1. Key Reason Behind Bitcoin (BTC) Price Crash
Bitcoin (BTC) experienced a significant price drop on January 23, plummeting to an intraday low of $39,494.65. The market capitalization of BTC also declined to $784.8 billion, accompanied by a 24-hour trading volume of $30 billion. The primary factor contributing to Bitcoin’s downward trend is substantial withdrawals from Bitcoin exchange-traded funds (ETFs). Notably, the Grayscale Bitcoin Trust (GBTC) saw $640 million leaving in a single day, accumulating to a total withdrawal of $3.45 billion. Analysts such as James Seyffart and Holger Zschaepitz highlighted the accelerating rate of these withdrawals, attributing the decline in excitement around Bitcoin ETFs to a decrease in correlation with technology stocks.
2. Shiba Inu Celebrates Shibarium’s Milestone
Shiba Inu celebrated a significant achievement as its layer-2 solution, Shibarium, reached a transaction count of 300 million. The official announcement from the Shiba Inu project expressed enthusiasm, attributing Shibarium’s success to the SHIBARMY. Launched in August 2023, Shibarium has witnessed rapid growth, surpassing 300 million total transactions within five months. According to Shibariumscan data, the platform currently boasts 306,682,477 total transactions, 1,344,058 wallet addresses, and 2,811,696 total blocks.
3. Pro-XRP Lawyer Slams SEC’s New Theory
In a recent post, pro-XRP lawyer John Deaton criticized the U.S. Securities and Exchange Commission (SEC) for its “embodiment theory,” introduced in response to Deaton’s request for intervention on behalf of XRP holders in the Ripple lawsuit. Deaton pointed out a critical flaw in the SEC’s position, emphasizing the lack of precedent or established case law supporting this novel theory. The SEC’s claim suggests that the crypto token itself represents the investment contract, merging the token with the legal framework of an investment. However, this stance appears inconsistent with other statements from the SEC, sparking discussions and confusion within the legal and cryptocurrency communities.
