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Crypto News Digest by U.Today
Valeria Blokhina
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Let’s take a closer look at the top three stories from last weekend presented by U.Today.
Legendary trader Peter Brandt reveals what’s behind Peter Schiff’s “Bitcoin is dead” statement
Following Bitcoin’s recent price increase of 9.3% to $67,000, Peter Schiff, a veteran economist known for his critical sentiment towards cryptocurrencies, switched to the X platform. share his skepticism regarding the importance of BTC recovery. Schiff said that since the beginning of April, silver has managed to gain more than 21%, while flagship cryptocurrencies – only 2% in the same period. He then deemed Bitcoin a failed investment and said it was “dead”, arguing that silver offers higher returns. Schiff’s statement caught the attention of veteran trader Peter Brandt; He urged people to ignore Schiff’s comments, arguing that “this kind of nonsense” is aimed at attracting attention and followers rather than truly understanding the situation. Brandt believes that Schiff, despite all the criticism of him, understands the value of cryptocurrencies, but due to his ingrained preferences, he would prefer to back silver. In response, Schiff wrote that he was honest about his opinion on BTC. He compared betting on Bitcoin to betting on an “imaginary horse”, warning investors against this as they could face significant losses.
Half a Trillion Shiba Inu (SHIB) in 24 Hours: Is the Shiba Inu (SHIB) Hiding Something?
Recent data on the chain proves that over the course of the previous 24 hours, Shiba Inu witnessed another spike in market activity, with various entities, including cryptocurrency exchanges and whales, actively moving their SHIB holdings. For example, 45.01 billion SHIB worth $1.13 million was transferred from one Robinhood hot wallet to another. Additionally, a Symbolic Capital Partners MEV Bot executed a series of transactions, each comprising approximately 50 billion SHIB, with values ranging from $1.23 million to $1.26 million per transaction. Likewise, Uniswap saw significant volume, with recorded transactions of SHIB50.8 billion ($1.26 million) and SHIB50.4 billion ($1.23 million). This increased activity aligns with on-chain data, revealing that 86 large transactions took place in the previous 24 hours, totaling approximately 1.14 trillion SHIB. Large transfer volumes and a recent spike in whale transactions could portend a major price change or imminent breakout. At the time of writing, SHIB is trading at $0.00002394, down 0.95% over the past 24 hours, according to CoinMarketCap.
Mysterious passage of 7,000 ETH to Robinhood as Ethereum surpasses $3,000
According to data provided by the crypto tracker Whale Alert, on May 17th an unknown wallet transferred 7,000 ETH worth $21,630,557 for Robinhood. The transaction occurred when the price of Ethereum surpassed the $3,000 mark, breaking the psychological barrier. Market participants have been speculating about the reasons for this significant change and its possible effects on the market. The move could be the precursor to a more significant market move as investors position themselves ahead of the Ethereum ETF decision. According to another theory, a whale, or large holder, could be using Robinhood’s platform for trading or custodial purposes since one of the reasons tokens are moved on exchanges is for selling. A plausible explanation could be that the move is aimed at strengthening liquidity on Robinhood’s platform. However, the real reason for the move remains unknown. As of this writing, Ethereum is trading at $3,087, up 0.38% over the past 24 hours, according to CoinMarketCap.
About the author
Valeria Blokhina
Valeria is the community manager of U.Today. She is a cryptocurrency enthusiast and believes that cryptocurrency is the future of finance. Valeria currently covers the latest news in the world of cryptocurrencies and blockchain.