In a recent post, Nassim Nicholas Taleb, the author of “Black Swan” and a risk analyst, provided his perspective on the Japanese collapse that led to the recent crash of Bitcoin. Taleb attributed the market bloodbath to the measures taken by the Bank of Japan, including near-zero interest rates for 33 years and quantitative easing for 23 years. He emphasized that these actions come with a price that eventually must be paid.
SHIB Token Burn Rate Surges
On August 6, Shibburn, a website tracking the burns of SHIB tokens, reported a significant increase in the burn rate of the meme coin, reaching more than 708%. Despite the impressive growth, the number of destroyed tokens was relatively small, with 2,760,121 SHIB tokens burnt. The majority of these tokens were transferred to a dead-end wallet in two large transactions, one involving 2,000,000 SHIB and the other half a million SHIB. While SHIB’s price experienced a recovery of 25.88% on that day, reaching $0.00001393, it has since lost some of those gains and is currently trading at $0.00001324.
BlackRock Holds on to Bitcoin Investment
During the recent market collapse, BlackRock, the world’s leading asset management firm, maintained its portfolio investment in Bitcoin. Despite facing an 8% loss in the previous week and financial distress leading up to the collapse, BlackRock’s decision not to sell its Bitcoin holdings showcased its unwavering stance. While the market experienced a major decline, BlackRock’s investors remained steadfast, recording a negative move of -14% after enduring an 8% loss the previous weekend, with zero flows.
The top news stories of the day highlight the insights of Nassim Nicholas Taleb on the Japanese collapse, the surge in SHIB token burn rate, and BlackRock’s resolute commitment to its Bitcoin investment despite market turmoil. These developments underscore the volatility and resilience of the cryptocurrency market and the strategic decisions made by key players to navigate challenging times.