Major Shiba Inu (SHIB) Updates, Bitcoin (BTC) Price Decline, and More: Bits Recap April 29

TL;DR

• Post-halving, Bitcoin dipped to $62,500 but analysts foresee a rally influenced by financial institutions’ involvement and historical trends.
• Upgrades to Shiba Inu’s Shibarium include a new user interface and a planned hard fork to optimize transaction processes.
• Ripple’s ongoing SEC lawsuit and potential $100 million settlement may impact XRP’s price, with the possibility of a bull run if resolved favorably.

BTC Price Outlook

Despite the brief surge above the $67K level in the days after the BTC halving , the price of the primary cryptocurrency has been experiencing a downfall lately. Over the weekend, it hovered around the $63,000-$64,000 range before dipping to its current mark of $62,000 (per CoinGecko’s data). As CryptoPotato reported , this harmed over-leveraged traders and triggered over $100 million in liquidations.

Nevertheless, numerous analysts remain optimistic that BTC is posed for a substantial rally in the near future, citing the halving and other factors. The event, which slashed the rewards distributed to miners for verifying new blocks on the blockchain in half, has historically been a precursor of a major resurgence of the entire crypto market.

If you are curious to learn how the halving made BTC rarer than gold and how it may result in a bull run, please check our latest video below:

Shiba Inu Updates

The popular meme coin made the headlines last week after disclosing major upgrades on its layer-2 scaling solution – Shibarium. The team  introduced  a new user interface (UI) that allows compatibility with self-custody wallets, including Coinbase Wallet, MetaMask, and Trust Wallet. 

The developers also  announced  that the network will undergo a key update on May 2 via an “upcoming hard fork.” The advancement aims to improve user experience, implement quicker block processing times, and empower the community of developers and innovators.

“We are also smoothing out transaction fee variations during high traffic times, making costs more predictable and fair for everyone. This ensures our platform remains affordable and accessible,” the team added.

What are the Odds of an XRP Rally?

Despite the start of the trial between Ripple and the US Securities and Exchange Commission (SEC), XRP’s price keeps trading in the red, down 5% in a week and plunging by 20% in a month.

Many consider the lawsuit’s outcome as an essential factor that could propel a bull run for the asset (in the event of a decisive Ripple victory, of course). So far, the company has secured three partial court wins, and some see the SEC as the underdog in the legal spat. 

It remains unclear when the case will be officially closed. The American lawyer Jeremy Hogan recently suggested that the two parties may shake hands on a $100 million settlement.