Bitcoin (BTC) Price Explosion, Ripple (XRP) Developments, Shiba Inu (SHIB) Burn Rate: Bits Recap Oct 25

TL;DR

• Bitcoin nears $35,000, possibly due to US SEC’s expected approval of BlackRock’s Bitcoin ETF.
• XRP peaks at $0.58 after Ripple’s legal wins against the US SEC. April 2024 trial could be pivotal.
• SHIB’s burn rate jumps 400%, but the token sees only a 5.5% price increase in the past week.

BTC’s Surge to $35K

It is safe to say that one of the top trending topics in the cryptocurrency space in the past few days is the impressive price increase of the leading digital asset, which reached almost $35,000 on October 24 (per CoinGecko’s data). 

The peak (unregistered in the past year and a half) infused a significant dose of enthusiasm in the entire market, following which many alternative coins skyrocketed to unseen levels in several months. 

BTC’s explosion could be attributed to the arising rumors that the US Securities and Exchange Commission (SEC) might soon approve BlackRock’s application to launch a spot Bitcoin ETF in the States. Moreover, the product was listed with the Depository Trust & Clearing Corporation, and some assumed that this was the last step before the regulator’s long-awaited nod.

Many analysts and even the AI-powered language model ChatGPT have suggested that the potential approval of a spot BTC ETF in America could further boost the valuation of the primary cryptocurrency. Other factors that might play a role are the upcoming halving, interest from institutional investors, mass adoption, and more.

Those willing to check the top five Bitcoin price predictions coming from experts could take a look at our dedicated video below:

How About Ripple (XRP)?

The native token of Ripple – XRP – has also spiked considerably, tapping a fresh two-month high of over $0.58 on October 24. However, it slightly retraced in the following hours and currently hovers around $0.55. 

The blockchain enterprise has been on a winning streak against the US SEC, tapping vital partial victories in the past three months. In July, a US Federal Judge determined that Ripple’s programmatic XRP sales from years ago did not constitute an offer of investment contracts. The SEC was unpleased with the decision and formally appealed.

Nonetheless, the magistrates dismissed those intentions, granting Ripple another win. CEO Brad Garlinghouse and Executive Chairman Chris Larsen were also cleared of all charges brought by the watchdog.

A decisive victory for Ripple in the lawsuit against the SEC is expected to positively affect XRP’s price and the entire cryptocurrency market. A grand trial set for April 2024 should reveal the outcome of the lengthy battle.

We also released a video depicting XRP’s potential trajectory in the remaining months of 2023. For more information readers can click on the clip below:

SHIB’s Burning Program Goes as Planned

The popular memecoin – Shiba Inu – has also made the headlines lately. Its burn rate soared by approximately 400% yesterday (October 24), meaning that around 150 million tokens were sent to an address that nobody could access.

The burning program aims to reduce the overall supply of SHIB and potentially make the asset more scarce and valuable in the future.

Despite those efforts, the token has not performed as well as other memecoins, registering a 5.5% surge in the past week.