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U.Today presents the three main news of the past day.
Former CFTC Chairman Predicts SEC Will Drop Ripple Case
In a recent interview on Fox Business, Chris Giancarlo, former chairman of the CFTC, predicted that the SEC would probably dismiss its case against Ripple. “I would bet they would,” Giancarlo responded 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, the next head of the SEC is expected to take a more favorable stance toward cryptos. With the departure of current SEC Chairman Gary Gensler 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 in second place at 20%.
Only 5.32%? Shiba Inu surprises with a slight increase in this key metric
According to the latest on-chain data, the large trading volume of Shiba Inu increase 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 time of writing, SHIB is up just 1.43% over the past 24 hours, changing hands at $0.00002538, reflecting a trend of limited market momentum. According to data from IntoTheBlock, large trading volumes stood at $268.71 million, suggesting that the whales are slowly returning. Despite recent declines 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) will collapse even more, says Schiff
Peter Schiff, vocal critic of Bitcoin adopted the X platform to release a statement regarding the flagship crypto. In his post he stated that once MicroStrategy completes its aggressive buying of Bitcoin, 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 subsequent price declines. Schiff believes that large purchases from institutions like MicroStrategy have a considerable impact on the price of Bitcoin. However, claiming that the entire value of Bitcoin is based solely on a company’s purchasing actions is an oversimplification. In reality, many other factors, such as investor sentiment and macroeconomic conditions, also play an important role in determining the price of BTC. While Schiff’s concerns about MicroStrategy’s impact are valid, the decentralized nature of Bitcoin and the interest of other investors make a total collapse unlikely. Current price trends suggest that BTC is stabilizing before major changes occur in the market.