Peter Schiff Reveals Who Pumped Bitcoin to $99,180, XRP Fails to Skyrocket, Shiba Inu Burn Rate S...
Here are the top three stories from the past weekend brought to you by U.Today.
Peter Schiff Reveals Who Pumped Bitcoin (BTC) to $99,180
Bitcoin’s remarkable rally to a high of $99,180 on Friday, November 22, has attracted the attention of not only cryptocurrency enthusiasts but also its critics. Thus, Peter Schiff, a very vocal Bitcoin opponent, took to social media to comment on BTC’s price surge, attributing it primarily to MicroStrategy’s aggressive acquisition strategy. Schiff noted that MicroStrategy raised $3 billion through convertible debt to increase its Bitcoin holdings. He suggested that this influx of capital may have driven the cryptocurrency’s price upward. Concluding his post on X, Schiff wrote that the game will be over when MicroStrategy “runs out of suckers willing to lend money and buy its overvalued stock.” Peter Schiff is known for his frequent attacks on Bitcoin; he consistently labels it a speculative bubble, highlighting the significant role that institutional players, such as MicroStrategy, play in influencing BTC’s price dynamics. Despite the current rally and high trading activity, Schiff's comments highlight the potential risks of price fluctuations if demand from large investors weakens or economic conditions change.
XRP Failed to Skyrocket: $2 Ready?
Last weekend, the market saw XRP break above the $1.50 resistance and briefly reach $1.60. However, the excitement was short-lived as sellers pushed the price back below $1.15, suggesting a possible false breakout, a scenario where the price appears to be in a sustained trend after breaking above or below a critical level, but then quickly reverses course. XRP’s inability to hold levels above $1.50 could indicate waning buying power or an excessive rally, leading to increased volatility as traders reevaluate their positions. The $1.50 level remains a key resistance point, and a consistent break beyond it could set the stage for XRP to potentially reach $1.80 or $2. Conversely, a drop below $1.30 could indicate a deeper retracement, while overall market sentiment will play a significant role in XRP’s ability to sustain higher levels. At the time of writing, XRP is trading at $1.44, according to CoinMarketCap.
SHIB Burns Soar 49,464%: Here’s What’s Going On
According to recent data provided by tracking platform Shibburn, one of Shiba Inu’s most important metrics, the burn rate, saw a staggering 49,646% increase on Saturday, November 23, with a whopping 175,311,356 SHIB coins transferred to non-spendable blockchain addresses. This coincided with the price of SHIB skyrocketing by over 10%, rising from $0.00002523 to $0.00002784. At press time, SHIB is trading at $0.00002557, up 1.53% in the past 24 hours, according to CoinMarketCap. However, despite the impressive increase in burn activity over the weekend, the weekly burn rate remains low; In the last week, the Shiba Inu community managed to dump 195,050,744 SHIB, but the burn rate reading itself dropped by 69.49%.#XRP🚀 #BNB