Crypto News Digest by U.Today

Valeria Blokhina

Make sure you are up to date with the latest events in the crypto industry with U.Today’s news digest!

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

Legendary trader Peter Brandt makes astonishing Bitcoin (BTC) prediction

A recent tweet by on-chain analytics firm Glassnode from May 22 reports that Bitcoin’s seven-day price range, 3.4%, is one of the tightest over the last three years. This is on par with trading that took place in January 2023 and July 2020, the firm continues, and in both cases this “preceded large market moves,” which suggests that “high volatility is likely on the horizon.” However, legendary trader Peter Brandt believes Bitcoin might see one more shakeout before it starts to trend higher. He further notes, though, that this is just a guess and claims that it is the best he has to offer.

SHIB burn rate spikes 8,700% as Shibarium reveals Shiba Inu burn mechanism

According to data provided by Shibburn, yesterday, the Shiba Inu community removed 50,188,691 SHIB meme coins from the circulating supply. This helped the burn rate to spike by an astonishing 8,862%. It is interesting to note that this large amount of SHIB was destroyed in just two transactions, which carried 39,511,911 SHIB and 10,676,779 SHIB. Meanwhile, on Sunday, the team behind the Shiba Inu project revealed the mechanism for burning SHIB on the Shibarium Layer 2 network while it remains in beta test mode.

Ripple logs another major CBDC partnership in Asia

Ripple’s head of Web3 and crypto Emi Yoshikawa recently shared an announcement, according to which the company has entered into a long-term technical collaboration with Fubon Bank, a Taiwan-based fintech major. This integration is part of Hong Kong Monetary Authority’s (HKMA) inaugural e-HKD pilot program, an experiment with the development and adoption of the blockchain-based version of the Hong Kong Dollar. The companies will work together on real estate asset tokenization and equity release with instruments based on the prototype of the Digital HKD.