Shiba (SHIB) price analysis reveals a key level that triggered a 388% rally in just ten days. Will the sidelined buyers step in and catalyze a bounce for SHIB, the so-called Dogecoin-killer? Shiba Inu Price Approaches Highly Sensitive Level Coingecko’s price data shows that Shiba Inu price is trading at $0.00001288 after dropping nearly 28% in the past three weeks. This collapse brings SHIB closer to a key value area that previously catalyzed a 388% rally. Why is this area important? Shiba Inu price consolidation between May 13, 2022, and February 24, 2024, created a tight range. A breakout from this zone triggered a nearly 400% rally for SHIB, reaching $0.00004567. Adding a volume profile to this range reveals that the value area, where 70% of the volume is traded, lies between $0.00001256 and $0.00000837. The highest traded volume level in this area is present at $0.00001090 and is referred… Read More at Coingape.com
Massive Bitcoin withdrawals worth hundreds of millions of USD from major exchanges have sparked significant interest in the crypto community.
However, if Bitcoin fails to break the $86,000 barrier, a price correction remains a real possibility, especially amid wavering investor confidence.
Bitcoin Whales Withdraw Hundreds of Millions in BTC
Data from the X account OnchainDataNerd on April 17, reveals that several large Bitcoin whales executed substantial withdrawals from top exchanges. Galaxy Digital withdrew 554 BTC, valued at approximately $76.74 million, from OKX and Binance.
Abraxas Capital pulled out 1,854 BTC, worth around $157.26 million, from Binance and Kraken.
Two other whales, identified by addresses 1MNqX and 1BERu, withdrew 545.5 BTC ($45.5 million) and 535.2 BTC ($45.44 million) from Coinbase, respectively. In a single day, over $280 million in Bitcoin was removed from exchanges.
Such withdrawals from Bitcoin whales, like those by Galaxy Digital and Abraxas Capital, often signal a strategy to move BTC into cold storage. This is typically viewed as a bullish sign, reducing selling pressure and reflecting expectations of future price increases.
Surge in First-Time Bitcoin Buyers
A report from Glassnode on X highlights a sharp rise in first-time Bitcoin buyers. This influx of new investors could drive short-term price gains. However, long-term holders (LTHs) have paused their accumulation, signaling caution amid heightened market volatility.
First-Time Buyers rose to a 30-day RSI of 97.9. Source: Glassnode
In a post on X, the analyst Ali used the TD Sequential technical indicator to forecast Bitcoin’s price trend. The TD Sequential flashed a buy signal on the Bitcoin weekly chart.
If Bitcoin consistently closes above $86,000, further price increases are likely. Currently, Bitcoin is hovering above $80,000, indicating growth potential. However, surpassing the critical $86,000 resistance level is essential to confirm the bullish trend.
Despite recent whale accumulation, not all signals are positive. Inflows into Bitcoin ETFs have dropped significantly. This decline suggests weakening investor confidence, which could exert downward pressure on prices without fresh catalysts.
Additionally, data from Lookonchain indicates that over $1.26 billion in Bitcoin was unstaked from Babylon. If this capital flows back to exchanges, selling pressure could intensify, making it harder for Bitcoin to breach key resistance levels.
XRP has suffered a near 10% decline over the past week, dampening trader sentiment and triggering a wave of sell-side activity in its futures market.
As buying pressure wanes, the altcoin risks plunging below the key support formed at $2 in the near term.
XRP Futures Traders Position for Decline
The bearish tone in the XRP market is evident in the token’s taker buy/sell ratio, which has consistently posted negative values for the past two weeks.
This indicates that sell orders dominate buy orders across the XRP futures market. At press time, this stands at 0.92, per CryptoQuant.
An asset’s taker buy-sell ratio measures the ratio between the buy and sell volumes in its futures market. Values above one indicate more buy than sell volume, while values below one suggest that more futures traders are selling their holdings.
The sustained decline in XRP’s taker buy/sell ratio over the past few weeks points to a mounting sell-off among futures traders, many of whom are increasing their exposure to short positions.
This is reflected by the token’s long/short ratio, which currently stands at 0.94.
For context, this metric has remained below one since May 8, highlighting that traders have been positioning for a downside move for nearly a month.
The extended demand for short positions suggests that XRP’s price dip is not just a reaction to short-term volatility. It also shows a broader bearish tilt increasingly driven by expectations of lower prices.
Will XRP Hold the $2 Support?
At press time, XRP trades at $2.13. If bearish pressure gains momentum, the token risks slipping below the psychological $2 mark. A breach of this key support line could deepen the ongoing correction and cause XRP to trade below $1.99.
However, a resurgence in new demand for the altcoin could invalidate this bearish outlook. If buying surges, the XRP token could witness a bullish correction and climb to $2.29.
South Korea has taken the lead on stablecoin regulation. On June 10, the country passed the Digital Asset Basic Act, allowing companies to issue stablecoins under clear rules—while the US still struggles to finalize its own legislation.
South Korea Legalizes Stablecoins
Under the new law:
Companies can issue stablecoins with a minimum capital of 5 million won (~US$367,876).
All stablecoins must be approved by the Financial Services Commission (FSC).
Issuers must guarantee refunds via reserves to protect users.
This move makes South Korea one of the first major economies to fully legalize stablecoins.
US Stablecoin Bill Faces Delays
Meanwhile, the US is preparing for a long-awaited vote on its GENIUS Act. The bill aims to:
Set federal and state-level rules for stablecoin issuers.
Enforce strong anti-money laundering (AML), Know Your Customer (KYC), and anti-fraud measures.
However, political opposition remains.
Senator Elizabeth Warren warned:“The bill invites scammers into the market…”
Senator Bill Hagerty responded: “It’s time we provide the clarity and stability our innovators need.”
Key Differences: GENIUS Act vs Digital Asset Basic Act
Market projected to hit $254B in 2025, and $2T by 2028.
In South Korea, stablecoin trading on five domestic exchanges already hit ₩57T.
Globally, Tether (USDT) and Circle (USDC) dominate with an 85% market share—USDT at $150B, USDC at $16B.
As South Korea opens its market, and the US races to finalize its bill, the global stablecoin landscape is about to shift dramatically.
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The post U.S vs South Korea: Who’s Winning the Stablecoin Regulation Race? appeared first on Coinpedia Fintech News
South Korea has taken the lead on stablecoin regulation. On June 10, the country passed the Digital Asset Basic Act, allowing companies to issue stablecoins under clear rules—while the US still struggles to finalize its own legislation. South Korea Legalizes Stablecoins Under the new law: Companies can issue stablecoins with a minimum capital of 5 …
