Key Reasons Why Bitcoin Failed to Reach $50,000 Despite ETF Approval, Ripple Blasts SEC

U.Today brings you the latest updates in the cryptocurrency industry with a focus on three major news stories. From Bitcoin’s struggle to reach $50,000 despite the approval of spot Bitcoin ETFs by the SEC to Shibarium experiencing a surge in transactions after integration with a major exchange, here are the highlights.

Key Reason Why Bitcoin Failed to Reach $50,000 Despite ETF Being Nailed by Max Keiser

According to Max Keiser, a prominent Bitcoin evangelist, the CEO of Vanguard Bank, Mortimer J. “Tim” Buckley, is the likely culprit responsible for preventing Bitcoin from surging to $50,000. Despite the recent approval of spot Bitcoin ETFs by the SEC, Vanguard Bank announced its prohibition on customers purchasing cryptocurrency and related products, including spot Bitcoin ETFs. In an interview, Buckley stated that the bank prefers not to offer Bitcoin-based ETFs as he believes Bitcoin lacks intrinsic value and does not generate cash flow. This decision has hindered Bitcoin’s potential for reaching higher price levels.

Shibarium Witnesses 210% Transaction Spike as Major Exchange Integrates Shiba Inu L2

Shibarium, the decentralized exchange (DEX) fueling the Shiba Inu ecosystem, experienced a significant surge in daily transactions. Over the past two days, daily transactions on Shibarium increased by 210.4%, with 2.43 million transactions recorded yesterday compared to the lowest point of 1.16 million transactions on Saturday. This increase in activity can be attributed to Shibarium’s integration with major cryptocurrency exchange Users can now withdraw BONE tokens directly from the platform to the Shibarium network. This integration marks a crucial milestone for Shibarium as it becomes the first major centralized platform to adopt it.

Ripple Blasts SEC as CEO Highlights Agency’s Failures

Brad Garlinghouse, the CEO of Ripple, did not hold back his criticism of SEC Chairman Gary Gensler, referring to him as a “political liability.” Garlinghouse’s comments were prompted by Gensler’s track record in supervising the crypto sector, which includes delays in approving spot Bitcoin ETFs and high-profile lawsuits against crypto industry companies. Garlinghouse questioned whose interests Gensler represents, claiming that he does not act in the best interests of citizens or the long-term growth of the economy. The Ripple CEO also criticized the SEC’s losing streak in court, emphasizing the importance of finding new approaches instead of repeating unsuccessful strategies. Garlinghouse’s remarks highlight what he perceives as Gensler’s ongoing anti-crypto stance.

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