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Crypto

Crypto exchange closures may signal market bottom, Tom Lee says

A series of cryptocurrency exchange shutdowns could be a sign the market is near a bottom, Fundstrat co-founder Tom Lee said. His comments followed BitMart’s decision to end its trading platform and BitMEX’s plan to halt operations this year. Lee maintained a long-term optimistic view on ethereum, comparing its evolution potential to growth inflection points seen at Amazon, Nvidia and JPMorgan, and reiterated a $250,000 long-term target.

Crypto

XRP spot buying rises as Binance perpetual futures turn more bearish

Buying in XRP’s spot market has climbed to its strongest level since June, while bearish positioning has grown in Binance’s perpetual futures market. Centralised exchange spot cumulative volume delta reached about $388.6 million on July 23, the highest since June 1. In contrast, Binance perpetual futures CVD fell to about -$547.4 million. Binance XRP open interest rose about 9 percent from July 8 to July 23, suggesting new leveraged flows.

Crypto

Shiba Inu burn rate jumps 5,223 percent in a day, raising questions over rally

Shiba Inu\'s 24-hour burn rate surged 5,223.98 percent, permanently burning 412,190,021 tokens. U.Today reported the token rose 27.14 percent over the day, with an intraday gain of up to 36 percent. The seven-day burn rate climbed 816.02 percent, removing 457,511,537 tokens from circulation. Some analysis said the price move is more closely tied to increased spot trading activity, with volume rising to $700 million.