Crypto News Digest by U.Today

Take a closer look at what’s happening in the world of crypto with U.Today’s top four news stories over the past day.

“Crypto Mom” says new SEC plan poses threat to DeFi

SEC Commissioner Hester Peirce recently commented on the statement published by the SEC on Jan. 26, in which SEC Chair Gary Gensler emphasized the importance of updating the rules for “increasingly electronified” systems that trade government securities. “Crypto Mom” claims that the language of the agency’s new proposal is vague, and this could pose a threat to decentralized finance. Despite not mentioning cryptocurrencies, the proposal, says Peirce, could be used for expanding oversight over crypto trading platforms.

Track live crypto price of 10000+ coins!

Cardano records 15,000% increase in whale addresses since December

Ali Martinez, a prominent cryptoanalyst, has shared recent data from Santiment, which demonstrates a mind-blowing 15,000% surge in the number of Cardano addresses with a balance between 10,000 and 1,000,000 ADA since mid-December 2021. This means that since then, roughly 3,900 wallets joined the network. The number of ADA wallets is also on the verge of breaking the three million mark as the Cardano network records significant milestones.

One billion XRP unlocked as Ripple injects more coins in circulation

As was expected on the first day of the new month, San-Francisco based tech decacorn Ripple has released another billion XRP from escrow, splitting it in two lumps of 500 million coins each. Usually, Ripple keeps about 200 million coins to cover its operational expenses, sending them to partnering companies and banks or to crypto exchanges. In this way, the company adds more XRP to circulation with no negative impact on the price.

Related:  Ethereum (ETH) Wallet With Over 30 Million Users Unveils Partnership To Assist Victims of Crypto Asset Scams

Also, according to WhaleAlert, Ripple transferred 20 million coins to one of its ODL corridors, the crypto exchange based in the Philippines.

40,785 BTC transferred as Bitcoin reaches $39,000

According to Santiment on-chain analytics firm, in the past week, 40,785 BTC worth nearly $1.56 billion left exchanges. In the meantime, on Feb. 1, Bitcoin managed to reach $39,104, indicating long-awaited upward movement. The fact that Bitcoin has historically produced positive returns in February may provide some relief to bullish traders.

Today, Santiment published two tweets in which it suggests two bullish signs for the flagship cryptocurrency, as Bitcoin address activity has had its best day this year.

Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link