According to Terra Analytics, the supply of UST increased by about 800 million tokens ($800 million) over the last week.
Since mid-November, the data also shows that UST has been on a meteoric rise, with the market cap increasing by 525%.
Flipsider:
Despite overtaking the BUSD, the trading volumes of UST are still only around one-fifth worth of the Binance digital dollar.Why You Should Care
To ensure the sustainability of the Terra ecosystem, Terra burns LUNA to mint UST stablecoin while backing the ecosystem with Bitcoin.
Whales Accumulate ADA Despite Low Profitability, Unknown Whale Moves 90 Million XRP Coins
ADA, the native token of the Cardano network, has seen remarkable whale interest despite its low profitability in 2022. The whale holding of ADA hit its all-time high in March as anticipations of its network upgrade heightened.
Cardano’s profitability remains very low despite the rise in ADA accumulation by whales and a 54% pump in March. According to on-chain data, only 9% of Cardano holders are currently in profit.
Ripple’s XRP is another coin that has seen significant whale activities since the start of April. On April 15, a whale moved 90 million XRP coins (worth approximately $70 million) from an unknown wallet into the crypto exchange, BitStamp.
This transaction is one of several crypto whales that have started sending large amounts o XRP into crypto trading platforms. Earlier in April, BitStamp received 40 million XRP coins from another unknown exchange.
Flipsider:
CEO of Ripple, Brad Garlinghouse, has said Ripple’s fight against a lawsuit from the Securities and Exchange Commission has gone “exceedingly well.”Why You Should Care
The accumulation of altcoins by whales reflects the sentiment of large holders, which is judged to be bullish in the long term.
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