Take a closer look at what’s happening in the crypto world with U.Today’s news roundup!
Here are the top four news stories featured by U.Today.
Here’s why Bitcoin just plunged 5% in minutes
Yesterday, Bitcoin saw its price lose 4.7% of its value within minutes, hitting an intraday low of $21,764 on the Bitstamp exchange. Major altcoins including Ethereum (ETH), Cardano (ADA) and Dogecoin (DOGE) followed suit, trading at the same rate as Bitcoin. The cause of such a rapid drop is that Bitcoin’s price action is driven by broader macroeconomic factors; this time the crypto king fell along with US stock futures. In August, Bitcoin actually leaps as well as equities due to colder than expected July inflation data. The new CPI data will likely prompt US Federal Reserve policymakers to adopt even more aggressive monetary policy. Therefore, no relief is in sight for risky assets.
‘Rich Dad, Poor Dad’ author Kiyosaki urges subscribers to get into crypto before markets crash
In a recent email newsletter, the author of “Rich Dad, Poor Dad” Robert Kiyosaki informed its readers that they may soon face a catastrophic market collapse and should therefore buy cryptocurrencies as soon as possible. According to the author’s prediction, the stock market crash will come with the downfall of the current dollar-driven economic system and 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 claimed that he traded Bitcoin but did not believe in its value. He noted that he was interested in long-term investments in cryptocurrencies when Bitcoin drops to $1,100.
Here’s When XRP Will Take Off, David Gokhshtein Believes, And More Will Happen Then
Former candidate for the United States Congress David Gokhshtein shared his views on when XRP will rise. The event that will lead to such an outcome, however, would also send other cryptos skyrocketing, Gokhshtein believes. According to his tweet, Ripple must win the lawsuit against the SEC, and if that happens, not only will the Ripple-affiliated token take off, but “all legitimate platforms as well.” In October 2021, Gokhshtein shared the same opinion, explaining that the entire crypto industry would benefit from Ripple’s victory over the SEC as the regulator would provide clarification regarding cryptocurrencies.
Ethereum (ETH) on PoS already under attack at 51%: investor Jason Williams
Founding Partner of Morgan Creek Digital Assets Jason A. Williams criticized the decentralization of future post-merger Ethereum (ETH). He feels that his concept of staking is very far from 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” bettors are unable to protect themselves from “misusing” the whales’ strategy. There are a number of indicators that suggest Ethereum staking could be vulnerable to post-merger centralization issues. For example, almost 2/3 of staked Ethers are controlled by Lido Finance, Coinbase, Kraken and Binance structures.