Saylor Suddenly Changes Tune on XRP, Bollinger Bands Signal Bearish Turn for Bitcoin, 20,000,000 SHIB Burned In Minutes: Crypto News Digest by U.Today

Here are the top three crypto news stories over the past day presented to you by U.Today.

Saylor suddenly changes tune on XRP

In a recent conversation with CNBC’s Sara Eisen, Strategy cofounder Michael Saylor has given a surprisingly warm welcome to the idea of a multi-token cryptocurrency reserve that includes XRP. Saylor labeled this development “bullish” for Bitcoin and for the broader crypto space. Previously, the businessman rejected the idea of investing in altcoins; currently, however, he believes that such a “progressive” approach is the best way to move forward. Despite a diverse reserve receiving an endorsement from Saylor, the initiative caused a substantial backlash from some members of the crypto community, including even such crypto-friendly figures as Variant CLO Jake Chervinsky. He claimed that the introduction of a multi-token crypto reserve is a “distraction from the real work” that needs to be done on stablecoins and market structure legislation.

Bollinger Bands signal bearish turn for Bitcoin (BTC)

Bitcoin’s recent price behavior underscored the unpredictable nature of the crypto market; yesterday, after adding 10% to its value and surging to $93,604 the day prior, it dropped 5% to a low of $89,100. However, there were signs pointing to such an outcome, with the Bollinger Bands indicator being one of them. Bitcoin struggled to maintain its position above the middle band, which led to yesterday’s decline and a liquidation of $1 billion worth of leveraged positions. Bitcoin traded below the mid-range, and if there were no significant changes soon, the lower Bollinger Band, which sits at approximately $83,400, would have likely been its next key target. However, at press time, BTC is changing hands at $88,850, up 7.15% over the past 24 hours, per CoinMarketCap.

20,000,000 SHIB burned in minutes – What’s happening?

According to data provided by Shibburn, yesterday, March 4, a massive SHIB transaction took place, carrying 20,000,000 SHIB to an unspendable blockchain address. The transaction contributed to a total of 20,794,281 SHIB burned by the community that day, resulting in a 34.24% increase in the daily burn rate. Over the past seven days, 122,135,883 SHIB have been destroyed; this brings the total of eliminated SHIB tokens to 410,744,744,227,515 SHIB. The burning efforts seem to have slightly helped the asset’s recovery; at press time, SHIB is trading up 3.77%, with its value standing at $0.00001304. Another factor that contributed to the meme coin’s price increase is Bitcoin’s recent upturn; it is known that altcoins tend to follow the flagship crypto when it comes to price movements.