Dogecoin ‘Very Bullish,’ Per Recent Report, XRP Community Furious Over SEC’s Ethereum Decision, Schiff Names Reason Why Nvidia’s Rise is Bearish for BTC: Crypto News Digest by U.Today

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As a researcher with a background in finance and cryptocurrencies, I find the recent news stories intriguing and worth analyzing from my perspective. Let me share my thoughts on each story.

U.Today presents the top three news stories over the past day.

Dogecoin (DOGE) “very bullish,” recent report says

In a recent post from Santiment, the on-chain data firm revealed findings from a report detailing the 30-day MVRV (Market Value to Realized Value) ratios of six leading cryptocurrencies. Among them were popular meme coins Dogecoin and Shiba Inu. According to the report, lower MVRV values suggest a higher likelihood for a short-term price surge. With the lowest MVRV at -16.7%, Dogecoin displays a highly bullish outlook. Following closely is Cardano (ADA) with a -12.6% MVRV ratio, indicating a strong bullish sentiment as well. The remaining cryptocurrencies – Bitcoin, Ethereum, XRP, and Toncoin – show neutral or mildly bullish readings.

XRP vs. Ethereum: SEC decision ignites XRP community’s fury

Based on Consensys’ recent announcement, the SEC has concluded its examination of Ethereum. While this news is a significant victory for Ethereum, the second-largest digital asset, and the broader cryptocurrency market, the XRP community is not expressing the same level of excitement. This subdued reaction stems from the historical tension between XRP and Ethereum, which originated from what is known as “ETHGate” or the allegation that Ethereum received preferential treatment from the SEC over XRP and other cryptocurrencies. In a recent X post, XRP advocate and attorney Bill Morgan voiced his disagreement with the SEC’s favoritism towards Ethereum, calling it Ethereum’s second “get out of jail free card.” Morgan emphasized that this disparity between Ethereum and Ripple‘s treatment would serve as a reminder of the arbitrariness of the SEC’s actions in the crypto sphere.

Schiff names surprising reason why Nvidia’s rise is bearish for Bitcoin

On Tuesday, June 18, Nvidia, a leading American tech company renowned for its innovative GPU microchips, made headlines by reportedly overtaking Microsoft and securing the title of the world’s largest public company in terms of market capitalization. In response to this development, Peter Schiff, a well-known critic of Bitcoin, seized the opportunity to voice his skepticism towards the flagship crypto. Using his X handle, Schiff argued that Nvidia’s growth is detrimental to Bitcoin due to its perceived lack of utility. He further backed up his argument by stating that while Nvidia GPUs contain trace amounts of gold (between 0.1 and 0.3 grams), they hold no Satoshis, the smallest unit of Bitcoin. Schiff went on to assert that Bitcoin depends on gold due to the energy-intensive mining process, whereas gold does not require Bitcoin at all. His concluding statement was, “Nothing needs Bitcoin.”

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2024-06-20 19:08