SEC Sends 'Enormous Message' About XRP, $1.04 Billion Bitcoin Stun Crypto Exchanges, 58,303,050 SHIB Coins Burned Over Week: Crypto News Digest by U.Today

U.Today - U.Today presents the top three crypto news stories over the past weekend.

SEC sent "enormous message" about XRP

On Thursday, Feb. 13, the SEC officially acknowledged Grayscale's application to convert its XRP trust into an ETF. While this acknowledgment does not guarantee approval, it signifies a major milestone for the asset. Nate Geraci, leading ETF analyst, described the SEC's move as an "enormous message" in his X post. Currently, the regulator is engaged in litigation with Ripple, the company linked to the XRP token, and recently filed an appeal in the ongoing case. As reported by U.Today, Grayscale launched its XRP trust in September, then it applied to convert the first into an ETF in January. According to Geraci, the SEC could reject the XRP filing but chose to acknowledge it instead.

$1.04 billion Bitcoin stun crypto exchanges, What's happening?

According to data provided by IntoTheBlock, last week, Bitcoin experienced a significant shift, with $1.04 billion in net inflows to exchanges. As seen in the platform's X post, Bitcoin's total fees decreased 10.74% to $3.2 million, while $1.04 billion accounted for exchange flows, with $1.3 billion marking inflows. This influx indicates a potential increase in selling pressure, as traders move assets to exchanges for selling purposes amid ongoing market hesitancy due to macroeconomic uncertainties. The reversal from previous outflows sparked speculation about a possible price shift for Bitcoin, which has seen little movement in recent weeks. Meanwhile, Bitcoin sees an increase in institutional interest; according to CNBC, video-game-retailer-turned-meme-stock GameStop (NYSE:GME) is considering investing in Bitcoin and other cryptocurrencies.

58,303,050 SHIB coins burned over week

As stated in Shibburn's recent X post from Saturday, Feb. 15, in the past week, the SHIB community successfully burned over 58 million SHIB coins. This development took place despite a 20.77% decrease in the burn rate compared to the previous week. When it comes to the daily burn rate on Feb. 15, it saw a major decline of 95.02%, with only 708,198 SHIB coins burned on that day. However, there was a notable spike in the burn rate on Friday, with over 14 million SHIB removed from circulation, including a single transfer of 13 million coins. As of now, since 2021, the total amount of burned SHIB coins has reached a whopping 410,744,432,366,375.

This article was originally published on U.Today