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SHIB Army Urges Binance CEO to Start Burning SHIB, Bitcoin Miners Are Capitulating, John Bollinger Shares Crucial Portfolio Tip: Crypto News Digest by U.Today

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Thu, 11/07/2024 - 17:01
SHIB Army Urges Binance CEO to Start Burning SHIB, Bitcoin Miners Are Capitulating, John Bollinger Shares Crucial Portfolio Tip: Crypto News Digest by U.Today
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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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Check out U.Today's top three news stories over the past day.

Binance CEO faces SHIB army's pleading to start burning SHIB, here's why

The recent X post by Binance CEO Richard Teng devoted to Bitcoin ETFs and overall high interest in BTC has suddenly attracted the attention of the SHIB army. However, SHIB enthusiasts took to the post's comments section not to opine on the theme of Bitcoin; instead, they asked the Binance head if the exchange could start burning Shiba Inu tokens, as it does with LUNC tokens using their proceeds from trading fees. As a reminder, Binance has been contributing to burning LUNC since 2022 in an effort to revive the Terra Luna Classic (LUNC) project following the crash it faced that year. The SHIB community's pleading did not go unnoticed by Shibburn's official X handle; the team behind it tagged Binance, writing, "Imagine Binance burning from the SHIB trading fees just like they do for LUNC. Could it happen?"

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Bitcoin miners are capitulating, but there's a silver lining

CryptoQuant founder and CEO Ki Young Ju has recently taken to X platform with a statement concerning Bitcoin miners; according to Ju, their capitulation is still ongoing. The term "mining capitulation" means a period when miners are forced to sell their Bitcoin holdings due to declining prices and fees. In his X post, the CEO referred to historical data that demonstrates that such capitulation ends when "the daily average mined value is 40% of the yearly average." However, it is currently at 72%. In Ju's opinion, market participants should expect "boring" crypto markets for the next two-to-three months. The CEO also recommended investors to "stay long-term bullish," while also avoiding excessive risks.

Legendary Bitcoin trader John Bollinger shares crucial portfolio tip

John Bollinger recently provided important investing and portfolio management advice on his X page. The prominent technical analyst and inventor of the Bollinger Bands indicator recommended that investors not include “cruft” assets in their portfolios, stating that doing so would guarantee effective management of the remaining investments. Given how saturated the market is with various financial instruments (and cryptocurrencies in particular), Bollinger's advice is especially relevant; at the moment, there are over 2.4 million different crypto assets, with a total market capitalization of $2.14 trillion. Thus, considering the fact that this huge number of cryptocurrencies can overwhelm investors, Bollinger's recommendations on optimizing portfolios could come in handy.

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