Schiff's Advice To Biden, Dogecoin's Potential Surge, Microsoft's Bitcoin Proposal, And More: This Week In Crypto

The week was a rollercoaster ride in the cryptocurrency world. From Peter Schiff’s advice to President Biden to sell all U.S.-owned Bitcoin, to a bearish turn in the Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD markets, and a potential surge in Dogecoin’s value, there was no shortage of action. Here’s a closer look at these stories.

Peter Schiff’s Advice to Biden

Renowned economist Peter Schiff has urged President Joe Biden to sell all Bitcoin owned by the U.S. before his term ends. Schiff believes this move could help reduce the country’s growing budget deficit. He shared his advice via a post, calling it the “one good thing” Biden could do before making way for a potential Donald Trump presidency.

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Bitcoin, Ethereum, Dogecoin Turn Bearish

Despite U.S. Bitcoin ETF inflows nearing $10 billion, cryptocurrency markets were trading lower on Monday. This includes Bitcoin, Ethereum, and Dogecoin, all of which turned red.

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Dogecoin’s Potential Surge

Popular crypto trader and analyst Ali Martinez has expressed optimism about Dogecoin’s future. Following a dip in Dogecoin’s value, Martinez plans to buy more of the meme coin, stating that it’s still early in the DOGE bull cycle. He predicts that Dogecoin could potentially reach $18 if things “go wild”.

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Microsoft’s Bitcoin Proposal

Ripple’s Stablecoin Approval
Ripple Labs secured NYDFS approval for its RLUSD stablecoin, marking a significant milestone in its market expansion. The new stablecoin, pegged to the US dollar, is part of Ripple’s strategy to capitalize on the growing demand for stablecoins.

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Bitcoin’s Next Move

After soaring in 2024 due to several catalysts, including Bitcoin ETFs and more companies acquiring the cryptocurrency, Bitcoin has dipped. As speculation grows about its next move, over 60% of Benzinga readers predict that new all-time highs will be hit next, while others anticipate a further dip to $85,000.

Read the full article here.

Read Next:

• Shiba Inu Burns 13 Million Coins In 24 Hours: ‘SHIB Chart Looks Primed For Launch Very Soon,’ Says Trader

Photo courtesy: Shutterstock

This story was generated using Benzinga Neuro and edited by Anan Ashraf.