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XLM Eyes Its Largest Crash in Three Years, Japanese Government Skeptical of Bitcoin Reserve, 67 Trillion SHIB Level About to Disappear: Crypto News Digest by U.Today
According to the latest on-chain data, Shiba Inu (SHIB) currently finds itself at a pivotal point, facing significant challenges as the market remains bearish. The asset is struggling to maintain crucial support levels, particularly the 50 EMA, and is currently trading near $0.00002164, with the 200 EMA being now perilously close to where SHIB is trading. A loss of these support levels could lead to a substantial decline, possibly dropping to $0.0000204 or lower.
This news comes as XLM, also known as Stellar, faces its largest crash in three years. The asset has seen a significant drop in value, with its market capitalization plummeting by over 10% in recent hours. This drastic decline has many speculating about the future of the cryptocurrency and whether it will recover or continue to fall.
Meanwhile, the Japanese government has expressed skepticism regarding the idea of storing Bitcoin reserves. In a shocking move, the government has stated that it does not believe it is feasible or practical to hold a significant amount of Bitcoin as a reserve asset. This announcement has sent shockwaves through the crypto community, leaving many wondering about the long-term viability of Bitcoin as a store of value.
In more SHIB-related news, a sharp decrease in large transaction volumes from institutional investors has raised concerns that panic-selling may exacerbate the situation if key support levels are breached. If this happens, it could be catastrophic for the asset’s value, potentially leading to significant losses for holders.
However, there is still hope for recovery if SHIB can bounce back from the 200 EMA and attract speculative buying. With the market remaining bearish, it remains to be seen whether SHIB will be able to rebound or continue its downward trend.
For more information on these stories and all the latest crypto news, please stay tuned to U.Today for regular updates and analysis.
Source: u.today
