U.Today – Here are the top three stories of the past day, as presented by U.Today.
Taleb, author of “The Black Swan,” analyzes the main cause of the accident
In a recent X article, “Black Swan” author and risk analyst Nassim Nicholas Taleb shared his take on how the Japanese crash unfolded that led to the recent Bitcoin crash. As a reminder, the main Japanese stock index experienced a sharp drop following an interest rate hike by the Japanese central bank. In Taleb’s view, the reason behind the market bloodbath lies in the measures taken by the Bank of Japan; for almost 33 years, the bank has kept interest rates near zero, in addition to injecting quantitative easing measures into the Japanese economy for 23 years. All of these measures, the analyst wrote, “come at a price that, in the end, must be paid.”
SHIB burns skyrocket by 708% and SHIB price is on the verge of a major recovery
Yesterday, August 6, Shibburn, the website dedicated to tracking SHIB token burns, found that the meme coin’s burn rate demonstrated an impressive growth of over 708%. However, the number of destroyed tokens that pushed the burn rate to these highs wasn’t too large – just 2,760,121. The bulk of this lump of SHIB was moved to a dead-end wallet in a single transaction that carried 2,000,000 SHIB. The second-largest transfer moved half a million SHIB. Meanwhile, the price of SHIB has managed to recover after a prolonged slump since last Monday – yesterday, the meme coin’s value increased by 25.88%, rising to $0.00001393. However, by now, SHIB has lost some of its gains. It is currently trading at $0.00001324, down 1.91%, according to CoinMarketCap.
BlackRock (NYSE:) Didn't Sell During Crypto Market Crash: Details
In the history books of cryptocurrencies, the first Monday of August 2024 will be remembered as a “Red Monday” due to a major crash in both the cryptocurrency market and the broader financial market. Even though the prices of many digital assets, particularly Bitcoin, suffered a substantial drop, BlackRock (IBIT) maintained its portfolio investment in the world’s leading digital asset. According to Bloomberg Senior ETF Analyst Eric Balchunas, BlackRock’s decision not to sell speaks volumes about its unwavering stance. Notably, BlackRock had experienced an 8% loss in the previous week and was in severe financial distress before Monday’s market crash. On Monday, BlackRock investors again recorded a negative move (-14%) after weathering the weekend storm of an 8% loss. Nonetheless, these investors held firm with zero inflows.
This article was originally published on U.Today
