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Crypto Market Update: Bitcoin, XRP, and Shiba Inu Steal the Spotlight
The riveting world of crypto has concluded another week, primarily with Bitcoin (BTC), XRP, and Shiba Inu (SHIB) stealing the spotlight. Notably, the flagship crypto saw events unfold in favor of its future movements, whereas XRP and Shiba Inu mirrored immense optimism in light of community advancements. The meme coin saw notable burn sagas over the past week, whereas the ripple effect of Trump’s reelection ignited optimism over the Ripple Labs-backed asset.
Bitcoin Eyes Further Gains Amid Bullish Q4 Crypto Market
Notably, a stockpile of events unfolded in Bitcoin’s favor this week, sparking market optimism. BTC miner MARA revealed plans to raise $700 million in an effort to amplify its ongoing Bitcoin buying endeavor. Simultaneously, healthcare-focused firm Semler Scientific announced that it bought $29 million worth of the crypto, bringing heightened buying pressure to the digital asset.
Additionally, MicroStrategy announced that it acquired 15,400 BTC for $1.5 billion this week, solidifying investor optimism over the coin. Also, Bitcoin miner Hut 8 unveiled plans to raise $500 million in an effort to buy the flagship coin. These chronicles, altogether, underscored heightened market interest in the asset and heavy buying, paving a bullish road for future movements.
However, it’s also noteworthy that beleaguered crypto firm Mt Gox shifted heavy amounts of the same coin, raising concerns as its creditor reimbursement plans have not yet been concluded. Besides, the U.S. Government also moved $1.9 billion worth of the digital asset to a new address, adding a layer of intrigue among market participants.
Meanwhile, Donald Trump appointed Paul Atkins as the next US SEC Chair, further bolstering market optimism over the future of the cryptocurrency landscape.
Ripple’s Crypto Gains Traction
Simultaneously, XRP emerged as the talk of the crypto town this week, overtaking Solana and USDT in terms of market cap. Intriguingly, amid this rising action, Ripple whales shifted $177 million worth of the crypto, sparking optimism amid renewed market interest as legal maneuvers aided the American blockchain firm.
Trump’s White House AI & Crypto Czar pick, David Sacks, has birthed optimistic sentiments surrounding the XRP lawsuit, hinting that an end looms. Further, this is supported by the appointment of Paul Atkins as the new SEC Chair. In turn, market participants eagerly await as the new picks under Trump’s presidency could further urge a pro-cryptocurrency wave.
Also, it’s noteworthy that XRP Ledger (XRPL) validators and developers are making a move to update the mainnet with transaction optimization in view. Overall, these developments have aided the native coin in witnessing significant gains recently. Ripple CEO Brad Garlinghouse attributed XRP’s rally to SEC Chair Gary Gensler’s resignation and a major legal win, further cementing market optimism.
Shiba Inu Coin Mirrors Bullishness
Meanwhile, the renowned dog-themed meme crypto Shiba Inu also echoed a market buzz this week, witnessing bullish developments. Notably, the SHIB burn mechanism incinerated nearly 3 billion coins over the past seven days. In the interim, CoinGape reported the 1 CENT DREAM project contributed to the massive burn, incinerating 250 million tokens.
Simultaneously, in light of the supply decline due to burns, SHIB price surged 15% weekly and reached the $0.00003 level. Also, it’s noteworthy that the coin’s lead developer, Shytoshi Kusama, recently spotlighted the SHIFU coin launch, adding a layer of intrigue to ecosystem advancements.
Conclusion
Mentioned above are some of the top crypto market updates reported by CoinGape over the past week, which appear to have considerably impacted investor sentiment.
FAQs
Q: What are the key events that unfolded in the Bitcoin market this week?
A: Bitcoin miner MARA revealed plans to raise $700 million, healthcare-focused firm Semler Scientific bought $29 million worth of the crypto, and MicroStrategy acquired 15,400 BTC for $1.5 billion.
Q: What are the key factors driving the surge in XRP’s price?
A: Ripple whales shifted $177 million worth of the crypto, and the appointment of Paul Atkins as the new SEC Chair has birthed optimistic sentiments surrounding the XRP lawsuit.
Q: What is the current market sentiment surrounding Shiba Inu?
A: The coin’s price has surged 15% weekly, and the SHIB burn mechanism incinerated nearly 3 billion coins over the past seven days.
