U.Today – Here are the top three news stories from last weekend brought to you by U.Today.
Peter Schiff reveals who pumped (BTC) up to $99,180
Bitcoin’s exceptional rally to the high of $99,180 on Friday, November 22, attracted the attention of not only aficionados of the flagship crypto, but also its critics. Thus, Peter Schiff, the very vocal opponent of Bitcoin, commented on social networks on the surge in BTC prices, attributing it mainly to MicroStrategy’s aggressive acquisition strategy. Schiff noted that MicroStrategy raised $3 billion via convertible debt in order to increase its Bitcoin holdings. He suggested that this influx of capital could have propelled the crypto price higher. Concluding his X article, Schiff wrote that the game will end when MicroStrategy “runs out of idiots willing to lend it money and buy its overpriced stock.” Peter Schiff is known for his frequent attacks on Bitcoin; he systematically describes it as a speculative bubble, emphasizing the important role that institutional players, such as MicroStrategy, play in the price dynamics of BTC. Despite the current recovery and strong trading activity, Schiff’s comments highlight possible risks of price fluctuations if demand from large investors declines or economic conditions change.
failed surge: $2 ready?
This past weekend, the market saw XRP break through the $1.50 resistance and briefly reach $1.60. However, the enthusiasm was short-lived as sellers pushed the price below $1.15, suggesting a possible counterfeit, a scenario in which the price appears to be in a sustained trend after surpassing or surpassing a critical level, but then quickly reverses its trend. XRP’s inability to sustain levels above $1.50 could indicate diminishing purchasing power or an overly prolonged rally, leading to increased volatility as traders reassess their holdings. The $1.50 level remains a key resistance point, and a consistent breakout beyond this level could set the stage for XRP to potentially reach $1.80 or $2. Conversely, a break below $1.30 could indicate a deeper retracement, while overall market sentiment will play an important role in XRP’s ability to sustain higher levels. At the time of writing, XRP is trading at $1.44 per CoinMarketCap.
SHIB Burns Skyrocket to 49.464%: Here’s What’s Happening
According to recent data provided by tracking platform Shibburn, one of the most important metrics, burn rate, saw an astonishing 49,646% increase on Saturday, November 23, with a staggering 175,311,356 pieces. SHIB transferred to unusable blockchain addresses. This coincided with SHIB price rising by over 10%, from $0.00002523 to $0.00002784. At press time, SHIB is changing hands at $0.00002557, up 1.53% in the last 24 hours, according to CoinMarketCap. However, despite the impressive spike in burning activity over the weekend, the weekly burning rate remains low; over the past week, the Shiba Inu community managed to get rid of 195,050,744 SHIBs, but the burn rate itself dropped by 69.49%.