Peter Schiff Reveals Who Pumped Bitcoin to $99,180, XRP Fails to Skyrocket, Shiba Inu Burn Rate Surges 49,464%: Crypto News Digest by U.Today

U.Today - Here are the top three news stories over the past weekend presented to you by U.Today.

Peter Schiff reveals who pumped Bitcoin (BTC) to $99,180

Bitcoin's outstanding rally to the high of $99,180 on Friday, Nov. 22, garnered attention not only from the flagship crypto's aficionados, but also from its critics. Thus, Peter Schiff, Bitcoin's very vocal opponent, took to social media to comment on the BTC price surge, attributing it primarily to MicroStrategy's aggressive acquisition strategy. Schiff noted that MicroStrategy raised $3 billion through convertible debt in order to increase its Bitcoin holdings. He suggested that this capital influx may have propelled the crypto's price upward. Concluding his X post, Schiff wrote that the game will end when MicroStrategy "runs out of suckers willing to lend it money and buy its overpriced shares." Peter Schiff is known for his frequent attacks on Bitcoin; he consistently labels it a speculative bubble, highlighting the significant role that institutional players, like MicroStrategy, influence BTC's price dynamics. Despite the current rally and high trading activity, Schiff's comments highlight the possible risks of price fluctuations if demand from large investors decreases or economic conditions shift.

XRP failed skyrocketing: $2 ready?

Last weekend, the market saw XRP breaking through the $1.50 resistance and briefly reaching $1.60. However, the excitement was short-lived as sellers pushed the price back below $1.15, suggesting a possible fakeout, a scenario where the price appears to be on a sustained trend after breaking above or below a critical level, but then it quickly reverses course. XRP's inability to maintain levels above $1.50 might indicate diminishing buying power or an overextended rally, leading to increased volatility as traders reevaluate their holdings. The $1.50 level remains a key resistance point, and a consistent breakout beyond this could set the stage for XRP to potentially reach $1.80 or $2. Conversely, a breakdown below $1.30 might indicate a deeper retracement, while the overall market sentiment will play a significant role in XRP's ability to sustain higher levels. At the moment of writing, XRP is trading at $1.44, per CoinMarketCap.

SHIB burns skyrocket 49,464%: Here’s what’s happening

According to recent data provided by the Shibburn tracking platform, one of Shiba Inu's most important metrics, the burn rate, saw an astonishing increase of 49,646% on Saturday, Nov. 23, with an impressive 175,311,356 SHIB coins transferred to unspendable blockchain addresses. This coincided with the price of SHIB surging by over 10%, rising from $0.00002523 to $0.00002784. At the time of publication, SHIB is changing hands at $0.00002557, up 1.53% over the past 24 hours, per CoinMarketCap. However, despite the impressive spike in burn activity over the weekend, the weekly burn rate remains low; over the past week, the Shiba Inu community has managed to dispose of 195,050,744 SHIB, but the burn rate reading itself has dropped by 69.49%.

This content was originally published on U.Today