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Read U.Today's top three news stories over the past day.
Schiff agrees with Saylor’s Bitcoin take
Following a recent market downturn, Michael Saylor, cofounder of Strategy, took to X platform to share that no matter the price fluctuations, one Bitcoin equals one Bitcoin. The statement caught the attention of prominent BTC critic Peter Schiff. He commented on Saylor's post in his usual sarcastic manner: "Correct, and that's all it equals," hinting that Bitcoin has no intrinsic value. During the most recent stock market sell-off, Schiff argued that the flagship crypto cannot serve as a store of value due to its correlation with stocks. "Gold can exist as a store of value, safe haven, and inflation hedge. Bitcoin can exist as the riskiest of the risk assets, that can rise or collapse depending on sentiment, liquidity, risk appetite, greed, and ignorance," reads Schiff's X post from April 1.
Yuri MolchanBinance CEO says tariff mayhem may benefit crypto
Binance CEO Richard Teng has shared his perspective on recent tariff escalation and what it means for crypto markets. In Teng's opinion, the macrofinancial uncertainty stemming from the tariff mayhem could ultimately benefit the crypto market in the long term. He believes that this volatile environment may speed up investments in crypto as a "non-sovereign store of value." Teng also noted that many long-term crypto holders view the asset class as resilient during extreme market turbulence. Despite Bitcoin's very little volatility on so-called "Liberation Day," it dropped sharply, together with global stock markets. On Monday, April 7, BTC plunged to a multi-month low of $74,434. At press time, the flagship crypto is changing hands at $77,344, down 1.38% over the past 24 hours, per CoinMarketCap.
8,900% liquidation imbalance stuns XRP bulls
Yesterday, April 8, XRP futures experienced an outstanding liquidation imbalance; within just one hour, the difference between liquidated long and short positions comprised 8,909%. XRP's price dropped around 2.7%, but such drops are not associated with huge liquidated longs. Yet, nearly a million dollars in long positions were liquidated, totaling $980,220 compared to just $11,130 from shorts. Total liquidations on the crypto futures market reached $240.15 million over the previous 24 hours, with long positions accounting for more than half of that amount. Notably, while Bitcoin saw the largest single liquidation at $4.76 million, XRP's rapid losses placed it among the top three assets by liquidation volume for the day.
Vladislav Sopov
Dan Burgin