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Crypto News Digest by U.Today By U.Today
U.Today – U.Today presents the top three stories of the last day.
(DOGE) “very bullish,” says recent report
In a recent X post, on-chain data firm Santiment shared a report on the latest 30-day MVRV (realized market capitalization) of six of the top 10 cryptocurrencies, including popular dog-themed meme coins Dogecoin and . As the report explains, the lower a cryptocurrency’s MVRV, the higher the chance it has of a short-term price bounce in the future. The lowest MVRV was spotted for Dogecoin, -16.7%, which essentially means “very bullish”; the second-lowest cryptocurrency after DOGE in terms of “bullish” is ADA, at -12.6%. The remaining cryptocurrencies on this list, , and Toncoin, are “neutral” and “slightly bullish.”
XRP vs. Ethereum: SEC Decision Ignites XRP Community’s Fury
According to a recent announcement from Consensys, the SEC has concluded its investigation into Ethereum. While this development represents a major victory for both the second largest digital asset and the entire cryptocurrency industry, the XRP community does not celebrate it as vividly as others. The reason lies in the long-standing “feud” between XRP and ETH, resulting from the so-called “ETHGate”, i.e. the alleged preferential treatment that Ethereum received from the SEC to the detriment of XRP and other cryptocurrencies. XRP enthusiast and advocate Bill Morgan expressed his disapproval of the SEC’s prioritization of ETH in a recent post on X, noting that this is the regulator’s second “free pass” of Ethereum. “The different treatment of Ethereum and Ripple will forever demonstrate how arbitrary the SEC has been in the cryptocurrency industry,” Morgan said.
Schiff Names Surprising Reason Why Nvidia’s Rise Is Bearish for Bitcoin
On Tuesday, June 18, Nvidia (NASDAQ:), an American technology company known for its advanced GPU microchips, was set to become the world’s largest public company by market capitalization, surpassing Microsoft (NASDAQ:). Following the result, prominent Bitcoin critic Peter Schiff used the breaking news as another opportunity to pour cold water on the leading cryptocurrency. Schiff used his handle X to argue that Nvidia’s surge is actually bearish for Bitcoin, pointing out the largest cryptocurrency’s lack of utility. As evidence, he wrote that Nvidia’s GPUs contain “0.1 to 0.3 grams of gold,” but “zero sat.” Schiff also claimed that Bitcoin actually needs gold because of GPU mining: “Bitcoin needs gold. Gold doesn’t need Bitcoin. Nothing needs Bitcoin,” he said.