Millions of Ripple (XRP) and Bitcoin (XRP) Liquidations on False BTC ETF Rumors: Bits Recap Oct 17

TL;DR

• False reports about SEC’s BTC ETF approval sparked a market surge. BTC peaked near $30,000, and XRP hit $0.50 before both declined when the news was debunked.
• Shiba Inu’s burn rate rose to 250%, targeting SHIB’s value enhancement.
• BitTrade to support Shiba Inu transactions from October 18, but SHIB’s recent price trend is downward.

XRP Goes Up and Down Following the Fake News

The cryptocurrency community was infused with a dose of enthusiasm yesterday (October 16) when several reports indicated that the US Securities and Exchange Commission (SEC) has finally approved BlackRock’s application to launch the first spot BTC ETF in the States.

The entire digital asset market reacted more than positively to the rumors, with Bitcoin (BTC) shooting to a two-month high of almost $30,000 (per CoinGecko’s data). Ripple’s native token – XRP – also headed north, spiking by around 5% to surpass the $0.50 mark. 

However, it turned out that the news was fake, and most of the gains were erased in a matter of minutes. XRP retraced to its previous level of $0.49, while BTC plunged to approximately $28,000.

You can also check our most recent video if you’re interested in finding out some of the more interesting projections for XRP’s price for the last quarter of 2023.

What’s New With Shiba Inu?

The popular memecoin was also in the spotlight by witnessing a few advancements and receiving support from another leading crypto exchange. Specifically, the Shiba Inu burn rate soared to 250% on October 16, outlining the project’s goal to make SHIB more scarce and potentially valuable in time. 

The team has so far destroyed over 41% of the maximum token supply (999,982,689,938,617 assets), with over 53 million SHIB sent to an address that nobody could access yesterday.

In addition, the Japanese cryptocurrency exchange – BitTrade – announced its intentions to allow deposits and withdrawals in Shiba Inu and Dogecoin from October 18. 

Mass adoption and the successful execution of the burning rate have been labeled as key factors that could boost SHIB’s valuation in the future. However, the memecoin’s price performance has been relatively poor in recent weeks. It is down 3.5% on a 14-day basis and almost 4% for the last month.