U.Today – U.Today has prepared summaries of the three most important news stories of the past day.
The author of “Rich Dad, Poor Dad” reacts to the accident
Yesterday, Robert Kiyosaki, seasoned entrepreneur and author of the bestseller “Rich Dad, Poor Dad,” took to the X platform to share his opinion on the current markets as they struggle to navigate through the “red sea” storms. In his post on X, Kiyosaki stated that in this difficult time, he is preparing to buy more precious metals and Bitcoin. “Crises are times when the brave get richer and the cowards get poorer… Because they either sell or do nothing,” the author wrote, advising his followers to be smart, stay calm, and “invest when the cowards quit.” As U.Today reported, the day before, Bitcoin fell to $51,331, hitting its lowest level since February. The largest cryptocurrency crashed along with other assets following newly-emerged fears of a recession fueled by recent US economic data.
(SHIB) will add another zero to its price
Although Shiba Inu has managed to recover from its recent drop, currently trading 18.65% higher at $0.00001335, it is still significantly away from $0.00002, the level last seen in mid-July. The reason for SHIB’s fall lies in a combination of bearish sentiment and market-wide sell-offs, which caught the meme token in a downward spiral along with other assets. This led to Shiba Inu breaking below important support levels, with its price positioning itself near $0.00001, a crucial psychological zone. If SHIB were to fall below this barrier, it would see additional losses and possibly add another zero to its value, signaling pessimism for investors. However, if market conditions stabilize, the community and speculative nature of meme coins may spark a rally.
Binance CEO Breaks Silence on How Long Bear Market Will Last
As the market faces extreme fear, uncertainty, and doubt, with Bitcoin falling below the $50,000 mark and liquidations totaling $1 billion in the past 24 hours, Binance CEO Richard Teng took to social media to weigh in on the recent drop and how long it could last. According to Teng, the latest drop in both the cryptocurrency and stock markets is due to macroeconomic factors; however, he does not believe they indicate a long-term negative trend. Still, the Binance boss warned that “there is still significant potential for market fluctuations” due to potential rate cuts by the Federal Reserve and geopolitical issues. Despite the gloomy assumption, Teng recommended investors to stay up-to-date and keep building regardless of the current challenges.
This article was originally published on U.Today
