News/Cointelegraph/ Schiff Urges Bitcoin-To-Silver Switch Amidst $258K BTC Prediction: Crypto Roundup, July 6 – 12
This week saw Grayscale’s attorneys challenging the US Securities and Exchange Commission’s (SEC) postponement of its Digital Large Cap exchange-traded fund (ETF) proposal. The SEC’s Office of the Secretary halted the initially approved proposal for further review, a move Grayscale’s attorneys argue is a violation of the SEC’s set “approval or disapproval deadline” and established procedure.
Binance made headlines as it was revealed to have played a significant role in creating the code behind the World Liberty Financial’s (WLF) USD1 stablecoin. The crypto venture, backed by US President Donald Trump and his three sons, launched USD1 on March 4.
Longtime Bitcoin skeptic and gold proponent, Peter Schiff advised investors to use the recent BTC rally as an opportunity to sell Bitcoin and invest in silver. Schiff believes that silver offers more potential for growth compared to Bitcoin, which he claimed “can easily crash”.
Arthur Hayes, co-founder and ex-CEO of BitMEX, made a bearish market prediction due to the US Treasury General Account being replenished through debt issuance, which could lead to a temporary liquidity drain.
High-leverage trader James Wynn deactivated his social media account, following substantial losses. His wallets show a combined balance of just $10,176.
Iconic American rapper Snoop Dogg’s collection of nearly a million non-fungible tokens (NFTs) sold out on Telegram in just 30 minutes, signaling a potential resurgence in the NFT industry.
As the week rounds off, Bitcoin (BTC) stands at $117,967, Ether (ETH) at $2,962, and XRP at $2.78. The total market cap is at $3.68 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, MemeCore (M), Stellar (XLM), and Story (IP) are the top three altcoin gainers of the week. The top three altcoin losers of the week are Jito (JTO), OKB (OKB), and Pi (PI).
Bitcoin analyst apsk32 predicts a possible Christmas rally for Bitcoin, reaching $200K or $300K based on the ‘power law’ model.
Finally, the crypto world saw its share of controversies. A Chinese creditor filed an objection to FTX’s motion to halt payouts in restricted countries. Bitzlato co-founder pleads for US pardon after pleading guilty in 2023. France opens a criminal investigation into X for alleged algorithmic manipulation.
