Crypto News Digest by U.Today

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Here are the top three news stories from the past day.

### “Black Swan” Author Taleb Analyzes Market Crash

Nassim Nicholas Taleb, the author of “Black Swan” and a noted risk analyst, recently shared insights on the factors contributing to the recent crash in Bitcoin. Following an interest rate hike by the Japanese central bank, the major Japanese stock index experienced a sharp downturn. Taleb attributes the market turmoil to the long-term policies of the Bank of Japan, which has maintained near-zero interest rates for nearly 33 years while also implementing quantitative easing for 23 years. He warns that such policies “come at a price you eventually must pay.”

### SHIB Burn Rate Soars as Price Attempts Recovery

On August 6, Shibburn reported an astonishing 708% increase in the burn rate of SHIB tokens. However, the total number of tokens burned amounted to just 2,760,121, with a single transaction accounting for 2,000,000 SHIB sent to a dead-end wallet. In response to this activity, the SHIB cryptocurrency saw a significant price jump of 25.88%, reaching $0.00001393, after a prolonged decline. As of now, SHIB has experienced a slight retraction, currently trading at $0.00001324, reflecting a 1.91% decrease.

### BlackRock Maintains Stance Amid Crypto Market Decline

The first Monday of August 2024 is marked as a “red Monday” in crypto history due to a significant downturn in both the cryptocurrency and broader financial markets. Despite the substantial drop in many digital assets, including Bitcoin, BlackRock did not divest from its investment portfolio in the leading cryptocurrency. Eric Balchunas, a Senior ETF analyst at Bloomberg, noted that this decision demonstrates BlackRock’s unwavering commitment. Prior to the crash, BlackRock had experienced an 8% decline and financial difficulties. Even after the market collapse, investors faced another setback with a 14% decrease, yet they remained steadfast without any outflows.

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