As a researcher with a background in finance and economics, I have closely followed the developments in the cryptocurrency market, particularly Bitcoin and other altcoins. The recent statements by Peter Schiff and Brad Garlinghouse, as reported by U.Today, offer valuable insights into their perspectives on the future of Bitcoin and Ripple’s legal battles.
U.Today has prepared a summary of the top three news stories over the weekend.
Schiff predicts Bitcoin price will keep falling for several years
On Friday, June 21st, Peter Schiff, a notable critic, voiced his disapproval towards Bitcoin once more in his latest post. He pointed out that since reaching its peak on March 14th, Bitcoin has experienced a 14% decrease in value, while 11 Bitcoin spot ETFs have been purchased. In contrast, gold saw a 10% increase over the same time frame. Moreover, those who sold their gold ETFs to buy Bitcoin ones lost approximately 24%. Schiff questioned, “How long before they acknowledge their error?”
Ripple CEO hails “big win” in California
In a recent post on X, Ripple CEO Brad Garlinghouse expressed his triumph over a significant setback in California’s legal case against his company. The judge, Phyllis Hamilton, ruled that four out of five claims against Ripple for supposedly violating federal securities law were dismissed. However, only one state claim, concerning statements made by Garlinghouse about XRP in a 2017 interview, will proceed to trial. Garlinghouse emphasized that the judge’s decision did not undermine or alter the fact that XRP is considered a non-security according to a New York court ruling. Attorney Fred Rispoli had previously speculated that XRP might be classified as a security in California. Regarding the upcoming trial, Garlinghouse denounced it as an unsuccessful bid by “trolls” to exploit the U.S. legal system and potentially collect massive class action settlements.
Shiba Inu (SHIB) skyrockets 2,682% with no price momentum
Shibburn’s recent report revealed a remarkable 2,682% increase in Shiba Inu’s burn rate on Sunday. This surge was brought about by the active SHIB community, which removed approximately 18.6 million SHIB tokens from circulation. Despite this significant burn event, SHIB’s price remained unchanged at $0.00001685, representing a 6.76% decrease over the past 24 hours, according to CoinMarketCap. The lackluster price movement could be attributed to several factors. Firstly, the overall crypto market sentiment was predominantly negative, with Bitcoin reaching its lowest point in over a month. The behavior of leading cryptocurrencies like Bitcoin and Ethereum can significantly influence the broader crypto market. If these coins exhibit volatility or downward trends, it may be difficult for altcoins such as SHIB to make headway.
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2024-06-24 16:06