Check out the top three news stories from the past weekend presented to you by U.Today.
Coinbase witnesses unusual $35 million Ethereum (ETH) whale activity
According to a recent X post by Onchain Lens, an unidentified wallet, labeled “0x2b0aD,” withdrew 13,800 ETH worth about $35.26 million from Coinbase, the largest crypto exchange in the U.S, on Friday, May 16. The wallet used the funds to repay variable-rate Ethereum debt borrowed against cBTC. Per blockchain data, 13,750 ETH of the loan token were burned and about 13,800 ETH were sent back to Aave’s lending pool. However, the wallet still owes 32,377.6 WETH, valued at around $82.61 million. This partial repayment may indicate a strategy to reduce exposure or manage market volatility, but the motives behind this activity, whether price expectations or portfolio rebalancing, remain unclear.
2.02 billion in 24 hours, XRP enters rare distress mode
CoinGlass data shows that on Saturday, May 17, XRP’s open interest demonstrated a notable decline of 6.67%. Despite $4.78 billion in open interest and 2.03 billion XRP in futures contracts, the sharp decline indicates waning investor confidence. On that day, XRP was changing hands at $2.33, down 3.5% over the course of 24 hours. Such price performance resulted in XRP’s trading volume dropping by 38.82% to $3.2 billion. This downturn contrasts with XRP’s earlier weekly surge of 140%, when it decoupled from broader market trends. Some attribute recent volatility to a legal setback in the settlement between the SEC and Ripple. However, Ripple’s chief legal officer Stuart Alderoty assured that the development has no negative implications and XRP remains safe from a regulatory standpoint.
“Rich Dad Poor Dad” author drops bold Bitcoin prediction, urges buying BTC now
In a recent X post, Robert Kiyosaki, the author of “Rich Dad Poor Dad,” has explained why he believes Bitcoin, silver and gold will continue growing in value. According to Kiyosaki, the reason is the crashing of the “Marxist Central Bank system,” which could result in many cases of bankruptcy. Thus, the author has once again urged his followers to “keep HODLing” BTC and buy more of the flagship crypto. Kiyosaki then reiterated his prediction about Bitcoin reaching $250,000 this year, ending his post with a simple formula: “Buy more. Do not sell.” Previously, Kiyosaki described Bitcoin as the greatest financial opportunity in history, stating that the cryptocurrency actually made it easier for many people to get rich. At press time, Bitcoin is changing hands at $104,885, down 0.45% over the past 24 hours, per CoinMarketCap.
