U.Today – U.Today brings you a rundown of the top three news stories of the weekend.
Schiff predicts prices will continue to fall over the next few years
On Friday, June 21, Peter Schiff once again launched his criticism of the flagship cryptocurrency, Bitcoin. In a post on X, Schiff noted that BTC has fallen 14% since hitting its all-time high on March 14, despite buying from 11 Bitcoin ETFs. The digital asset’s results pale in comparison to gold, which rose 10% in the same period. In addition to this, those who sold their gold ETFs and bought Bitcoin ETFs lost as much as 24%. “How long will it take before they realize their mistake?” Schiff asks. The post by a vocal opponent of BTC attracted a lot of attention from both supporters and opponents. Replying to the comments of a user who believes Bitcoin will reach the $100,000 level no matter what, Schiff made a grim prediction: “We’re going to continue to watch this chart for the next few years as the price of Bitcoin continues to fall and the price of gold continues to rise.”
CEO hails ‘big win’ in California
In a recent X post, Ripple CEO Brad Garlinghouse celebrated a “big win” in the latest California lawsuit against the company. Recall that on Thursday, Judge Phyllis Hamilton dismissed four counts of Ripple’s alleged violation of federal securities laws, leaving only one state-law count, based on comments made by the CEO about XRP in a 2017 interview, to proceed to trial. Garlinghouse added that “there is absolutely nothing in the ruling that negates or changes the fact (as determined by the New York court) that XRP itself is not a security.” This is in line with attorney Fred Rispoli’s assumption that XRP tokens could qualify as securities in California. Commenting on the lawsuit, Garlinghouse criticized it as a failed attempt by “trolls” to use the US legal system to “seek hundreds of millions of dollars in class action settlements.”
(SHIB) surges 2,682% without any price momentum
According to a report from Shibburn’s X handle, Shiba Inu’s burn rate recorded a staggering spike of 2,682% on Sunday. This increase in a key metric was achieved thanks to the SHIB community, which removed 18,617,208 SHIB from circulation. However, the spike in burn rate did not affect the price of the dog-themed meme token. Currently, SHIB is trading at $0.00001685, down 6.76% in the past 24 hours, according to CoinMarketCap. This modest price movement can be explained by several factors. The overall sentiment of the cryptocurrency market is mostly pessimistic, with Bitcoin falling to a more than one-month low. The performance of top digital assets such as Bitcoin often influences the entire cryptocurrency market. If these cryptocurrencies are experiencing volatility or a downward trend, it may be difficult for altcoins such as SHIB to gain momentum.
