Peter Schiff Issues Gloomy BTC Price Prediction, Ripple CEO Hails 'Big Win' in California, SHIB Burn Rate Surges 2,682% With No Price Momentum: Crypto News Digest by U.Today

Mon, 06/24/2024 - 12:52
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U.Today has prepared a summary of the top three news stories over the weekend. 

Schiff predicts Bitcoin price will keep falling for several years

On Friday, June 21, Peter Schiff heaped yet another portion of criticism on Bitcoin, the flagship cryptocurrency. In his X post, Schiff noted that since achieving its all-time high on March 14, BTC is down 14%, despite buying from 11 spot Bitcoin ETFs. The digital asset's results fade in comparison with gold; over the same period, the yellow metal managed to grow by 10%. In addition to this, the loss of those who sold their gold ETFs in order to purchase Bitcoin ones constitutes as much as 24%. "How long before they realize they made a mistake?" Schiff asks. The post by a vocal BTC opponent gained lots of attention from both supporters and naysayers. Replying to a comment by a user who believes that Bitcoin will still hit the $100,000 level no matter what, Schiff issued a grim prediction: "You can keep looking at that chart for the next several years while the price of Bitcoin continues to fall and the price of gold continues to rise."

Ripple CEO hails "big win" in California

In a recent X post, Ripple CEO Brad Garlinghouse celebrated a "big win" in the latest California legal case against his company. As a reminder, on Thursday, Judge Phyllis Hamilton dismissed four claims regarding Ripple's alleged violation of federal securities law, with only one state law claim, based on the CEO's statements about XRP made in a 2017 interview, proceeding to trial. Garlinghouse added that "absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security (per the NY Court decision)." This follows attorney Fred Rispoli's assumption that the XRP token might end up being recognized as a security in the Golden State. Commenting on the claim that will go to trial, Garlinghouse criticized it as an unsuccessful attempt by "trolls" to take advantage of the U.S. legal system in order to "seek 100’s of millions in class action settlements."

Massive 51 Million XRP Stash Shifted From Binance as Whales Intensify Moves

Shiba Inu (SHIB) skyrockets 2,682% with no price momentum

According to Shibburn's report on its X handle, on Sunday, Shiba Inu's burn rate witnessed an astonishing spike of 2,682%. The increase in this crucial metric was reached thanks to the SHIB community that removed 18,617,208 SHIB from circulation. However, the burn rate surge did not affect the price of the dog-themed meme token; currently, SHIB is changing hands at $0.00001685, down 6.76% over the past 24 hours, per CoinMarketCap. This modest price movement could be explained by several factors. The crypto market's overall sentiment was mainly dismal, with Bitcoin dipping to an over one-month low. The performance of top digital assets such as Bitcoin and Ethereum often impacts the overall crypto market. If these cryptos are experiencing volatility or downward trends, it might be challenging for altcoins like SHIB to gain traction.