This Week in Crypto: When Bitcoin Will Crash, China's Web3 Push, and Cardano Dev Updates


17 Nov 2023 2:00 PM

In crypto this week, Peter Schiff predicts a Bitcoin crash, a China firm buys crypto, and how to use the halving to earn returns of 2,500%....

  • Exchange-traded funds (ETFs) were a major focus in the crypto space this week, with prices fluctuating in response to expected approvals, new applications, and fake applications.
  • Investment manager BlackRock filed applications for two crypto funds, one of which was genuine and caused liquidations, while the other pushed up the price of Ethereum briefly.
  • The US Securities and Exchange Commission (SEC) deferred the ruling on the approval of spot Bitcoin ETFs, disappointing investors.
  • Bitcoin skeptic Peter Schiff predicted an early crash for Bitcoin, but respondents to his Twitter poll favored a post-ETF crash.
  • The upcoming Bitcoin halving could potentially offer significant returns, with trading veteran Plan B suggesting returns of 2,500%.
  • XRP investors suffered losses after a fake filing for a Ripple XRP Trust by BlackRock led to liquidations.
  • A Chinese board game company, Boyaa, committed $100 million to buy Bitcoin, Ethereum, USDC, and Tether as part of its push into Web 3 and online gaming.
  • The Cardano development team is building a tool to provide developers with efficient access to Cardano blockchain data.

Overall, the sentiment in the article is mixed. There is excitement and anticipation surrounding ETFs and the potential returns from the Bitcoin halving. However, there is disappointment with the SEC's decision to defer the ruling on Bitcoin ETFs and frustration over the fake filing for a Ripple XRP Trust. The sentiment towards Bitcoin is divided, with Peter Schiff expressing skepticism while others remain bullish. The developments in China and Cardano are seen as positive moves in the crypto space.

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You May Ask

What were the major factors influencing the fluctuation in crypto prices this week?How did BlackRock's applications for crypto funds impact the market?What was the SEC's decision regarding spot Bitcoin ETFs?What were the sentiments expressed by Peter Schiff and the respondents to his Twitter poll?What potential returns are expected from the upcoming Bitcoin halving?

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