Take a closer look at what’s happening in the world of crypto with U.Today’s news digest!
Here are the top four news stories presented to you by U.Today.
Here’s why Bitcoin just plunged 5% in minutes
Yesterday, Bitcoin saw its price losing 4.7% of its value in mere minutes, reaching an intraday low of $21,764 on the Bitstamp exchange. Major altcoins, including Ethereum (ETH), Cardano (ADA) and Dogecoin (DOGE), followed suit, trading in lockstep with Bitcoin. The cause of such a swift plunge is Bitcoin’s price action being driven by broader macroeconomic factors; this time, the king crypto dropped together with U.S. stock futures. In August, Bitcoin actually surged together with equities due to cooler-than-expected July inflation data. The new CPI data will likely prompt policymakers at the U.S. Federal Reserve to adopt an even more aggressive monetary policy. Hence, there is no relief in sight for risk-on assets.
“Rich Dad, Poor Dad” author Kiyosaki urges followers to get into crypto before markets crash
In a recent email newsletter, “Rich Dad, Poor Dad” author Robert Kiyosaki informed his readers that they might soon face a catastrophic market collapse and thus should buy cryptocurrencies as soon as possible. According to the writer’s prediction, the market crash will come together with the fall of the current dollar-oriented economic system and will change the world order, and cryptocurrencies have a chance to withstand such dramatic transformations. Robert Kiyosaki regularly shares his opinions on cryptocurrencies: previously, the author stated that he trades Bitcoin but does not believe in its value. He noted that he is interested in long-term investment in cryptocurrencies when Bitcoin drops to $1,100.
Here’s when XRP will take off, David Gokhshtein believes, and even more will happen then
Former U.S. congressional candidate David Gokhshtein has shared his take on when XRP will surge. The event that will lead to such an outcome, however, would also make other cryptos skyrocket, Gokhshtein believes. According to his tweet, Ripple needs to win the case against the SEC, and if that happens, not only will the Ripple-affiliated token take off but also “every legitimate platform as well.” Back in October 2021, Gokhshtein shared the same opinion, explaining that the whole crypto industry would benefit from Ripple’s victory over the SEC as the regulator would provide some clarity regarding cryptocurrencies.
Ethereum (ETH) on PoS already under 51% attack: investor Jason Williams
Founding partner of Morgan Creek Digital Assets Jason A. Williams has criticized the decentralization of the soon-to-be post-Merge Ethereum (ETH). He believes that its staking design is very far from being fair and inclusive. In his tweet, Williams wrote that “a 51% attack on ETH 2.0 has already happened,” as a group of insiders and founders are already responsible for controlling over 51% of all ETH locked in public staking mechanisms. The investor claims that “honest” stakers are unable to protect themselves from “abusing” the strategy of whales. There are a number of indicators that suggest that Ethereum staking might be vulnerable to centralization issues post-Merge. For example, almost 2/3 of staked Ethers are controlled by Lido Finance, Coinbase, Kraken and Binance structures.