SEC Predicted to Drop Ripple Case by Former CFTC Chair, Shiba Inu Surprises With Mild Spike in This Key Metric, Bitcoin to Crash Even More, Says Schiff: Crypto News Digest by U.Today

U.Today presents the top three new stories over the past day.

SEC predicted to drop Ripple case by former CFTC chair

During a recent interview on Fox Business, Chris Giancarlo, former chairman of the CFTC, predicted that the SEC would likely dismiss its case against Ripple. "I would bet they would," Giancarlo replied to a question from Fox Business reporter Charles Gasparino. This speculation comes after the SEC filed a notice of appeal in the case and Ripple's own cross-appeal. Additionally, there are expectations circulating that the next SEC leader will adopt a more favorable stance toward cryptos. With current SEC chair Gary Gensler set to exit in January, there is renewed optimism for the crypto sector, which has faced challenges under his leadership. According to prediction market Kalshi, former SEC Commissioner Paul Atkins has a 60% chance of taking the helm, with former Binance US CEO Brian Brooks lagging behind in a distant second place with 20%.

Just 5.32%? Shiba Inu surprises with mild spike in this key metric

According to the latest on-chain data, Shiba Inu's large transaction volume increased by a modest 5.32% over the previous 24 hours. This growth shows some activity among large holders, or whales, but remains relatively insignificant compared to recent fluctuations. At the moment of writing, SHIB is up by only 1.43% over the past 24 hours, changing hands at $0.00002538, reflecting a trend of limited market momentum. Per IntoTheBlock data, large transaction volumes amounted to $268.71 million, suggesting that whales are slowly getting back in.  Despite recent dips related to Bitcoin's performance, the overall crypto market is showing signs of recovery, with several assets, including SHIB, experiencing positive trading activity.

Bitcoin (BTC) to crash even more, says Schiff

Vocal Bitcoin critic Peter Schiff took to the X platform to issue a statement regarding the flagship crypto. In his X post, he claimed that once MicroStrategy finishes its aggressive purchasing of Bitcoin, both BTC and the company could face a significant downturn. Schiff noted that with $10 billion already spent, MicroStrategy's goal of investing $42 billion could be reached sooner than expected, leading to a potential drop in demand and a subsequent price decline. Schiff believes that large purchases from institutions like MicroStrategy have a considerable impact on Bitcoin's price. However, saying that Bitcoin's entire value is based solely on one company's buying actions is an oversimplification. In reality, many other factors, such as investor sentiment and macroeconomic conditions, also play important roles in determining BTC's price. While Schiff's concerns about MicroStrategy's impact are valid, the decentralized nature of Bitcoin and interest from other investors make a total collapse unlikely. Current price trends suggest that BTC is stabilizing before any major changes occur on the market.