U.Today – Crypto Industry Weekend Report

$83 Billion in Bitcoin (BTC) in 24 Hours: What’s Happening?

On Friday, Aug. 2, significant Bitcoin trading activity was observed as bulls showed interest in the flagship crypto, attempting to push the price higher following BTC’s price drop. According to CoinGlass, the trading volume of Bitcoin surged by 25.61% that day, with traders injecting nearly $83 billion into the market in the last 24 hours. Supported by bulls, the total market capitalization of BTC now stands at $1.27 trillion. Binance led the trading activity with a volume of $23.56 billion, followed by Bitget ($14.51 billion), Bybit ($11.07 billion), and OKX ($10.77 billion).

Shiba Inu Confirms Death Cross Amid Major Sell-Off

On Aug. 4, Shiba Inu’s four-hour chart showed a death cross signal, as the 50-period moving average crossed below the 200-period moving average. This development occurred as the meme coin’s price continued to decline for the eighth consecutive day, drawing market attention. The formation of the death cross pattern indicates a strengthening bearish momentum in the short term. At the time of writing, SHIB is trading at $0.0000126, down 7.38% over the past 24 hours.

Massive 500 Million XRP Unlocked by Ripple as XRP Gains 5.56%

After Ripple’s traditional funds withdrawal from escrow on Aug. 1-2, which released one billion XRP coins, an additional large amount was observed leaving the same source. Data from Whale Alert blockchain tracker revealed that Ripple unlocked 500 million XRP on Saturday, Aug. 3, valued at approximately $282 million. Ripple retains a substantial 4.682 billion XRP in its cold wallets. The company has been releasing XRP from escrow monthly for the past seven years to support liquidity in the market and provide XRP to institutional clients involved in payments.

This article was originally published on U.Today