Bitcoin Journey Ends with Heavy Losses, Peter Schiff Says; SEC Signals That Ethereum Is Not Security, Shiba Inu Suffering from 'Tremendous' FUD: Crypto News Digest by U.Today

Read U.Today's top three news stories over the past day.

Schiff: Bitcoin's journey ends with heavy losses

MicroStrategy cofounder Michael Saylor has recently taken to X platform to share his keynote speech at the H.C. Wainwright Annual Global Investment Conference, in which he talked about his transformation from a Bitcoin skeptic to a fervent supporter of the flagship crypto. The speech resonated with many BTC enthusiasts, but not with Peter Schiff, a longtime Bitcoin critic. In response to Saylor's X post, Schiff accused⁠⁠⁠⁠⁠⁠⁠ the MicroStrategy cofounder of misleading his audience with false promises about Bitcoin; the gold bug states that Saylor's portrayal of the "Bitcoin journey" ultimately leads to substantial losses. "In truth, the Bitcoin journey is not quite as he describes. It begins with a sucker and ends with heavy losses," Schiff wrote. He has also challenged Saylor to a debate. "Again Saylor mentions me, but won't debate me," he remarked.

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Thu, 09/12/2024 - 16:13

Bitcoin Nearing 'Grand Finale,' Top Trader Says; Shiba Inu Burn Rate Skyrockets 8,193%; $277 Million in Ethereum Shifts Hands: Crypto News Digest by U.Today

Valeria Blokhina

SEC signals that Ethereum is not a security

In its settlement with eToro crypto trading platform, the SEC has indicated that it views Ethereum as a nonsecurity. As part of the settlement, eToro will cease trading for nearly all cryptocurrencies except for Ethereum, Bitcoin and Bitcoin Cash, while paying a fine of $1.5 million for regulatory violations. Previously, the agency alleged that eToro operated as a broker and a clearing agency, as well as a custodian and securities depository. As stated in the SEC's press release, the exchange has neither admitted nor denied the allegations but simply agreed with the settlement. According to legal expert Drew Hinkes, private settlement orders are not precedential, which means that Ethereum's security status remains unclear. Meanwhile, SEC Chair Gary Gensler has repeatedly refused to comment on Ethereum's security status. 

Shiba Inu (SHIB) suffering from "tremendous" FUD

According to a recent report from analytics platform Santiment, Shiba Inu is facing significant fear, uncertainty and doubt (FUD). The report highlights that the percentage of the SHIB supply held by wallets with less than one billion tokens is at its lowest since November 2022, suggesting centralization among large holders. Additionally, SHIB has seen a sharp decline in social media interest, reflecting a loss of retail investors, and is struggling with lower trading volumes compared to other meme coins, and even Litecoin. Despite these challenges, Santiment suggests that SHIB may improve its performance if Bitcoin experiences a rally. Currently, SHIB's long-term returns are at nearly -32%, which is why it has been labeled as "a worse-performing Dogecoin."