Crypto News Digest by U.Today

To keep you informed about recent developments in the crypto realm, here are the top three news stories from the past day.

### Potential Volatility Ahead for Bitcoin

In light of Bitcoin’s recent dip below the $63,000 mark, traders and investors are bracing for a potentially turbulent week. On Wednesday, the Federal Open Market Committee (FOMC) is expected to release minutes that will shed light on the central bank’s stance regarding monetary policy. After a rate cut last month, both Bitcoin and other digital assets experienced significant rallies. Market participants are now anticipating another rate cut following the November meeting; however, the chances of a 50 basis point cut appear slim, with only 7% of traders foreseeing such an outcome. Additionally, investors will be closely watching key macroeconomic indicators, such as the unadjusted consumer price index (CPI), due on Thursday, along with the producer price index (PPI) and jobless claims, all of which will provide insights into the health of the U.S. economy.

### Cardano ETPs Surge, XRP Also Sees Gains

A recent report from CoinShares highlights a remarkable surge in Cardano ETPs, which recorded a 300% increase in investment flows over the past week. This influx amounted to $300,000 added to ETPs associated with the ADA token. Since the year’s onset, Cardano has attracted $13 million in inflows, bringing the total assets under management for its ETP providers to $49 million. While Cardano remains at the bottom among cryptocurrencies with ETPs in terms of these metrics, its recent performance indicates a growing interest in the asset. Meanwhile, XRP ETPs also marked their second consecutive month of positive inflows, totaling $300,000 this week and $24 million since the year’s start, with $86 million in assets under management. Overall, the weekly performance of the crypto ETP market has been largely influenced by Bitcoin, resulting in $147 million in net outflows by the week’s end.

### Important Update on BONE Token from SHIB Team

In a recent post, Lucie, the marketing lead for the SHIB team, shed light on the vital function of the BONE token within the SHIB ecosystem, specifically in relation to Shibarium. Lucie analogized BONE to the “energy source” for the ecosystem, likening its necessity to gas for a car. She emphasized that “without fuel, you’re just sitting in a fancy metal box!” BONE is pivotal as a gas fee token, as it powers Shibarium’s operations. Without it, the entire system would remain stagnant, unable to progress. Furthermore, BONE is utilized in token burns, where a portion of gas fees is converted into SHIB and permanently locked to diminish its circulating supply. This approach aims to enhance the scarcity of SHIB tokens, potentially increasing their market value.