U.Today – Here are the top three news stories brought to you by U.Today.
The “grand finale” is approaching, says a leading trader
In a recent post on X, pseudonymous trader HornHairs claimed that Bitcoin appears to be nearing its “grand finale.” He then provided some current macro context for the largest cryptocurrency that made him believe this. First, it’s been 650 days since the bear market lows, with Bitcoin showing a stronger recovery than in the 2020 cycle and closely tracking the 2016 cycle. Second, it’s been several months since the most recent quadrennial halving event, which took place in April. Last but not least is the “summer doldrums,” which is coming to an end. The trader also added that this is the first cycle where new all-time highs (ATHs) were pierced before the halving event. At the time of writing, Bitcoin is changing hands at $57,575, up 3.08% over the past 24 hours, according to CoinMarketCap.
(SHIB) consumption rate soars 8,193%
Yesterday, September 11, Shiba Inu saw a substantial increase in one of its key metrics, the burn rate. According to data provided by the username Shibburn X, this metric increased by 8,193% as a result of 3,106,197 SHIB coming from the circulating supply. This burn was done across eight transactions, with the last one sending one million tokens to dead wallets. Following this activity, the price of SHIB spiked and reached a high of $0.00001367 but later dropped to $0.00001359. Currently, the dog-themed meme coin is trading at $0.00001331, up 2.45% over the past 24 hours, according to CoinMarketCap.
$277 million worth of (ETH) changes hands
Tracking service Whale Alert reported that multiple significant Ethereum transfers occurred yesterday amid a price drop for the asset, causing concern in the community. According to the aforementioned source, 14,588 ETH worth about $34.7 million was sent from an unknown wallet to Coinbase (NASDAQ:) in the first transaction; another similar transfer, valued at $33.8 million, followed. These transfers likely point to potential sell-offs, as whales typically move large amounts of ETH to exchanges when they plan to liquidate their assets. In contrast, the third transfer involved 89,600 ETH (worth about $208.6 million), which was moved from Binance to Binance Beacon Deposit for staking purposes. Ethereum is now trading at $2,330, up 1.16% over the past 24 hours, according to CoinMarketCap.
This article was originally published on U.Today
