Cryptocurrencies were up on Monday morning as Bitcoin continued to hold above the key $ 50,000 (£ 36,653) level.
Bitcoin (BTC-USD) was up 1.5% to trade at $ 56,509, down 15% from an all-time high of $ 63,000 in April.
Ethereum (ETH-USD), the world’s second-largest cryptocurrency by market capitalization, rose 0.7% to trade at $ 3,611.
Analysts are expecting a record high through the end of 2021. “I remain confident that if the current price momentum continues, we could see the price of bitcoin hit an all-time high of $ 100,000 this year,” said Nigel Green, CEO of deVere. . Collection.
Over the weekend, investor Michael Burry said the Shiba Inu (gray dollars) meme token “nonsensical” criticizes the show.
The hedge fund manager and founder of private investment firm Scion Asset Management is known for predicting the 2008 financial crisis.
It is mentioned in the book The big bet by Michael Lewis, which was made into a movie starring Christian Bale.
On Saturday, Burry shared the Coinbase crypto exchange. Describe Shiba Inu on Twitter, which says: “Shiba inu (SHIB) is a token that aspires to be an Ethereum-based alternative to dogecoin (DOGE-USD), the famous meme currency. Unlike bitcoin, which is designed to be scarce, SHIB is deliberately abundant, with a circulating supply of a quadrillion. “
In the now-deleted tweet, Puri criticized the token display: “I’m just saying, a quadrillion second is roughly 32 million years. A quadrillion day is 2.7 billion years, or all the time, since the beginning of the universe, multiplied by 71,000 in other words, useless. “
Several people responded to Burry on Twitter saying that the circulating supply of Shiba Inu is no longer a single quadrillion.
Berry previously warned against investing in cryptocurrencies. In June, he predicted the “mother of all accidents,” saying that “the problem with cryptocurrencies, as with most things, is leverage.”
Read more: Bitcoin price surges as analysts predict ‘ridiculously strong’ in Q4
Shiba Inu shares rose 3.7% to trade at $ 0.000028 on Monday morning.
The token rose last week after Tesla (TSLA) CEO Elon Musk tweeted a photo of his puppy, the same breed that gives the token its name. However, it was down nearly 27% on Friday.
Look: What is Bitcoin?