February 2024 Second Week Recap: What Happened in the Crypto World in the Past Days?

Crypto News – The crypto world got off to a fast start in 2024. So much so that it did not lose any momentum in the second week of February.

February 2024 Second Week Recap: What Happened in the Crypto World in the Past Days?

So what happened this week? First of all, it was learned in Binance’s latest report that DOGE, SHIB, and XRP reserves increased to 100%. Then things got even hotter in the long-running Ripple-SEC case. Accordingly, Ripple saw fit to make an important request. Finally, despite the ETF approvals, Bitcoin’s wallet activities declined.

Binance’s DOGE, SHIB, and XRP Reserves Increase!

Binance disclosed the amount of cryptocurrency in its reserves, demonstrating the ratio between the exchange’s and its customers’ net balances, in its most recent proof-of-reserves report. As the data makes clear, Binance owns significant amounts of three well-known assets: 12.2 billion DOGE, 69.4 trillion SHIB, and 2.7 billion XRP, respectively.

Remarkably, Binance has slightly more of these coins than its customers do—roughly 100.6%, 103.6%, and 101% for DOGE, SHIB, and XRP, respectively. This data demonstrates how Binance manages its risk profile and makes sure there is enough liquidity.

Ripple Requests 1-Week Extension

In a recent X post, defense attorney James K. Filan revealed that Ripple asked for a one-week extension for discovery pertaining to remedies in its litigation against the SEC.

The deadline of February 12, 2024, is being rescheduled by the corporation to February 20, 2024. The request for an extension is purportedly made in response to the SEC’s request for financial statements and post-complaint contracts for the years 2022 and 2023, with which Ripple intends to comply.

A short extension of eight days will give Ripple sufficient time to collect and produce the requested documents,

Ripple’s counsel

Wallet Activity May Have Declined as FUD Increased

Four weeks after the SEC approved 11 eleven spot Bitcoin ETFs, Santiment recently released data showing a decline in Bitcoin wallet activity. Additionally, fewer Bitcoin wallets are keeping more than zero coins. This pattern suggests a rise in investor FUD (fear, uncertainty, and doubt) and a move in interest away from direct Bitcoin ownership and toward alternate investment possibilities.