For those who read this week’s Weekly Market Insight, you may recall that the post highlighted that
XRP/USD was potentially eyeing lower levels.
Shytoshi Kusama, the lead of the Shiba Inu project, addressed the issue of the Shibarium mainnet launch that resulted in 1,000 Ether and 600,000 BONE (a Shiba Inu ecosystem token) getting locked on the bridge. Crypto Twitter was rife with speculation about funds bridged to Shibarium after the Layer 2 chain’s launch.
Ethereum price action is at an interesting point, which could trigger a steep move in either direction. With Bitcoin’s boring consolidation, crypto traders have been waiting for a volatile move to emerge. The lack of
volatility could be ending soon, especially for Ether, as the open interest rose by nearly 500 million in the last three days from $6.09 billion to $6.58 billion. When the breakout does occur, one cap is likely to get caught in the wrong direction, causing liquidations in the millions.