Bitcoin Decline Predicted, Ripple's Legal Victory, and Shiba Inu's Burn Rate Surge
Schiff Predicts Prolonged Bitcoin Decline
Renowned Bitcoin critic Peter Schiff has once again expressed his bearish outlook on the flagship cryptocurrency. In a recent post on X, Schiff highlighted Bitcoin's 14% decline since its all-time high on March 14, despite significant buying from 11 spot Bitcoin ETFs. He contrasted this with gold, which has appreciated by 10% over the same period. Schiff pointed out the substantial 24% loss for those who sold their gold ETFs to purchase Bitcoin. He questioned when these investors would realize their mistake, reinforcing his grim prediction that Bitcoin's price will continue to fall for several years while gold prices rise. This comment stirred significant debate among both Bitcoin supporters and detractors.
Ripple CEO Celebrates Legal Victory in California
Ripple CEO Brad Garlinghouse recently celebrated a significant legal victory in California. On Thursday, Judge Phyllis Hamilton dismissed four claims related to Ripple's alleged violation of federal securities law, with only one state law claim based on Garlinghouse's statements about XRP proceeding to trial. Garlinghouse emphasized that this decision does not change the fact that XRP is not a security, per a previous New York Court decision. He criticized the remaining claim as a futile attempt by "trolls" to exploit the U.S. legal system for substantial class action settlements. This outcome contrasts with attorney Fred Rispoli's prediction that XRP might be recognized as a security in California.
Shiba Inu's Burn Rate Surges Without Price Impact
Shiba Inu (SHIB) experienced a dramatic 2,682% increase in its burn rate, as reported by Shibburn. The community burned 18,617,208 SHIB tokens, reducing the total supply. However, this significant burn rate did not translate into price momentum for the meme token. SHIB's price remained stagnant, currently trading at $0.00001685, down 6.76% over the past 24 hours according to CoinMarketCap. The lack of price movement despite the burn rate surge can be attributed to the overall bearish sentiment in the crypto market, particularly the recent dip in Bitcoin and Ethereum prices. The performance of these top cryptocurrencies often influences the broader market, making it difficult for altcoins like SHIB to gain traction amidst volatility.
