LATEST CRYPTO NEWS: Latest BITCOIN News, ETHEREUM News, SHIBA INU News
After a week of impressive price action, Shiba Inu (SHIB) has bowed to the pouncing pressures of the bears as it is experiencing a massive sell-off at the time of writing. The meme coin is priced at $0.000009954, down 8.78% over the past 24 hours. With the current selling pressure, the token has shed as much as 12.72% in the past week.
Despite this, Shiba Inu is still maintaining positivity in terms of its trading volume over the past 24 hours.
Per data from CoinMarketCap, a total of $478,001,785 worth of SHIB has been traded within this time frame, a figure representing growth of 16.23%. This data is an indication that there is ongoing buying activity on exchanges even though this is not translating into price growth.
Bitcoin (BTC) fell for a fifth straight session on Thursday, as markets continued to react to the Silvergate Bank liquidation.
The bank confirmed that it will be winding down its operations, leading U.S. Senator Elizabeth Warren to blame crypto as a whole.
As such, less than 24 hours after hitting a hit at $21,796.12, BTC/USD fell to an intraday low of $19,669.92 earlier today.
Bitcoin chart by TradingView
The plunge in price pushed bitcoin to its weakest point since January 13, when it bottomed out at $18,714.
Another catalyst of the sell-off was the 14-day relative strength index (RSI), which fell below a key floor at the 32.00 mark.
At the time of writing, the index is tracking at 26.11, which is deep in oversold territory, and the lowest reading in price strength since November 9.
Ethereum (ETH) was also significantly lower in Friday’s session, with market volatility also higher due to this afternoon’s nonfarm payrolls report.
It is expected that 205,000 jobs were added to the U.S. economy last month, down from January’s 517,000 total.
The decline could act as an overall positive, as the Federal Reserve could hike rates less aggressively depending on the result.
Ethereum chart by TradingView
ETH/USD fell to a low of $1,378.53 earlier in the session, which comes a day after trading at a peak of $1,543.69.
Overall, ETH is now down by nearly 10% in the last week, with today’s decline sending the price to its weakest point since mid-January.
The RSI is now tracking at 28.30 as a result of this sell-off, which is its weakest point since last June.
What is the Metaverse?
A Metaverse is a 3D version of the internet that is accessed via virtual reality and augmented reality headsets. This technology is viewed as the next step in internet development and is expected to make social media more accessible.
Crypto, NFT and Game
The Metaverse is a place where people can communicate and interact with other users in a virtual environment. It will offer a variety of immersive experiences such as creating games and going to concerts.
In the world of Metaverse, users can buy and sell virtual goods using a blockchain-based economy. This enables users to own and monetize things they create in the metaverse, such as virtual houses and cars.
Users can govern their virtual communities with tokens that give them control over the game’s future. This gives them a voice in changes and updates to the metaverse and makes it more democratic.
Facebook, Zuckerberg and the Metaverse
The idea of the metaverse came to Mark Zuckerberg when he saw how Second Life could be used to explore the human imagination. He believes it will be a better and more joyful way for people to express themselves online.
This new form of virtual world is a big step forward for the internet, but it still needs a lot of work. There are many questions regarding the safety and security of the metaverse, as well as its use and development. The main concerns involve privacy, content moderation and the potential for sex parties and neo-Nazi club meetings in the metaverse.