'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

U.Today - 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 X post, "Black Swan" author and risk analyst Nassim Nicholas Taleb shared his view on how the Japanese collapse that led to the recent crash of Bitcoin has developed. As a reminder, the major Japanese Nikkei 225 stock index saw a sharp decline following an interest rate hike conducted by the Japanese central bank. In Taleb's opinion, the reason behind the market bloodbath lies in measures taken by the Bank of Japan; for almost 33 years, the bank has been keeping near zero interest rates, as well as injecting quantitative easing measures into the Japanese economy for 23 years. All of these measures, wrote the analyst, "come at a price you eventually must pay."

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

Yesterday, Aug. 6, Shibburn, the website dedicated to tracking the burns of SHIB tokens, spotted that the meme coin's burn rate demonstrated impressive growth of more than 708%. However, the amount of destroyed tokens that pushed the burn rate to these highs was not too big — merely 2,760,121. Most of this SHIB lump was moved to a dead-end wallet in a single transaction that carried 2,000,000 SHIB. The second biggest transfer shifted half a million SHIB. Meanwhile, the price of SHIB has managed to recover after a long-lasting plunge since last Monday; yesterday, the meme coin's value increased by 25.88%, surging to $0.00001393. However, by now SHIB has lost some of its gains. It is currently trading at $0.00001324, down 1.91%, per CoinMarketCap.

BlackRock (NYSE:BLK) did not sell during crypto market crash: Details

In the books of crypto history, the first Monday of August 2024 will be remembered as a "red Monday" due to a major decline in both the crypto market and the broader financial market. Despite the fact that the prices of many digital assets, particularly Bitcoin, saw a substantial plunge, BlackRock (IBIT) held on to its portfolio investment in the world’s leading digital asset. According to Bloomberg Senior ETF analyst Eric Balchunas, BlackRock’s decision not to sell speaks volumes of their unshaken stance. Notably, BlackRock had seen an 8% loss in the previous week and was in serious financial distress prior to Monday's market collapse. On Monday, BlackRock’s investors again recorded a negative move (-14%) after weathering the weekend storm of an 8% loss. Nonetheless, these investors stood steadfast with zero flows.

This article was originally published on U.Today