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3 Crypto Stories You Must Read to Keep a Profitable Portfolio This Week

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By Brennan Forrest - - 5 Mins Read
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One of the important things that would determine if your journey in the crypto market would be profitable or not is the information you have. If you don't have much information about the crypto market, you may not make as much profit as you would want. A great piece of information would help you know if the market for the week would be profitable or not. 

In this article, we will provide you with bullish crypto news that suggests a profitable crypto market this week. 

1. Bhutan Secretly Mining Bitcoin Since BTC was $5k

Equipment in a bitcoin mining rig

A land-locked country in Asia, Bhutan, has just confirmed that the country has been secretly mining Bitcoin since it crossed the price of $5k. The country's largest and only government-owned holding company Druk Holding and Investments (DHI), confirmed these claims saying that it was part of the move to strengthen and diversify their economy.

The government-owned company said they became interested in mining Bitcoin when the price was still around $5,000. And they have been doing so from then on. They also confirmed that they were interested in Ethereum, but it wasn't the same as Bitcoin. 

When they were asked about the risks involved in using government funds to invest in Bitcoin, the company said they are not actively engaged in buying and selling cryptocurrencies. So they don't have to worry about coins that will rise in 2023 and similar information. One of the major advantages Bhutan has over other countries is that it uses energy from renewables to power its Bitcoin mining. The country's government has assured everyone that this move to mine Bitcoin is not out of FOMO but a strategic one for the economy. 

2. Ripple Still Profitable Despite SEC Lawsuit

Ripple coins in a cryptographic background

Ripple released the Q1 2023 XRP Markets Report on the 27th of April, 2023. It shows the cryptocurrency is still increasing in value despite its lawsuit with the Securities and Exchange Commission. This is one of the bullish crypto news for the week, as it shows some cryptocurrencies are immune to the negative effects of the SEC. The SEC has been in the business of pulling down crypto firms and projects due to one reason or the other. 

They have been pursuing Ripple for quite a long time, but it seems its native cryptocurrency is immune to the effects. XRP saw its net sales reach a whopping $361.06 million compared to $226.31 million in 2022. 

3. SHIB Burn Rate Increase to Nearly 390%

SHIB token logo on a golden coin

The Shiba Inu token is showing why it is among the list of coins that will rise in 2023. The SHIB community isn't relenting as they are committed to removing as many Shiba Inu tokens as possible from circulation. Data shared by tracking platform Shibburn shows that the Shiba Inu token burned 4,846,823 SHIB, and this increased the burn rate to about 384%. 

This is one of the bullish news for the weeks, as it resounds the Shiba Inu community's commitment to ensure the success of the project. Burning tokens increase the scarcity of the token, which in turn amplifies its value. But that's not the only positive news for the Shiba Inu community. SHIB developers are planning to create their own wallet, and it would be a customized cold wallet storage.