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SHIB Recovers After Major Retrace, Snowden Calls JPMorgan CEO “Boomer,” 500,000 Ethereum Have Been Burned: Crypto News Digest by U.Today

Tue, 10/12/2021 - 13:44
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Valeria Blokhina
Read U.Today’s crypto news digest to stay updated on all the top events
SHIB Recovers After Major Retrace, Snowden Calls JPMorgan CEO “Boomer,” 500,000 Ethereum Have Been Burned: Crypto News Digest by U.Today
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Here are the top five news stories over the past day presented to you by U.Today.

SHIB bounces back after the largest dump in its history

According to Santiment, SHIB has gone through the largest dump in its trading history. Small SHIB owners (1-10 million coins) dumped more than 30 billion SHIB tokens directly on the market, causing major selling pressure. However, after a quick retrace down, the buying power has pushed the meme token's price back to the previous opening price with 22% growth, and the previously dumped 30 billion SHIB tokens have been redistributed among "micro traders."

Michael Burry of “The Big Short” slams Shiba Inu

Famed American investor and head of Scion Asset Management, Michael Burry, has recently described the high-flying Dogecoin knockoff, Shiba Inu, as “pointless,” hinting at its enormous supply of one quadrillion tokens. However, Burry’s takes on various cryptocurrencies are not always correct. Back in June, he predicted “the mother of all crashes” and doubled down on his bearishness when Bitcoin was trading below $34,000. In the end, everyone who took Burry’s tweets seriously ended up missing out on significant gains, with Bitcoin recovering to the highest level since early May.

Edward Snowden responds to JPMorgan CEO’s Bitcoin critics

Even though JPMorgan CEO Jamie Dimon is known for trashing Bitcoin since 2014, his recent comment on the flagship cryptocurrency has stirred up the Bitcoin community. During the Institute of International Finance Annual Membership meeting, Dimon called BTC “worthless.” It was not left unnoticed by world-famous whistleblower Edward Snowden; he replied with the “OK, Boomer” catchphrase known to every millennial.

More than 500,000 Ethereum have been burned

According to the Etherchain website, the equivalent of $1.7 billion in Ethereum has been burned on the Ethereum network. Previously, the same amount of funds would have been received by Ethereum miners and most likely realized on the market. The increasing number of transactions on the Ethereum network every day leads to more coins being burned than distributed, which is expected to have a positive effect on Ethereum's price.The effect has already been reflected, with Ethereum growing 26% in October. Right after the update, Ethereum grew by more than 20% but then quickly retraced back to almost 30%.

Charles Hoskinson prepares for the Cardano Tour in Africa

After recharging his batteries during his two-week vacation in Wyoming, Charles Hoskinson returned to work and announced that he is preparing for the Cardano tour in Africa. Despite the doubts of the community that Hoskinson would be able to stay away from working on Cardano and posting on social media, the IOG CEO stuck to his promise and was not seen online from Sept. 30.

The goal of the tour is to take part in selecting the start-ups that will receive not only the necessary financial support, the necessary education and more. Hoskinson will begin in South Africa and will then head to Egypt. He and his team will also travel to Zanzibar, South Africa, Burundi and Kenya.

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About the author

Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.