CNF Brief: 5 of biggest stories this week- Ripple, Shiba Inu, VeChain, IOTA and Bitcoin
- ShimmerNet’s lead contributor Dominik Schiener shared a few updates noting that the team has been “improving, testing, and making sure” the ShimmerEVM is ready.
- Ripple remains convinced that it will beat the SEC with over 3,000 Amicus Briefs showing the usage of XRP is limited to payment utility.
Our data shows that investors have taken a step back with a majority of cryptocurrencies’ prices stagnating. Bitcoin which is the trendsetter has failed to break the $23,000 resistance level triggering speculation that it will retract and test recent supports. Despite prices stalling, network development and technological developments are still ongoing painting a bullish picture for a number of projects.
In this week’s CNF brief, we take a look at some of the most intriguing developments.
Massive cash for Bitcoin price uptrends comes from US institutions
A report early this week revealed that institutional investors play a key role in Bitcoin price uptrends. Although a majority of mainstream institutions are wary of cryptocurrencies, firms like MicroStrategy Incorporated, Block Inc, and Paypal Holdings Inc are notably heavily invested in cryptocurrency. Matrixport’s head of research and strategy, Markus Thielen confirmed that the bulk of the buying momentum that is pushing the price of Bitcoin upward is being fueled by the hoard of institutional investors pumping cash into the industry.
As these investors increase, it’s expected that prices will continue to rise. Additionally, regulators will be under massive pressure to introduce clear regulations that could further increase adoption. It’s further intriguing as recent data shows the Bitcoin Network processed more transaction value than Visa and Mastercard last year and is expected to surpass this in 2023…Read More
XRP price ‘in the thousands’ after Ripple vs. SEC case is settled
Speculation continues to grow around the XRP price. Earlier this month, Ripple CEO Brad Garlinghouse revealed that he expects the Ripple vs. SEC case will be settled in the first half of the year. With Ripple pegged to win, investors and analysts expect prices to rally. This especially after the advances in the XRPLedger from the last two years and the growth of the ecosystem will add to XRP price growth. Furthermore, some of the leading crypto exchanges that previously delisted XRP on their platform will rush to relist the digital asset.
Source: Travis Wolfe
However, Brad Garlinghouse-led company is treading on a very cautious path as any form of settlement without legally defining the status of the XRP coin can stir up another lawsuit sometime in the future… Read More
At the time of press, XRP is exchanging for $0.4109. The digital asset has been trading sideways for the last 7 days. With a record of $3.84 as the all-time high reached 5 years ago, the token is still a long way from its ATH.
Developers confirm billions of SHIB will be burned with Shibarium
Amid the tanking SHIB burn rate, lead developer Shytoshi Kusama assures an uptick in burn rate with the Shibarium release. The eagerly awaited Layer-2 scalability network is set to launch soon and will offer a major boost to the SHIB token. Shytoshi Kusama recently confirmed on discord that trillions of SHIB coins will be burnt with the release of the Layer 2 platform Shibarium.
As per the MVRV-Z score indicator, the SHIB price is largely undervalued even now and holds the potential to rally another 75 percent two months from now…Read More
Samsung taps VeChain for intelligent ship data application
VeChain has continued to garner traction and receive major recognition. In the latest development, Samsung has tapped the leading blockchain for the deployment of its intelligent ship data application. With support from the World-leading certification authority DNV, Samsung Heavy Industries, the first Korean shipbuilding firm to take this step, has successfully deployed its “Intelligent Ship Network Security Application ” on the Vechain network.
In order to reduce the chances of information alteration when data is shared with ships and other off-shore tools on the recovering end, VeChain serves as a security solution for shipping companies, shipyards, and other bodies involved…Read More
ShimmerEVM finally launching as $MIOTA remains top 10 crypto for most active developer ecosystems
IOTA and its staging network Shimmer also made headlines during the week for various developments. For starters, ShimmerNet’s lead contributor noted that while close, they are not rushing to launch the ShimmerEVM citing the risks of the network going down. Since the launch of the Shimmer network last year, the team has been working on the launch of the ShimmerEVM chain which is compatible with the Ethereum Virtual Machine (EVM).
The team at ShimmerEVM had been testing several UX improvements which include incorporating convenience functions such as using Shimmer to pay gas directly for L1-L2 transfers.This revelation follows a report that showed that IOTA is among the top 10 most active developer ecosystems. With Shimmer, IOTA could climb even higher as more developers join the ecosystem…Read More
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