U.Today – Read the top three U.Today stories from the past day.
Schiff’s journey ends with hefty losses
MicroStrategy co-founder Michael Saylor recently took to the X platform to share his opening keynote at HC Wainwright’s annual global investment conference, in which he recounted his transformation from a Bitcoin skeptic to a passionate advocate of the flagship cryptocurrency. The speech resonated with many BTC enthusiasts, but not with Peter Schiff, a longtime Bitcoin critic. In response to Saylor’s post on X, Schiff accused the MicroStrategy co-founder of misleading his audience with false promises about Bitcoin; the gold enthusiast said Saylor’s portrayal of the “Bitcoin journey” ultimately led to significant losses. “The truth is, Bitcoin’s journey is not what he describes. It starts with a sucker and ends with a big loss,” Schiff wrote. He also challenged Saylor to a debate. “Saylor mentions me again, but he won’t argue with me,” he noted.
SEC signals that this is not a security
In its settlement with cryptocurrency trading platform eToro, the SEC indicated that it considers Ethereum to be a non-security. As part of the settlement, eToro will cease trading in nearly all cryptocurrencies except Ethereum, Bitcoin, and , while paying a $1.5 million fine for regulatory violations. The agency previously accused eToro of acting as a broker-dealer and clearing agency, as well as a custodian and depository for securities. As stated in an SEC press release, the exchange did not admit or deny the allegations, but simply agreed to the settlement. According to legal expert Drew Hinkes, private settlement orders are unprecedented, meaning that Ethereum’s security status remains unclear. Meanwhile, SEC Chairman Gary Gensler has repeatedly declined to comment on Ethereum’s security status.
(SHIB) suffering from “massive” FUD
According to a recent report by analytics platform Santiment, Shiba Inu is facing significant fear, uncertainty, and doubt (FUD). The report highlights that the percentage of SHIB’s supply in wallets with less than a billion tokens is the lowest it has been since November 2022, suggesting centralization among vast holders. Additionally, SHIB has seen a acute decline in social media interest, reflecting a loss of retail investors, and is struggling with lower trading volumes compared to other meme coins and even . Despite these challenges, Santiment suggests that SHIB could improve its performance if Bitcoin experiences a rally. SHIB’s long-term returns currently stand at almost -32%, which is why it has been labeled as “underperform.”
