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  • Bitcoin drops below $17,500 as Coinbase/Kraken report issues

    Bitcoin drops below $17,500 as Coinbase/Kraken report issues

    Bitcoin price fell more than 12% to touch lows of $17,114 on crypto exchange Coinbase.

    Bitcoin declined more than 12% on Tuesday as a stunned crypto world descended into sell-off territory on news that Binance, led by Changpeng Zhao, had signed a letter of intent (LOI) for the acquisition of crypto exchange FTX.

    Bitcoin sell-off pushes BTC below June 2022 lows

    After an initial upward spike for the crypto market amid a positive take, Bitcoin nosedived to lows of $17,114 on crypto exchange Coinbase. 

    The downside marks Bitcoin’s fall to its lowest price level since the crypto bloodbath in June, when the aftermath of the crash of Luna and Three Arrows Capital bankruptcy coincided with Bitcoin printing a low of $17,592.

    With the sell-off crashing the FTX (FTT) token as much as 85% within hours on Tuesday – from highs of $22 to lows of $4.60 – other markets followed suit as uncertainty and fear reigned supreme.

    Ethereum had fallen below $1,300 and Solana was getting smoked near $23.80 at the time of writing.

    Coinbase and Kraken report connectivity issues

    Meanwhile, leading crypto exchanges Kraken and Coinbase reported connectivity issues that only fueled the negative sentiment. 

    Kraken announced an investigation into reports that certain users were having connectivity issues on its website as well as via mobile.

    Coinbase also reported connectivity issues affecting its Coinbase.com, Coinbase Pro and Coinbase Prime platforms. An update the US-based crypto exchange posted an hour later noted improvement in network latency, but users were reportedly still having difficulty accessing the exchange’s various platforms.

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  • Shiba Inu Sets New Milestone in This Long-Term Metric: Report

    Shiba Inu Sets New Milestone in This Long-Term Metric: Report

    According to IntoTheBlock data, SHIB is now seeing its highest percentage of long-term holders, setting a new milestone in the metric. The percentage of long-term holders, or “hodlers,” has jumped to 38%, the highest so far, while that of midterm speculators continues to decline. Meanwhile, the percentage of short-term holders has held relatively steady.

    According to IntoTheBlock’s data on holder composition by time held, 38% of SHIB holders have “hodled” their tokens for more than a year, 59% have held within a year and 3% have held onto their tokens for less than a month.

    Shiba Inu “hodlers,” referring to addresses that have held SHIB for more than a year, have displayed growth since the start of 2022, from barely 1% to over 38% of holders.


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    Despite being significantly down from its peak, SHIB still draws a sizable number of investors. Shiba Inu currently has 1,230,662 holders, according to cryptocurrency data tracker WhaleStats, indicating that the number of SHIB holders has increased recently.

    Shiba Inu trading volumes jump 211%

    According to CoinMarketCap data, Shiba Inu is demonstrating a 211% rise in trading volumes as the SHIB price gains traction.

    At the time of publication, SHIB was changing hands at $0.00001047, up 5.50% in the last 24 hours. A close above $0.00001017 would make the SHIB price mark the second consecutive day in the green.

    Higher volatility, most of the time, leads to increased trading volumes for most crypto assets as traders buy and sell in large quantities to capture profits.

    Thus, the rise in SHIB volume may have been caused by investors accumulating SHIB in its current range.

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