The experts at Spot On Chain, an AI-powered on-chain analytics platform, have provided insights into why Bitcoin could potentially experience a positive September this year. They have identified five key reasons to support this hypothesis. Firstly, there is a historical trend where nearly 43% of negative Augusts have been followed by positive Septembers, suggesting a possible rebound for Bitcoin. Secondly, major players in the market, such as the German government, Mt. Gox, and Genesis Trading, have been reducing their Bitcoin sales, totaling over 170,000 BTC in July and August. Thirdly, long-term holders have continued to strengthen their positions, increasing their supply by 262,000 BTC in August alone, now holding 75% of the total Bitcoin supply. Additionally, the possibility of a new wave of investment in Bitcoin ETFs could further drive demand. Lastly, a combination of factors, such as potential rate cuts by the Fed, FTX paying back $16 billion in cash, and growing political support for favorable cryptocurrency regulations in the U.S., could stimulate further BTC purchases.
Ripple Unlocks One Billion XRP Tokens
On September 1, the fintech giant Ripple unlocked one billion XRP tokens worth over $560 million from the rDqGA…mKxEsF address in three transactions, according to a report by Wu Blockchain citing the Whale Alert crypto wallet tracking platform. Ripple had previously placed 55 billion XRP tokens in escrow wallets to make the token supply more predictable, releasing one billion XRP tokens each month. However, the actual amount of tokens in circulation often ends up being lower due to the tokens remaining in the expired escrow until someone cancels the transactions. Ripple CTO David Schwartz explained that many escrows are split into multiple ones for administrative convenience. This latest unlocking of XRP tokens adds more liquidity to the market.
Shiba Inu Launches Agent Shiboshi Game on iOS
The Shiba Inu project has expanded its reach to iOS users with the launch of the game Agent Shiboshi on the App Store. Previously available only to Android users, the game received positive reviews and enthusiasm, prompting its availability on iOS devices running iOS 13.0 or later. In this fantasy violence game, players take on the role of Agent Shiboshi, challenging their aiming and shooting skills to defeat evil Shadowcats. The project aims to enhance user experience and engagement by offering exciting gameplay on both Android and iOS platforms. The expansion to iOS reflects the project’s commitment to inclusivity and accessibility for a wider audience of players.
The cryptocurrency market continues to see significant developments and innovations, from positive outlooks for Bitcoin to token unlocks by major players like Ripple and the expansion of gaming projects like Shiba Inu. These news stories highlight the dynamic nature of the crypto space and the diverse opportunities it offers for investors, developers, and enthusiasts alike. As the industry evolves, it is crucial to stay informed and adapt to the changing landscape to make informed decisions and leverage the potential of blockchain technology and digital assets.
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