U.Today – Here are the top three news stories presented by U.Today.
The ‘grand finale’ is coming, says top trader
In a recent post by X, pseudonymous trader HornHairs stated that Bitcoin seems to be approaching its “grand finale.” He went on to provide the current macro context for the largest cryptocurrency that led him to believe so. First, it has been 650 days since the bear market lows, and Bitcoin is showing a stronger rebound than it did in the 2020 cycle and is trailing the 2016 cycle. Second, it has been a few months since the last quadrennial halving event, which took place in April. Last but not least, there is the “summer solstice,” which is coming to an end. The trader also added that this is the first cycle where modern all-time highs (ATHs) have been broken before the halving event. At the time of writing, Bitcoin is changing hands at $57,575, up 3.08% in the past 24 hours, according to CoinMarketCap.
(SHIB) burn rate dramatically increases by 8193%
Yesterday, September 11, Shiba Inu saw a significant raise in one of its key metrics, its burn rate. According to data provided by Shibburn X, the rate increased by 8193% as a result of 3,106,197 SHIB coming into circulation. This burn occurred via eight transactions, the last of which sent one million tokens to dead wallets. Following this activity, SHIB price rose, peaking at $0.00001367, but then fell to $0.00001359. The dog-themed meme coin is currently changing hands at $0.00001331, up 2.45% in the past 24 hours, according to CoinMarketCap.
$277 million in (ETH) changes hands
Tracking service Whale Alert reported that there were a number of significant Ethereum transfers yesterday amid the asset’s price decline, raising concerns in the community. According to the aforementioned source, 14,588 ETH worth around $34.7 million was sent from an unknown wallet to Coinbase (NASDAQ:) in the first transaction; it was followed by another similar transfer worth $33.8 million. These transfers likely indicate potential sell-offs, as whales often move gigantic amounts of ETH to exchanges as they plan to liquidate their holdings. Meanwhile, the third transfer involved 89,600 ETH (worth around $208.6 million) transferred from Binance to Binance Beacon Deposit for staking purposes. Ethereum is currently trading at $2,330, up 1.16% in the past 24 hours, according to CoinMarketCap.
