Crypto News Digest from U.Today

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Let’s take a look at what happened in the crypto industry over the weekend, highlighting the top three news stories.

### $83 Billion in Bitcoin Trading in 24 Hours: What’s Happening?

On Friday, August 2, there was significant Bitcoin trading activity as buyers showed strong interest in the leading cryptocurrency, attempting to push prices higher following a recent dip. Trading volume for Bitcoin surged by 25.61% that day, with nearly $83 billion entering the market within a 24-hour period. Supported by bullish sentiment, Bitcoin’s overall market capitalization now stands at $1.27 trillion. Binance led the trading activity with a volume of $23.56 billion, followed by Bitget at $14.51 billion, Bybit with $11.07 billion, and OKX at $10.77 billion.

### Shiba Inu Confirms Death Cross Amid Major Sell-Off

On August 4, Shiba Inu’s four-hour chart showed the emergence of a death cross signal, with the 50-period moving average falling below the 200-period moving average. This pattern appeared as the meme coin’s price continued to decline for the eighth consecutive day, attracting significant market attention. The death cross on SHIB’s chart suggests a strengthening of bearish momentum in the short term. At the time of writing, SHIB’s price was $0.0000126, reflecting a 7.38% decrease over the past 24 hours.

### Massive 500 Million XRP Unlocked as XRP Gains 5.56%

Following Ripple’s standard withdrawal of funds from escrow on August 1-2, when the company released one billion XRP coins, another substantial amount was observed leaving the same source. According to data from a blockchain tracker, Ripple unleashed 500 million XRP on Saturday, August 3. This large sum is valued at approximately $282 million. A recent report from Ripple indicates that the company still holds around 4.682 billion XRP in its cold crypto wallets. It is worth noting that Ripple has consistently released XRP from escrow monthly for the past seven years to support market liquidity and provide XRP to institutional clients involved in payments.

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