U.Today – U.Today has prepared a summary of the three most important news of the weekend.
Schiff predicts the price will continue to fall for several years
On Friday, June 21, Peter Schiff launched another criticism of Bitcoin, the flagship cryptocurrency. In his X post, Schiff noted that since hitting its all-time high on March 14, BTC is down 14%, despite buying into 11 spot Bitcoin ETFs. Digital Asset Results Fade Compared to Gold; During the same period, the yellow metal managed to grow by 10%. In addition to this, the loss of those who sold their gold ETFs to buy Bitcoin constitutes up to 24%. “How long will it be before they realize they made a mistake?” Schiff asks. The post by a vocal opponent of BTC attracted a lot of attention from both supporters and detractors. In response to a comment from a user who believes Bitcoin will reach the $100,000 level no matter what, Schiff issued a gloomy prediction: “You can keep looking at that chart for years to come as the price of Bitcoin continues to fall and the price of gold continues to rise.”
CEO praises 'big victory' in California
In a recent post on X, Ripple CEO Brad Garlinghouse celebrated a “huge victory” in the latest California legal case against his company. As a reminder, on Thursday, Judge Phyllis Hamilton dismissed four claims related to Ripple's alleged violation of federal securities law, and only one state law claim, based on the CEO's statements about XRP made in an interview. of 2017, proceeded to trial. Garlinghouse added that “absolutely nothing in the decision denies or changes the fact that XRP, itself, is not a security (per the New York Court decision).” This follows attorney Fred Rispoli's assumption that the XRP token could end up being recognized as a security in the Golden State. Commenting on the lawsuit going to trial, Garlinghouse criticized it as a failed attempt by “trolls” to take advantage of the American 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 a staggering increase of 2,682%. The increase in this crucial metric was achieved thanks to the SHIB community removing 18,617,208 SHIB from circulation. However, the increase in burn rate did not affect the price of the dog-themed meme token; SHIB is currently changing hands at $0.00001685, down 6.76% in the last 24 hours, according to CoinMarketCap. This modest price movement could be explained by several factors. The overall cryptocurrency market sentiment was mostly gloomy, with Bitcoin falling to a more than one-month low. The performance of major digital assets, such as Bitcoin, often affects the broader crypto market. If these cryptocurrencies experience volatility or downward trends, it could be difficult for altcoins like SHIB to gain traction.
This article was originally published on U.Today.
