Bitcoin
Crypto News Digest by U.Today By U.Today
U.Today – U.Today has prepared a summary of the three main news stories from the weekend.
Schiff predicts the price will continue to fall for several years
On Friday, June 21, Peter Schiff made another series of criticisms of Bitcoin, the main cryptocurrency. In his X post, Schiff noted that since reaching its all-time high on March 14, BTC is down 14% despite buying from 11 spot Bitcoin ETFs. Digital asset results pale in comparison to gold; in the same period, the yellow metal managed to grow 10%. Furthermore, the loss of those who sold their gold ETFs to buy Bitcoin reaches 24%. “How long will it take for them to realize they made a mistake?” Schiff asks. A vocal opponent of BTC’s post gained a lot of attention from supporters and opponents alike. Responding to a comment from a user who believes Bitcoin will still reach the $100,000 level no matter what, Schiff issued a grim prediction: “You can keep looking at this chart for years to come as the price of Bitcoin continues to fall and the price of gold continues to rise.”
CEO praises “big win” in California
In a recent post on X, Ripple CEO Brad Garlinghouse celebrated a “huge victory” in California’s latest legal case against his company. As a reminder, on Thursday, Judge Phyllis Hamilton dismissed four claims about Ripple’s alleged violation of federal securities law, with only one claim of state law, based on the CEO’s statements about XRP made in a media interview. 2017, proceeding to trial. Garlinghouse added that “absolutely nothing in the ruling denies or alters the fact that XRP is not, per se, a security (according to the New York Court ruling).” This follows attorney Fred Rispoli’s assumption that the XRP token may end up being recognized as a security in the Golden State. Commenting on the claim that will go to trial, Garlinghouse criticized it as an unsuccessful attempt by “trolls” to take advantage of the US legal system to “seek hundreds of millions in class action settlements”.
(SHIB) Soars 2,682% Without Price Momentum
According to Shibburn’s report on its X handle, on Sunday, Shiba Inu’s burn rate witnessed an astonishing increase of 2,682%. The increase in this crucial metric was achieved thanks to the SHIB community who removed 18,617,208 SHIB from circulation. However, the increase in consumption rate did not affect the price of the dog-themed meme token; Currently, SHIB is trading at $0.00001685, down 6.76% in the last 24 hours, per CoinMarketCap. This modest price movement can be explained by several factors. Overall crypto market sentiment was mostly gloomy, with Bitcoin falling to its lowest level in over a month. The performance of major digital assets like Bitcoin often impacts the overall crypto market. If these cryptocurrencies are experiencing volatility or downward trends, it could be challenging for altcoins like SHIB to gain traction.