As a seasoned crypto investor with a decade of experience under my belt, I find myself constantly navigating through the tumultuous seas of digital assets, guided by my intuition and a dash of skepticism. Today’s news has given me a glimpse into the ever-evolving world of cryptocurrencies, their champions, critics, and the regulatory landscape that shapes them.
Read U.Today’s top three news stories over the past day.
Schiff: Bitcoin‘s journey ends with heavy losses
Michael Saylor, co-founder of MicroStrategy, recently used a particular platform to discuss his speech at the H.C. Wainwright Annual Global Investment Conference, where he detailed his shift from being a Bitcoin skeptic to an ardent advocate for the leading cryptocurrency. This talk struck a chord with many Bitcoin supporters, but not with Peter Schiff, a long-standing critic of Bitcoin. In response to Saylor’s post on that platform, Schiff accused him of misleading his audience by making false promises about Bitcoin. Schiff, who is known as a gold advocate, argues that Saylor’s presentation of the “Bitcoin journey” results in significant losses. “In reality, the Bitcoin journey starts with someone being fooled and ends up with substantial losses,” Schiff wrote. He also called out Saylor for not accepting his challenge to debate. “Saylor keeps mentioning me but refuses to debate me,” he stated.
SEC signals that Ethereum is not a security
In a resolution with eToro crypto trading platform, the Securities and Exchange Commission (SEC) has implied that Ethereum is not considered a security. As part of this agreement, eToro will halt trading for most cryptocurrencies, except for Ethereum, Bitcoin, and Bitcoin Cash, while paying a $1.5 million fine for regulatory infractions. Earlier, the agency accused eToro of functioning as a broker, clearing agency, custodian, and securities depository. The SEC’s press release stated that the exchange neither admitted nor denied these allegations but consented to the settlement. Legal expert Drew Hinkes notes that private settlement orders have no precedential value, leaving Ethereum’s status as a security uncertain. To date, SEC Chair Gary Gensler has declined to comment on Ethereum’s classification as a security.
Shiba Inu (SHIB) suffering from “tremendous” FUD
Based on data from analytics platform Santiment, Shiba Inu (SHIB) is currently experiencing high levels of anxiety, uncertainty, and doubt (FUD). The report indicates that the proportion of SHIB tokens held by wallets with fewer than one billion coins is at its lowest since November 2022. This could be a sign of centralization among large investors. Furthermore, SHIB has witnessed a significant drop in social media engagement, indicating a decrease in retail investor interest, and is grappling with lower trading volumes compared to other meme coins and even Litecoin. However, Santiment posits that SHIB might recover if Bitcoin undergoes a bullish run. At present, SHIB’s long-term returns stand at around -32%, which has led some to compare it unfavorably to Dogecoin.
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2024-09-13 19:12