U.Today — Here are the top three stories of the day, presented by U.Today.
Author of “Black Swan” Taleb explains the main cause of the disaster
In a recent post on X, Black Swan author and risk analyst Nassim Nicholas Taleb shared his take on how the Japanese collapse unfolded, leading to the recent Bitcoin crash. As a reminder, Japan’s main stock index fell sharply following the Japanese central bank’s interest rate hike. According to Taleb, the reason for the bloodbath in the market is the Bank of Japan’s measures; for almost 33 years, the bank has kept interest rates near zero, and injected quantitative easing into the Japanese economy for 23 years. All of these measures, the analyst wrote, “come at a price that must ultimately be paid.”
SHIB skyrockets 708% as SHIB price is on the verge of a major recovery
Yesterday, on August 6, Shibburn, a website dedicated to tracking SHIB token burns, noted that the meme coin’s burn rate showed an impressive raise of over 708%. However, the number of tokens destroyed that caused the burn rate to raise to these highs was not very vast — just 2,760,121. Most of this SHIB lump was transferred to an unfunded wallet in a single transaction that contained 2,000,000 SHIB. The second largest transfer transferred half a million SHIB. In the meantime, SHIB price has managed to rebound after a prolonged decline since last Monday; yesterday, the meme coin was up 25.88%, skyrocketing to $0.00001393. However, SHIB has already given up some of its gains so far. It is currently trading at $0.00001324, down 1.91%, according to CoinMarketCap.
BlackRock (NYSE:) Failed to Sell During Crypto Crash: Details
The first Monday of August 2024 will be remembered in the cryptocurrency history books as “Red Monday” due to the significant decline in both the cryptocurrency market and the broader financial market. Despite the fact that the prices of many digital assets, most notably Bitcoin, have fallen significantly, BlackRock (IBIT) has maintained its portfolio investment in the world’s leading digital asset. According to Eric Balchunas, Senior ETF Analyst at Bloomberg, BlackRock’s decision not to sell speaks volumes about their unwavering stance. Interestingly, BlackRock has reported an 8% loss in the previous week and was in sedate financial trouble before Monday’s market crash. BlackRock investors saw another negative move on Monday (-14%) after weathering the weekend storm of an 8% loss. Nevertheless, these investors remained steadfast with zero flows.
