Ethereum
Crypto News Digest by U.Today
Valeria Blokhina
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U.Today presents the three main news stories of the past day.
Dogecoin (DOGE) “Very Bullish,” Recent Report Says
In a recent X article, on-chain data company Santiment sharing a report on the recent 30-day MVRV (market capitalization by realized capitalization) of six of the top 10 cryptocurrencies, including the popular dog-themed meme coins Dogecoin and Shiba Inu. As explained in the report, the lower a cryptocurrency’s MVRV, the more likely it is to benefit from a short-term price rebound in the future. The lowest MVRV was spotted for Dogecoin, -16.7%, which essentially means “very bullish”; The second crypto after DOGE in terms of “bullishness” is ADA, with -12.6%. Readings for the remaining cryptocurrencies on this list – Bitcoin, Ethereum, XRP and Toncoin – are “neutral” and “slightly bullish”.
XRP against Ethereum: SEC decision ignites fury in the XRP community
According to a recent announcement Per Consensys, the SEC has completed its investigation into Ethereum. Although this development represents a major victory for both the second largest digital asset and the entire crypto industry, the XRP community don’t party with as much vivacity as the others. The reason is the long-standing “feud” between XRP and ETH, stemming from the so-called “ETHGate,” or the alleged preferential treatment that Ethereum received from the SEC over XRP and other cryptos. XRP enthusiast and advocate Bill Morgan expressed his disapproval of the SEC’s prioritization of ETH in a recent statement. Message, noting that this is Ethereum’s second “pass” from the regulator. “The different treatment of Ethereum and Ripple will forever show how arbitrary the SEC has been when it comes to crypto,” Morgan said.
Schiff cites a surprising reason why Nvidia’s rise is bearish for Bitcoin
On Tuesday, June 18, Nvidia, an American technology company known for its advanced GPU chips, reportedly became the world’s largest public company by market capitalization, surpassing Microsoft. Following this exploit, prominent Bitcoin critic Peter Schiff used this latest news as another opportunity to pour cold water on the flagship crypto. Schiff took his X handle to argue that Nvidia’s rise is actually bearish for Bitcoin, highlighting the largest crypto’s lack of utility. As proof, he writes that Nvidia GPUs contain “0.1 to 0.3 grams of gold”, but “zero sat”. Additionally, Schiff said that Bitcoin actually needs gold due to GPU mining: “Bitcoin needs gold. Gold doesn’t need Bitcoin. Nothing needs Bitcoin,” a- he declared.
About the Author
Valeria Blokhina
Valeria is the Community Manager at U.Today. She is passionate about crypto and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news from the world of crypto and blockchain.