Peter Schiff Reveals Who Pumped Bitcoin to $99,180, XRP Fails to Skyrocket, Shiba Inu Burn Rate Surges 49,464%: Crypto News Digest by U.Today

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As a seasoned analyst with years of experience navigating the tumultuous waters of the cryptocurrency market, I find myself constantly intrigued by the latest developments. Over the past weekend, three stories caught my attention, and I’d like to share some insights.

Here are the top three news stories over the past weekend presented to you by U.Today.

Peter Schiff reveals who pumped Bitcoin (BTC) to $99,180

The remarkable surge in Bitcoin’s price to $99,180 on November 22nd caught both supporters and critics off guard. Among these critics, Peter Schiff, a vocal critic of Bitcoin, expressed his thoughts on the matter through social media. He suggested that MicroStrategy’s aggressive buying strategy played a significant role in the price increase. Schiff explained that MicroStrategy raised $3 billion via convertible debt to boost its Bitcoin holdings, which could have driven the crypto’s price upwards. In conclusion, Schiff warned that the game will come to an end when MicroStrategy no longer finds investors willing to lend it money and buy its overpriced shares. Known for his frequent criticisms of Bitcoin, Schiff often refers to it as a speculative bubble, emphasizing the impact institutional players like MicroStrategy have on Bitcoin’s price movements. Despite the recent rally and heightened trading activity, Schiff’s comments underscore potential risks if demand from large investors declines or economic conditions change.

XRP failed skyrocketing: $2 ready?

Over the past weekend, XRP surpassed the resistance at $1.50 and even touched $1.60, but this surge was followed by a swift drop below $1.15, hinting at a potential false breakout where the price seems to be on an extended uptrend after breaching a crucial level, only to reverse course rapidly. The failure of XRP to hold prices above $1.50 may suggest waning buying power or an overstretched rally, leading to increased market volatility as investors reassess their investments. The $1.50 barrier remains a significant resistance point, and if XRP can consistently break through this, it could pave the way for potential prices of $1.80 or even $2. On the flip side, falling below $1.30 might indicate a more substantial correction. The overall market sentiment will greatly influence XRP’s capacity to sustain higher levels. At the time of writing, according to CoinMarketCap, XRP is trading at $1.44.

SHIB burns skyrocket 49,464%: Here’s what’s happening

Based on information from the Shibburn tracking platform, it was observed that the burn rate for Shiba Inu, a significant metric, skyrocketed an astounding 49,646% on November 23. This surge corresponded to a transfer of approximately 175,311,356 SHIB coins to inaccessible blockchain wallets. This event was followed by a more than 10% increase in the price of SHIB, moving from $0.00002523 to $0.00002784. At the time of publication, the price of SHIB is $0.00002557, representing a 1.53% increase over the last 24 hours according to CoinMarketCap. Despite this significant boost in burn activity during the weekend, the weekly burn rate remains low; the Shiba Inu community has managed to burn only 195,050,744 SHIB coins over the past week, and the burn rate reading itself has dropped by 69.49%.

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2024-11-25 19:03