U.Today – Weekend News Recap

Shiba Inu (SHIB) in 24 hours, what’s happening?

On Saturday, Sept. 21, the SHIB community noticed unusual figures regarding Shiba Inu’s burn rate. According to data from the Shibburn X account, on that day, 0 SHIB tokens were burnt, indicating a bearish trend. The cause of this anomaly is unclear, especially given SHIB’s low price which typically encourages token burning. This raised questions about the effectiveness of the newly launched ShibTorch portal designed to automate the token burning process. The issue could stem from either the portal malfunctioning or fewer transactions occurring on the network, leading to a lower number of burnt tokens. However, later updates revealed that on the same day, the burn rate surged by 547%, with 1,746,465 SHIB burnt.

Satoshi-era Bitcoin wallet activated after 13 years

An ancient Bitcoin wallet containing 59 Bitcoin, valued at around $3.8 million, was activated after more than 13 years of inactivity on Friday, Sept. 20. This activation coincided with a significant price surge where Bitcoin briefly surpassed $64,000 for the first time since late August. Despite this, there’s little evidence suggesting that the wallet’s activation was linked to the price rise, as no consistent patterns have been noted with such events. This is the first occurrence this month of a wallet dormant for over 13 years being activated. Additionally, another inactive wallet, containing 50 Bitcoins, woke up after 14 years on Sunday.

Bitcoin (BTC) BlackRock (NYSE:BLK) victory

On Friday, the SEC approved BlackRock’s Bitcoin options, which will trade on the Nasdaq under the IBIT ticker. This development drew attention from key figures in the cryptocurrency community, including MicroStrategy cofounder Michael Saylor, who praised the move as likely to greatly accelerate institutional Bitcoin adoption. It provides a way for institutional investors to engage with Bitcoin without the challenges of holding it directly. Angel investor and Bitcoin advocate Anthony Pompliano shared similar views, stating it would increase institutional adoption while minimizing Bitcoin’s volatility and its potential for explosive upside. However, Pompliano advised investors to moderate their expectations for future returns, indicating that Bitcoin may not match historical high returns.

This article was originally published on U.Today