SEC Predicted to Drop Ripple Case by Former CFTC Chair, Shiba Inu Surprises With Mild Spike in This Key Metric, Bitcoin to Crash Even More, Says Schiff: Crypto News Digest by U.Today

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen bull and bear runs come and go. From the Dotcom bubble to the 2008 financial crisis, I’ve learned to read between the lines and navigate the volatile world of finance.

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

SEC predicted to drop Ripple case by former CFTC chair

During an interview on Fox Business, Chris Giancarlo, a previous head of the CFTC, expressed his belief that the SEC might drop its lawsuit against Ripple. When asked by Charles Gasparino from Fox Business, he said, “I would wager they will.” This speculation arises following the SEC’s filing of an appeal in the case and Ripple submitting a counter-appeal. Furthermore, there are growing assumptions that the next leader of the SEC may take a more favorable position towards cryptocurrencies. With current SEC chair Gary Gensler due to leave in January, there is increased hope within the crypto community, which has faced difficulties under his leadership. As per prediction market Kalshi, former SEC Commissioner Paul Atkins has approximately a 60% chance of taking charge, while Brian Brooks, former CEO of Binance US, trails behind with around a 20% chance.

Just 5.32%? Shiba Inu surprises with mild spike in this key metric

Based on current data, there has been a slight 5.32% increase in large transactions involving Shiba Inu over the last day. This rise indicates some level of activity from big investors, or whales, but it’s still relatively minor compared to recent market swings. At the time of writing, SHIB is seeing a modest gain of 1.43%, trading at $0.00002538. This suggests that the market momentum is currently restrained. According to IntoTheBlock data, large transaction volumes reached approximately $268.71 million, implying that whales might be gradually re-entering the market. Despite recent declines linked to Bitcoin‘s performance, the broader crypto market is showing signs of rebound, with assets such as SHIB experiencing increased trading activity.

Bitcoin (BTC) to crash even more, says Schiff

On the social media platform X, Peter Schiff, a well-known critic of Bitcoin, posted his thoughts about the digital currency. In his post, he warned that once MicroStrategy completes its aggressive buying spree of Bitcoin, both Bitcoin and the company could experience a significant downturn. He explained that with $10 billion already spent, MicroStrategy’s goal of investing $42 billion might be reached sooner than anticipated, causing a potential drop in demand and a subsequent price decrease. Schiff emphasized that large-scale purchases from institutions like MicroStrategy significantly influence Bitcoin’s price, but it’s an oversimplification to suggest that the entire value of Bitcoin relies solely on one company’s buying actions. In reality, factors such as investor sentiment and broader economic conditions also play crucial roles in determining Bitcoin’s price. Although Schiff’s concerns about MicroStrategy’s impact are valid, the decentralized nature of Bitcoin and interest from other investors make a complete collapse unlikely. Current trends indicate that Bitcoin is currently stabilizing before any major market changes occur.

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2024-11-28 18:42