The latest crypto news says that Grayscale is shuffling $385 million of Bitcoin (BTC) to Coinbase. In the meantime, Shiba Inu (SHIB) is facing market turbulence with Bitcoin’s ups and downs. Moreover, BlockDAG crypto (BDAG) is topping the headlines with its super successful presale. Let’s break it down in simple terms and discover what’s happening.
Grayscale’s Big Bitcoin Moves
Grayscale, the asset manager known for its Bitcoin Trust (GBTC), is doing something bold. They’re moving 13,000 Bitcoins, worth $550 million, to Coinbase. This massive volume shows ongoing moves on the part of GBTC stockholders. They might indicate a need for more faith in Grayscale’s investment vehicle as it strives to convert to a spot ETF.
The big Bitcoin shuffle started in December, and in the past two weeks, they moved 4,000 Bitcoins ($183 million) on January 5 and then another 9,000 Bitcoins ($385 million) on January 16. These are big numbers, showing that Bitcoin holders might be changing their minds about where to keep their coins.
Shiba Inu Goes on a Wild Ride
Shiba Inu underwent a lot of fluctuations recently. On January 3, it experienced a pullback due to strong selling pressure on Bitcoin. But a week later, it bounced back when a whale took out $10.27 million worth of Shiba Inu from centralized exchanges. The price met the expectations and went up, making a comeback by almost 10%.
The cryptocurrency rallied sharply after testing the $0.00000827 mark, corresponding to the 78.6% retracement. SHIB saw another fall on January 7, followed by a breach above the previously indicated rising order block a week later.
The meme token’s Relative Strength Index (RSI) struggled to exceed the neutral 50 threshold. Analysis of the open interest (OI) pattern over the last two weeks revealed a large drop in OI as prices plummeted on January 3 and have not recovered since. From January 8 to 11, price gains were not followed by an increase in OI, indicating a lack of trust in the futures markets. OI has fallen alongside the price in the previous three days, showing a short-term pessimistic mood.
BlockDAG Presale Goes on a Tear
In the middle of all this craziness comes BlockDAG, performing at a different level. Their innovative technology includes using two consensus mechanisms: the Directed Acyclic Graph (DAG), which is a high-tech structure that helps accelerate the transactions, and Proof-of-Work (PoW), which is a fancy way of making sure everything is secure.
In addition to that, BlockDAG coin has recently launched its presale, and the project garnered $1 million in just one day. The presale is still in the first batch, and there is a lot to come in the future. BlockDAG’s early investors are fully excited because this success shows that the project is gaining trust, and that fosters its potential.
Big Wins in the Crypto World
So, that’s the brief on the most recent crypto news. Grayscale is moving higher in the Bitcoin trade, Shiba Inu is going through some ups and downs, making the next station hard to predict, and BlockDAG is progressing on its presale success. 2024 is still in the beginning, and there are a lot of surprises to witness in the future, especially related to Bitcoin ETFs and BlockDAG presale.
Invest in BlockDAG Presale:
Presale: https://purchase.blockdag.network
Website: https://blockdag.network
Telegram: https://t.me/blockDAGnetworkOfficial
Discord: https://discord.gg/Q7BxghMVyu
