‘Black Swan’ Author Taleb Breaks Down Trigger Behind Bitcoin Сrash, SHIB Burns Skyrocket 708%, BlackRock Did Not Sell During Crypto Market Collapse: Crypto News Digest by U.Today

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As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by these recent developments.

Here are the top three news stories over the past day presented to you by U.Today.

“Black Swan” author Taleb breaks down Bitcoin crash top reason

In a recent post on X, Nassim Nicholas Taleb, known for his book “Black Swan” and risk analysis, explained his perspective on how Japan’s economic situation influenced the fall of Bitcoin more recently. To refresh your memory, the Nikkei 225, one of Japan’s major stock indices, plummeted significantly after an increase in interest rates by the Japanese central bank. According to Taleb, the market crash can be attributed to actions taken by the Bank of Japan. For nearly three decades, the bank has maintained very low interest rates and implemented quantitative easing for approximately 23 years into the Japanese economy. As Taleb puts it, all these policies “have their costs, which eventually you must bear.”

SHIB burns skyrocket 708% as SHIB price on verge of big recovery

As an analyst, I observed an extraordinary surge in the burn rate of SHIB tokens on August 6th, as reported by Shibburn, exceeding 708%. Despite this significant growth, the total number of tokens burned was relatively small, amounting to approximately 2,760,121. A majority of these tokens, around 2,000,000 SHIB, were transferred to a wallet with no outgoing transactions in a single transaction. The second largest transfer involved half a million SHIB.

BlackRock did not sell during crypto market crash: Details

In the annals of cryptocurrency lore, August 1st, 2024, will be known as a “blood-red Monday” due to a significant drop in both the crypto and broader financial markets. While many digital assets, including Bitcoin, experienced a steep fall, BlackRock (IBIT) continued to hold onto its portfolio investment in the leading digital asset. This decision, according to Bloomberg Senior ETF analyst Eric Balchunas, underscores BlackRock’s resilient stance. It is worth mentioning that BlackRock had suffered an 8% loss the previous week and was financially strained before Monday’s market crash. On this day, BlackRock’s investors experienced another negative movement (-14%), having weathered the weekend’s 8% loss storm. Remarkably, these investors remained firm with no withdrawals.

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2024-08-07 19:27