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U.Today Crypto News Digest
Valeria Blokhina
What happened in the cryptocurrency world over the weekend? Read U.Today’s news to find out!
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U.Today has prepared a summary of the three main news stories of the weekend.
Schiff predicts that the price of Bitcoin will continue to decline for several years
Friday 21 June, Peter Schiff piled up another portion of criticism of Bitcoin, the flagship cryptocurrency. In his post XSchiff noted that since reaching its all-time high on March 14, BTC is down 14%, despite buying from 11 Bitcoin spot ETFs. The digital asset’s performance pales in comparison to gold; in the same period, the yellow metal managed to grow by 10%. On top of this, the loss of those who sold their gold ETFs to buy Bitcoin ones constitutes up to 24%. “How long before they realize they made a mistake?” Schiff asks. The post from a vocal BTC opponent has attracted a lot of attention from supporters and skeptics alike. Responding to a comment from a user who believes Bitcoin will reach the $100,000 level anyway, Schiff released a grim prediction: “You can keep watching that chart for the next few years as the price of Bitcoin continues to fall and the price of gold continues to rise.”
Ripple CEO Hails ‘Big Win’ in California
In a recent X postRipple CEO Brad Garlinghouse famous a “huge victory” in the latest California lawsuit against his company. As a reminder, on Thursday, Judge Phyllis Hamilton dismissed four claims alleging Ripple violated federal securities law, with only one state law claim, based on the CEO’s statements about XRP in a 2017 interview, going to trial. Garlinghouse added that “absolutely nothing in the decision negates or changes the fact that XRP is not, per se, a security (under the New York court’s ruling).” This follows attorney Fred Rispoli hiring that the XRP token could end up being recognized as a security in the Golden State. Commenting on the claim that will go to trial, Garlinghouse criticized it as a failed attempt by “trolls” to take advantage of the U.S. legal system to “seek hundreds of millions of dollars in class action settlements.”
Shiba Inu (SHIB) Skyrockets 2,682% Without Price Momentum
According to Shibburn relationship on its handle X, Sunday, the burning rate of the Shiba Inu witnessed a surprising 2,682% spike. The surge in this crucial metric was achieved thanks to the SHIB community removing 18,617,208 SHIB from circulation. However, the surge in burn rate has not affected the price of the dog-themed meme token; currently, SHIB is changing hands at $0.00001685, down 6.76% over the past 24 hours, according to CoinMarketCap. This modest price movement could be explained by several factors. The overall sentiment in the cryptocurrency market has been mostly grim, with Bitcoin dropping to a more than one-month low. The performance of major digital assets such as Bitcoin and Ethereum often impacts the overall cryptocurrency market. If these cryptocurrencies are experiencing volatility or downtrends, it might be difficult for altcoins such as SHIB to gain traction.
About the author
Valeria Blokhina
Valeria is the community manager of U.Today. She is a crypto enthusiast and believes that cryptocurrencies are the future of finance. Currently, Valeria deals with the latest news in the world of cryptocurrencies and blockchain.