Crypto News Digest by U.Today
Don’t miss out on the fast-paced world of crypto with the latest news feed from U.Today!
U.Today has compiled summaries of the four most important news items from the past day. Stay tuned for current events in the crypto industry!
Shiba Inu and Dogecoin now accepted by Gucci
As reported by Vogue Business, Italian luxury fashion house Gucci will soon begin accepting Bitcoin, Dogecoin, Shiba Inu and a few other cryptocurrencies in select locations in North America. Customers can pay for their purchases in crypto using a QR code. According to a statement from Gucci CEO Marco Bizzarri, the fashion brand is “always” open to embracing new technologies.
Last May, Gucci launched its first NFT inspired by the company’s Aria collection. The item sold for $25,000 at a Christie’s auction.
$27,200 is the next support for Bitcoin: founder of Fairlead Strategies
On a recent episode of Squawk Box, founder and managing partner at Fairlead Strategies Katie Stockton cited $27,200 as the likely level at which Bitcoin could find the next support when it begins to fall. She also pointed to a strong correlation between Bitcoin and the Nasdaq 100 and S&P 500 indices, which are currently falling, and argues that Bitcoin could follow those stocks.
Bitcoin began to fall the next day after the Federal Reserve implemented a long-awaited half basis point rate hike. In the last 24 hours, Bitcoin is down 5.21% and is changing hands at $36,127 at the time of writing.
New Shiba Inu Trading Savings Lists on Binance
According to a recent Twitter announcement, Binance has added three new trading pairs, including a SHIB trading pair, SHIB/GBP. As of now, crypto traders can take advantage of the mean reversion trading obtained by pitting both assets against each other. Binance was one of the first crypto exchanges to embrace Shiba Inu, adding support for the meme cryptocurrency in May 2021. Since then, SHIB has seen numerous offers, including Robinhood’s, which happened in April to the delight of the Shiba Inu community.
Elon Musk got $500,000,000 from Binance to buy Twitter
A recent SEC report shows that to buy all of Twitter’s stock for about $54 apiece, Elon Musk has attracted $7.13 billion in new funding commitments from various investors. Of all the contributors, one that stands out – Binance – one of the largest cryptocurrency exchanges in the world, has provided Musk $500 million in pledge letters, i.e. loans by co-investors for a specific purpose. Some investors have pledged to provide their Twitter shares: Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud contributed 35 million shares, equivalent to nearly $1.9 billion (versus $54.20 per share).