U.Today – Crypto News Update

To keep you updated on events in the crypto world over the past day, U.Today presents the top three news stories.

Here’s Why Bitcoin Might Experience Volatility This Week

Following Bitcoin's recent drop below the $63,000 level, traders and investors are preparing for a potentially volatile week ahead. On Wednesday, the Federal Open Market Committee (FOMC) is set to publish minutes that will reveal the central bank's view on monetary policy. As a reminder, after the Fed cut rates last month, Bitcoin and other digital assets have experienced substantial rallies. Now, market participants are expecting the Fed to announce another rate cut after its November meeting; however, the likelihood of a 50 basis point cut is low, with only 7% of traders believing in such an outcome. In addition to the FOMC meetings, market participants will be closely monitoring crucial macro data, such as the unadjusted consumer price index (CPI) to be released on Thursday, as well as the producer price index (PPI) and jobless claims, which will indicate the health of the U.S. economy.

Cardano Rockets 300% in Fund Flows, XRP in Green Too

According to a recent report from CoinShares on the movement of funds in the ETP market, Cardano ETPs demonstrated outstanding performance, experiencing a 300% increase in investment over the past week. Investors added $300,000 to ETPs focused on the ADA token, accumulating $13 million in inflows since the start of the year. Cardano's ETP providers now have $49 million in assets under management. Meanwhile, XRP ETPs also demonstrated a second consecutive month of inflows, totaling $300,000 this week and $24 million since the start of the year, with $86 million in assets under management. The overall weekly result for the crypto ETP market is dictated by Bitcoin and Ethereum, with $147 million of net outflows by the end of the week.

Crucial BONE Statement Made by SHIB Team

In a recent X post, Shiba Inu marketing lead Lucie emphasized the crucial role of the BONE token within the SHIB ecosystem, including Shibarium. According to Lucie, BONE functions similarly to an “energy source” for the ecosystem, comparing its necessity to fuel for a car. She stated, "without fuel, you’re just sitting in a fancy metal box!" This is why BONE is important as a gas fee token, as it keeps Shibarium's engine running. "Without Bone, the whole system would be stuck in park—just idling and going nowhere!" concluded Lucie. Additionally, BONE is used for token burns, where a portion of gas fees is converted into SHIB and permanently locked to reduce its circulating supply, aiming to increase market value.

This article was originally published on U.Today