U.Today – Check out the top three news stories from the past weekend presented to you by U.Today.
0 (SHIB) in 24 hours, what’s happening?
On Saturday, Sept. 21, the SHIB community spotted unusual figures for the Shiba Inu’s burn rate. According to data provided by the Shibburn X account, on the aforementioned day, 0 SHIB tokens were burnt, implying an outstandingly bearish reading for this metric. It remains unclear how such a situation occurred, particularly given SHIB’s low price, which usually encourages token burning. The anomaly in the number of destroyed tokens raised questions about the effectiveness of the recently launched ShibTorch portal, which was intended to automate the token burning process, either due to the portal not functioning as projected, or due to dwindling transactions on the network, which leads to the burning of a relatively lower number of tokens. However, per a recent update by U.Today, later on Sept. 21, the burn rate figures surged 547%, with up to 1,746,465 SHIB burnt.
Satoshi-era wallet activated after 13 years
After more than 13 years of inactivity, an ancient Bitcoin wallet holding 59 Bitcoin valued at approximately $3.8 million awakened last Friday, Sept. 20. The activation coincided with a significant surge in Bitcoin’s price, during which the flagship crypto briefly crossed the $64,000 mark for the first time since late August. However, it is unlikely that the wallet’s awakening is directly linked to the recent price increase, as no consistent pattern has been observed with such reactivations. It is interesting to note that this is the first time that a Bitcoin wallet with such an impressive term of dormancy (over 13 years) has been activated during this month. However, later in the weekend, another ancient wallet followed suit; as reported by U.Today, on Sunday, a BTC address holding 50 Bitcoins emerged from hibernation that lasted 14 years.
Bitcoin (BTC) BlackRock (NYSE:) victory commented on by top Bitcoiner angel investor
Last Friday marked the approval of BlackRock’s Bitcoin options by the SEC; they will be traded on the Nasdaq under the IBIT ticker. The development caught the attention of major figures in the crypto sphere, including MicroStrategy cofounder Michael Saylor; he praised the approval, stating that it will greatly “accelerate institutional Bitcoin adoption.” This allows institutional investors to engage with Bitcoin without the complexities of directly holding the cryptocurrency. Anthony Pompliano, an angel investor and Bitcoin advocate, echoed Saylor’s sentiment, suggesting that this move will increase institutional adoption, at the same time reducing Bitcoin’s volatility and limiting its “explosive upside.” However, Pompliano cautioned investors to temper their expectations regarding future returns, as Bitcoin may not yield the same high returns seen in the past.