As a seasoned crypto investor with years of market fluctuations under my belt, I must say these latest headlines have piqued my interest.
Here are the top three news stories presented to you by U.Today.
Bitcoin nearing “grand finale,” top trader says
In a recent X post, pseudonymous trader HornHairs stated that Bitcoin seems to be nearing its “grand finale.” He then provided some current macro context for the largest crypto that made him believe so. First, it has been 650 days since the bear market lows, with Bitcoin showing a stronger recovery than in the 2020 cycle and trailing closely behind the 2016 cycle. Second, several months passed after the most recent quadrennial halving event, which took place in April. Last but not least, is the “summer doldrums,” which are coming to a close. The trader also added that this is the very first cycle when new all-time highs (ATHs) were pierced before the halving event. At the moment of writing, Bitcoin is changing hands at $57,575, up 3.08% over the past 24 hours, per CoinMarketCap.
Shiba Inu (SHIB) burn rate skyrockets 8,193%
On September 11th, there was a significant increase in the burn rate of Shiba Inu. As reported by Shibburn, this rise reached an astounding 8,193% due to 3,106,197 SHIB being removed from circulation through eight separate transactions. The largest transaction included one million tokens being sent to inactive wallets. This activity led to a temporary price increase for SHIB, peaking at $0.00001367, before dropping slightly to $0.00001359. At the moment, the meme coin is trading at $0.00001331, marking a 2.45% growth over the past 24 hours according to CoinMarketCap.
$277 million in Ethereum (ETH) shifts hands
Yesterday, Whale Alert tracking service indicated several substantial Ethereum transactions occurred during a price drop in the asset, sparking worry within the community. The initial transaction, as per reports, saw 14,588 ETH (approximately $34.7 million) transferred from an unidentified wallet to Coinbase. A similar transfer worth roughly $33.8 million followed. These transactions may suggest impending sell-offs since large Ethereum holders typically move their assets to exchanges before liquidating them. Interestingly, a third transfer of 89,600 ETH (around $208.6 million) was moved from Binance to Binance Beacon Deposit for staking purposes. Currently, Ethereum is trading at $2,330, marking a 1.16% increase over the last 24 hours according to CoinMarketCap.
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2024-09-12 19:21