TL;DR
According to critic Peter Schiff, Bitcoin faces potential regulatory challenges, which may impact its price.
Despite recent underperformance, some analysts predict a future rally for Ripple’s XRP.
Solana-based meme coins, dogwifhat (WIF) and Myro (MYRO), are experiencing significant growth, contrary to the broader market trend.
BTC Price Alert
Despite the historic approval of spot Bitcoin ETFs in the United States and BTC’s brief surge to $49,000, the asset’s price has been on a downfall in the past week. Currently, it trades at around $42,600 (per CoinGecko’s data), with some envisioning a further slump.
One example is Peter Schiff – a well-known economist and one of Bitcoin’s harshest critics – who recently claimed that Gary Gensler (Chairman of the US SEC) gave the thumps up on the ETFs after being “backed into a corner.”
As such, Schiff believes that the agency’s head might soon introduce “new onerous crypto regulations” that could increase the cost of BTC transactions and negatively impact the asset’s value.
Numerous X (Twitter) users opposed that theory, reminding that Gensler has repeatedly stated over the years that Bitcoin is the only cryptocurrency with the status of a commodity, meaning the Commission doesn’t have jurisdiction to implement rules on it.
Schiff suggested that the potential regulation won’t relate to securities laws but focus on anti-money laundering (AML) procedures.
Where is XRP Headed?
Ripple’s XRP has also been underperforming lately, dropping by 5% on a weekly scale. Still, some analysts, including the X users Crypto Rover and Dark Defender, remain optimistic that a rally in the near future is in the cards.
The former envisioned a “massive breakout” in the next eight weeks. Dark Defender thinks XRP has been in a bullish mode for the past 180 days, maintaining there are 10 more months (at least) in which the asset’s value could skyrocket to as high as $22.50.
Those curious to explore some of the top XRP forecasts for 2024 could take a look at our dedicated video below:
Solana Meme Coins in the Spotlight
Dogwifhat (WIF) and Myro (MYRO) have defied the ongoing negative trend in the cryptocurrency market, experiencing impressive rallies as of late. As CryptoPotato reported, the former jumped to an all-time high of over $0.45 following listings on leading exchanges, such as Binance and BitMEX.
MYRO also reached an ATH, soaring by 50% today (January 18) and exceeding the $0.20 mark. Its upswing has been evident in the past month when its value exploded by a whopping 750%.
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