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Crypto News Digest by U.Today By U.Today
U.Today – U.Today has prepared a summary of the three main news stories of the weekend.
Schiff expects the price to continue falling for several years
On Friday, June 21, Peter Schiff once again criticized Bitcoin, the flagship cryptocurrency. In his post Digital Asset Results Pare Compared to Gold; in 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 ones amounted to as much as 24%. “How long will it take before they realize they made a mistake?” Schiff asks. The post from a staunch BTC opponent has attracted a lot of attention from both supporters and opponents. Responding to a comment from a user who believes Bitcoin will still reach the $100,000 level no matter what, Schiff issued a grim prediction: “You can continue to watch that chart for the next few years as the price of Bitcoin continues to fall and the price the price of gold continues to rise.”
CEO hails “big win” in California
In a recent post on X, Ripple CEO Brad Garlinghouse celebrated a “big win” in California’s latest lawsuit against his company. As a reminder, on Thursday, Judge Phyllis Hamilton dismissed four claims alleging Ripple violated federal securities law, while only one state law claim, based on the CEO’s statements about XRP made in a 2017 interview, was put on trial. Garlinghouse added that “absolutely nothing in the decision negates or changes the fact that XRP is not, in itself, a security (per the New York Court’s decision).” This follows attorney Fred Rispoli’s speculation that the XRP token could end up being recognized as a security in the Golden State. Commenting on the claim going to court, Garlinghouse criticized it as a failed attempt by “trolls” to take advantage of the US legal system to “seek hundreds of millions in class action settlements”.
(SHIB) skyrockets 2.682% with no price momentum
According to Shibburn’s report on his X-handle, the Shiba Inu’s burning rate recorded an astonishing spike of 2.682% on Sunday. The increase in this crucial parameter was achieved thanks to the SHIB community who removed 18,617,208 SHIBs from circulation. However, the increased burn rate did not affect the price of the dog-themed meme token; SHIB is currently trading at $0.00001685, down 6.76% over the past 24 hours, according to CoinMarketCap. This modest price movement could be explained by several factors. Overall cryptocurrency market sentiment was mostly disappointing, with Bitcoin falling to more than one-month lows. The performance of major digital assets like Bitcoin often impacts the overall cryptocurrency market. If these cryptocurrencies experience volatility or bearish trends, it may be difficult for altcoins like SHIB to gain traction.