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Peter Brandt Urges to Ignore Peter Schiff's 'Bitcoin Is Dead' Claim, Half Trillion SHIB Moved in 24 Hours, 7,000 ETH Mysteriously Moved to Robinhood: Crypto News Digest by U.Today

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Mon, 20/05/2024 - 16:09
Peter Brandt Urges to Ignore Peter Schiff's 'Bitcoin Is Dead' Claim, Half Trillion SHIB Moved in 24 Hours, 7,000 ETH Mysteriously Moved to Robinhood: Crypto News Digest by U.Today
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Let’s take a closer look into the past weekend's top three news stories presented to you by U.Today.

Legendary trader Peter Brandt reveals what's behind "Bitcoin is dead" claim of Peter Schiff

Following Bitcoin's recent 9.3% price increase to $67,000, Peter Schiff, seasoned economist known for his critical sentiment toward crypto, took to X platform to share his skepticism regarding the significance of BTC's recovery. Schiff stated that since early April, silver managed to gain more than 21%, while the flagship crypto - only 2% over the same period. He then deemed Bitcoin a failed investment and said it is "dead," claiming that silver offers higher returns. Schiff's statement caught the eye of veteran trader Peter Brandt; he urged to ignore Schiff's comments, arguing that "this type of nonsense" is aimed at attracting attention and followers rather than truly understanding the situation. Brandt believes that Schiff, despite all his criticism, understands the value of crypto, but because of his rooted preferences, would rather support silver. In response, Schiff wrote that he is being honest about his view on BTC. He compared betting on Bitcoin to betting on an "imaginary horse," warning investors against this as they could suffer significant losses.

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Half trillion Shiba Inu (SHIB) in 24 hours: Is Shiba Inu (SHIB) hiding something?

Recent on-chain data demonstrates that over the course of the previous 24 hours, Shiba Inu witnessed another spike of activity on the market, with various entities, including crypto exchanges and whales, actively shifting their SHIB holdings. For instance, 45.01 billion SHIB worth $1.13 million were transferred from one Robinhood hot wallet to another. Also, a Symbolic Capital Partners MEV Bot carried out a number of transactions, each comprising roughly 50 billion SHIB, with values ranging from $1.23 million to $1.26 million per transaction. Likewise, Uniswap experienced significant volume, with transactions of 50.8 billion SHIB ($1.26 million) and 50.4 billion SHIB ($1.23 million) recorded. This increased activity aligns with the on-chain data, revealing that there were 86 large transactions, totaling approximately 1.14 trillion SHIB, in the previous 24 hours. Large transfer volumes and a recent spike in whale transactions could portend a major price change or an imminent breakout. At the moment of writing, SHIB is trading at $0.00002394, down 0.95% over the past 24 hours, per CoinMarketCap.

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Mysterious 7,000 ETH move to Robinhood as Ethereum tops $3,000

According to data provided by Whale Alert crypto tracker, on May 17, an unknown wallet transferred 7,000 ETH worth $21,630,557 to Robinhood. The transaction occurred as Ethereum's price surged over the $3,000 price mark, surpassing the psychological barrier. Market participants have been speculating about the reasons behind this significant shift and its possible effects on the market. The transfer might be a precursor to a more significant market move as investors position themselves ahead of the Ethereum ETF decision. According to another theory, a whale, or large holder, may be using Robinhood's platform for trading or custodial purposes since one of the reasons tokens are moved to exchanges is for sale. A plausible explanation could be that the transfer is meant to bolster liquidity on Robinhood’s platform. Yet, the true reason for the move remains unknown. At press time, Ethereum is changing hands at $3,087, up by 0.38% over the past 24 hours, per CoinMarketCap.

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