Crypto News Digest by U.Today

Valeria Blokhina

U.Today’s news feed keeps you up to date with the latest happenings in the crypto industry

Here are the top five news stories from the past day presented by U.Today.

BTC, SHIB, ETH, LUNA, SOL: Top Cryptocurrencies Tumble

According to data shown by CoinMarketCap, the crypto market found itself in a sea of ​​red yesterday. In the past 24 hours, Solana (SOL) and Terra (LUNA) lost more than 8%, while Avalanche (AVAX) fell nearly 10%. The top meme coins, Shiba Inu (SHIB) and Dogecoin (DOGE), were down 5% and 4% respectively. The wave of the “red sea” has also covered Bitcoin; after Fed Chair Jerome Powell said the central bank could raise benchmark rates after its next meeting in March, the flagship crypto collapsed to $35,535. Ethereum has also fallen lower, along with Bitcoin.

SHIB flips FTX with USD value among the best ETH whales

According to data from WhaleStats, the SHIB yesterday managed to overtake FTT, the original token of the FTX exchange, in dollar value, among the top 1,000 ETH whales. The total value of SHIB in USD is a whopping $1,665,876,442. Even though FTX took its place above SHIB for a hot minute, the coins have switched places again and today the meme token remains the biggest asset in total USD value in the portfolios of the top ETH whales.

SHIB token can also be proud of an increasing number of holders. The number of people holding Shiba Inu has reached a new record of 1,160,123.

MrBeast Burger May Now Accept DOGE

Yet another fast food chain decided to join the crypto frenzy, apparently inspired by Elon Musk’s recent tweet about accepting Dogecoin addressed to McDonald’s. MrBeast Burger mentioned the centillionaire in his Jan. 26 post, saying that if Musk retweets it, the company will begin work on accepting DOGE. Tesla’s CEO has so far left the offer unanswered. However, the creator of Dogecoin, Billy Markus, retweeted MrBeast’s message and also urged the Doge army to show that it is strong enough and can provide the necessary commitment to MrBeast Burger.

$100M In Crypto Liquidated As Bitcoin And Altcoins Drop After Fed Meeting

After Bitcoin and altcoins took a hit from the Fed meeting, the crypto market reacted with more than $100 million liquidated on various exchanges. Traders took $37.46 million in losses from Bitcoin liquidations, while Ethereum liquidations totaled $29.96 million. The largest single liquidation order, on Bybit, was valued at $5.55 million.

Meanwhile, the Crypto Fear and Greed Index remains in “extreme fear” while Bitcoin funding rates on major exchanges remain negative.

USD purchasing power will continue to erode, says veteran trader Peter Brandt

Peter Brandt, a well-known veteran commodities trader, provided a chart showing how the purchasing power of 100 US dollars has declined since 1947. It has been called a “sure trade” by the experienced trader, who claims that it is the only trade he has absolute confidence in. The purchasing power of the US dollar, as well as other fiat currencies, will continue to erode over time. Twitter users in the comment thread started stating that Bitcoin solves this problem. Even now, when BTC has fallen nearly 50% from last year’s historic peak, it continues to rise 206% since November 2020.

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