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Crypto News Digest by U.Today
Valeria Blokhina
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U.Today presents the top three news stories from the previous day.
Dogecoin (DOGE) “very optimistic”, says recent report
In a recent X post, on-chain data firm Santiment shared a report on the recent 30-day MVRV (market capitalization by realized capitalization) of six of the top 10 cryptocurrencies, including popular dog-themed meme coins, Dogecoin and Shiba Inu. As explained in the report, the lower a cryptocurrency’s MVRV, the greater the chance it will have of enjoying a short-term price recovery in the future. The lowest MVRV was identified for Dogecoin, -16.7%, which basically means “very bullish”; The second crypto after DOGE in terms of “optimism” is ADA, at -12.6%. The readings for the remaining cryptocurrencies on this list – Bitcoin, Ethereum, XRP and Toncoin – are “neutral” and “slightly bullish”.
XRP vs. Ethereum: SEC decision ignites XRP community fury
According to a recent announcement by Consensys, the SEC has closed its investigation into Ethereum. While this development is a huge win for both the second largest digital asset and the entire crypto industry, the XRP community not celebrating as vividly as the others. The reason for this lies in the long-standing “rivalry” between XRP and ETH, arising from the so-called “ETHGate”, or the alleged preferential treatment that Ethereum has received from the SEC at the expense of XRP and other cryptocurrencies. XRP enthusiast and advocate Bill Morgan expressed his disapproval of the SEC’s prioritization of ETH in a recent X post, noting that this is the regulator’s second “free pass” for Ethereum. “The different treatment of Ethereum and Ripple will forever show how arbitrary the SEC has been in crypto,” Morgan stated.
Schiff cites a surprising reason why Nvidia’s rise is bearish for Bitcoin
On Tuesday, June 18, Nvidia, an American technology company known for its advanced GPU microchips, became the world’s largest public company by market capitalization, surpassing Microsoft. Following the achievement, prominent Bitcoin critic Peter Schiff used this breaking news as yet another opportunity to pour cold water in core cryptography. Schiff took it to his X-Handle argue that Nvidia’s rise is actually bearish for Bitcoin, pointing out the largest cryptocurrency’s lack of utility. As proof, he wrote that Nvidia’s GPUs contain “0.1 to 0.3 grams of gold” but “zero sats.” Furthermore, Schiff said that Bitcoin actually needs gold due to GPU mining: “Bitcoin needs gold. Gold doesn’t need Bitcoin. Nothing needs Bitcoin,” he said.
About the author
Valeria Blokhina
Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news from the world of cryptography and blockchain.