Whale's Big Splash: SHIB's Trillion Coin Transfer
READING TIME: 4 mins 52 secs
A survey conducted by Protiviti and the University of Oxford indicates that a third of global executives expect their countries to become cashless between 2026 and 2040, with 85% believing this will happen within the next decade.
The transition is viewed as inevitable but not without its risks, as 88% of executives foresee increased business risks associated with changes in the monetary system. Infrastructure limitations, privacy concerns, regulatory challenges, and financial crimes are among the top concerns. Despite the move towards digital payments, the report suggests that state-regulated currencies will likely continue to dominate, with a general expectation that governments will regulate digital assets. Nonetheless, executives agree that digital currencies will significantly impact business operations in the coming years.
XRP has recorded a significant 43% surge in its value over the past three weeks, reaching levels not seen since the pivotal SEC v. Ripple ruling in July 2023.
The cryptocurrency's recent performance has sparked discussions and speculation about its future potential among the crypto community. The upcoming DC Fintech Week and Ripple's Swell event are generating additional buzz, with Ripple CEO Brad Garlinghouse's hints on social media raising expectations for potential major announcements. Despite this, some traders remain cautious, as evidenced by recent liquidations in both short and long positions on XRP. As Ripple gears up for its moment in the spotlight, XRP's price fluctuations reflect the ever-present volatility in the cryptocurrency markets.
The cryptocurrency community witnessed the creation of a new Shiba Inu whale following a transfer of 4.4 trillion SHIB, valued at $35.8 million.
This transaction coincided with a 41.45% increase in large SHIB transactions over the weekend, signifying rising investor confidence in the meme coin. The spike in SHIB's activity comes amid a broader influx of funds into the cryptocurrency market, which has seen an inflow of nearly $10.97 billion this year, marking a peak in investor confidence. SHIB's price has also seen a boost, posting a 1.96% gain over the past 24 hours and a 4.26% increase over the week, as reported by CoinStats.
Tokenet, a newly launched crypto-lending platform, is positioning itself to cater to an expected surge of institutional clients if the U.S. approves a spot Bitcoin ETF.
Founded by former Cantor Fitzgerald executives now with Digital Prime Technologies, Tokenet provides lending and borrowing services for digital assets, along with risk management tools for institutions. The platform, backed by various crypto firms, aims to establish trust in digital asset lending after the 2022 crypto lending crisis. Bloomberg analysts suggest a high likelihood of a spot Bitcoin ETF approval by early next year, which could significantly benefit crypto lending firms like Tokenet by attracting institutional borrowers.
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