Crypto News Digest from U.Today

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Check out the top three news stories from the past weekend.

SHIB’s Burn Rate Dips to Zero

On Saturday, September 21, the Shiba Inu community observed an unusual occurrence regarding the burn rate of SHIB tokens. Data revealed that no SHIB tokens were burnt that day, indicating a highly bearish trend for this metric. The reasons behind this anomaly are unclear, especially considering SHIB’s low price, which typically encourages token burning. This lack of activity raised concerns about the effectiveness of the recently launched ShibTorch portal, designed to automate the token burning process. This could be attributed to either technical issues with the portal or a decrease in network transactions, leading to fewer tokens being burnt. However, later updates showed a significant recovery, with the burn rate spiking by 547% on the same day, resulting in 1,746,465 SHIB tokens being destroyed.

Satoshi-Era Wallet Awakened After 13 Years

On Friday, September 20, an ancient Bitcoin wallet that had been inactive for over 13 years came back to life, holding 59 Bitcoins valued at around $3.8 million. This reactivation coincided with a notable rise in Bitcoin’s price, as the cryptocurrency briefly surpassed the $64,000 mark for the first time since late August. Despite this, experts believe that the awakening of the wallet is unlikely to be directly related to the recent price surge, as no consistent trend has been noted with such reactivations. Remarkably, this wallet activation marks the first time a Bitcoin wallet dormant for over 13 years has come back to activity this month. Additionally, another dormant wallet emerged over the weekend, with 50 Bitcoins that had been inactive for 14 years.

BlackRock’s Bitcoin Options Approved: Industry Reactions

The approval of BlackRock’s Bitcoin options by the SEC on Friday garnered attention across the crypto community. These options will be available for trading on the Nasdaq under the IBIT ticker. Prominent figures in the crypto space, such as MicroStrategy co-founder Michael Saylor, praised this approval, suggesting it will significantly "accelerate institutional Bitcoin adoption." The new options allow institutional investors to engage with Bitcoin without the complexities involved in directly holding the cryptocurrency. Angel investor and Bitcoin advocate Anthony Pompliano echoed Saylor’s remarks, indicating that this development would contribute to increased institutional adoption, potentially stabilizing Bitcoin’s volatility. However, Pompliano also advised caution, urging investors to adjust their expectations regarding potential future returns, as Bitcoin may not deliver the same extraordinary gains seen previously.

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