Bitcoin’s recent surge to a high of $99,180 on Friday, Nov. 22, has sparked significant attention across the crypto community, including from outspoken critics like Peter Schiff. The prominent Bitcoin critic took to social media to suggest that MicroStrategy’s aggressive acquisition strategy was the primary catalyst behind the rally. Schiff pointed out that MicroStrategy had raised $3 billion through convertible debt to expand its Bitcoin holdings, implying that this influx of capital helped drive Bitcoin’s price upward. Schiff, known for his persistent criticisms of Bitcoin, warned that the rally would end once MicroStrategy runs out of investors willing to buy its overpriced shares and lend it money. He continued to argue that Bitcoin is merely a speculative bubble, exacerbated by the influence of institutional players like MicroStrategy. While the recent price rally is notable, Schiff’s comments highlight the potential for significant price volatility if large investor demand wanes or economic conditions shift.
Meanwhile, XRP’s attempt to break through key resistance levels also gained attention last weekend. The cryptocurrency briefly surged above $1.50, reaching $1.60, but the excitement was short-lived as sellers quickly pushed the price back below $1.15, suggesting a possible “fakeout.” This phenomenon occurs when an asset’s price breaks through a significant level only to reverse course swiftly. XRP’s failure to maintain levels above $1.50 signals potential exhaustion of buying momentum, which may lead to increased volatility. The $1.50 mark remains a crucial resistance point; a sustained breakout could pave the way for a rise to $1.80 or even $2. However, a decline below $1.30 could signal a deeper retracement. As of the latest update, XRP is trading at $1.44, highlighting the uncertain market sentiment.
Shiba Inu (SHIB) also made headlines over the weekend with an extraordinary surge in its burn rate. On Saturday, Nov. 23, the Shibburn tracking platform reported a staggering 49,646% increase in SHIB’s burn rate, with 175,311,356 SHIB tokens sent to unspendable addresses. This spike in burn activity coincided with a 10% surge in SHIB’s price, which rose from $0.00002523 to $0.00002784. As of now, SHIB is trading at $0.00002557, up 1.53% in the past 24 hours. However, despite the dramatic weekend increase, the overall weekly burn rate has significantly declined, with only 195,050,744 SHIB tokens burned in the past week, marking a 69.49% drop from previous levels. The discrepancy between the weekend surge and the weekly trend suggests that the recent burn activity might not be sustainable without consistent community support.
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