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Dogecoin 'Very Bullish,' Per Recent Report, XRP Community Furious Over SEC's Ethereum Decision, Schiff Names Reason Why Nvidia's Rise is Bearish for BTC: Crypto News Digest by U.Today

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Thu, 20/06/2024 - 16:05
Dogecoin 'Very Bullish,' Per Recent Report, XRP Community Furious Over SEC's Ethereum Decision, Schiff Names Reason Why Nvidia's Rise is Bearish for BTC: Crypto News Digest by U.Today
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U.Today presents the top three news stories over the past day.

Dogecoin (DOGE) "very bullish," recent report says

In a recent X post, Santiment on-chain data company shared a report on the recent 30-day MVRV (Market Capitalization by the Realized Capitalization) of six of the top 10 cryptocurrencies, including popular dog-themed meme coins, Dogecoin and Shiba Inu. As explained in the report, the lower the MVRV of a cryptocurrency, the higher the chance it has of enjoying a short-term price bounce in the future. The lowest MVRV was spotted for Dogecoin, -16.7%, which basically means "very bullish;" the second crypto after DOGE in terms of "bullishness" is ADA, with -12.6%. The readings for the remaining cryptocurrencies on this list — Bitcoin, Ethereum, XRP and Toncoin — are "neutral" and "mildly bullish."

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XRP vs. Ethereum: SEC decision ignites XRP community's fury

According to a recent announcement by Consensys, the SEC has wrapped up its investigation into Ethereum. Even though this development is a major win for both the second-largest digital asset and the entire crypto industry, the XRP community is not celebrating it as vividly as the others. The reason for this lies in the long-standing "feud" between XRP and ETH, stemming from so-called "ETHGate," or the alleged preferential treatment that Ethereum received from the SEC at the expense of XRP and other cryptos. XRP enthusiast and attorney Bill Morgan voiced his disapproval of the SEC's prioritization of ETH in a recent X post, noting that this is Ethereum's second "free pass" from the regulator. "Ethereum’s and Ripple’s different treatment will forever show how arbitrary the SEC has been in crypto," Morgan stated.

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Schiff names surprising reason why Nvidia’s rise is bearish for Bitcoin

On Tuesday, June 18, Nvidia, an American tech company known for its advanced GPU microchips, was reported to become the world’s biggest public company by market capitalization, surpassing Microsoft. Following the achievement, Peter Schiff, prominent Bitcoin critic, used this breaking news as another opportunity to pour cold water on the flagship crypto. Schiff took to his X handle to argue that Nvidia's surge is in fact bearish for Bitcoin, pointing out the largest crypto's lack of utility. As proof, he wrote that Nvidia's GPUs contain "from .1 to .3 grams of gold," but "zero sats." Moreover, Schiff said that Bitcoin actually needs gold due to GPU mining: "Bitcoin needs gold. Gold does not need Bitcoin. Nothing needs Bitcoin," he said.

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