Crypto News Digest by U.Today

Here are the summaries of the top five news stories from the past day:

Nouriel Roubini Says El Salvador’s President Should Be Impeached Over Bitcoin

According to Nobel laureate Nouriel Roubini, the experimental Bitcoin move by El Salvador’s president Nayib Bukele is making the country “bankrupt”, which is why Bukele deserves to be impeached. Earlier this month, El Salvador’s sovereign credit rating was downgraded by financial services firm Moody’s over concerns that the country’s bold Bitcoin bet will prevent it from getting a $1.3 billion loan from the International Monetary Fund.

El Salvador has $800 million in dollar-denominated bonds maturing in January 2023. In 2021 they showed the worst performance in the world.

Ethereum Whale Buys 500 Billion SHIB Amid Market Massacre

Despite the current strong correction in the crypto market, some major investors have decided to increase their holdings, with analytic services detecting a wallet that bought a whopping 500 billion SHIB. This anonymous whale has picked a perfect time for the purchase as Shiba Inu went through a recovery rally this weekend. The buy could have been aimed at buying the market dip as well as supporting the recovery rally in the market. However, this failed to “save” SHIB: while Shiba Inu grew nearly 16% over the weekend, it quickly fell back below $0.00002.

Maker of Dogecoin Points to Unusual Sign of Bear Market

Of all the known signs of a bear market, the one shared by Dogecoin creator Billy Markus is perhaps the most unusual. As he wrote in his recent tweet, the bear market is sure to come when people talk about technology. To complete his ironic post, Markus later posted a meme featuring famous American politician Bernie Sanders and the phrase “I’m again in for the tech.” Coincidentally, this phrase appears after almost every strong correction in the crypto space.

Bitcoin Whales Are Actively Selling Their Property

Glassnode on-chain data shows that the number of major Bitcoin addresses on the network has hit a three-month low. This indicates that the majority of the market has given up counter trading in the asset and decided to enter the bear market. While the inflow of currency into Bitcoin is currently low, the volume of funds in USDT shows that the exchange currently remains relatively high compared to the period when Bitcoin traded near $60,000.

Perianne Boring: BTC Reaches Between $50,000 and $100,000

Perianne Boring, president and founder of the Digital Chamber of Commerce, recently appeared on CNBC’s Squawk Box show, where she spoke about Bitcoin, among other things. When host Joe Kernen said that Bitcoin has not become a currency until now due to its high volatility, Boring replied that Bitcoin’s current decline is normal. In addition, she stated that BTC is currently undervalued and that, according to a number of models used by professional crypto investors, the Bitcoin price will be between $50,000 and $100,000 this year.

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