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Crypto News Digest by U.Today
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Take a look at what’s happening in the world of cryptocurrencies by reading U.Today’s top three stories.
Michael Saylor offers crucial advice as BTC price struggles
Bitcoin enthusiasts in Prague recently had a chance to get it a crucial tip on BTC by Michael Saylor, former CEO of MicroStrategy, during his recent I wait at the BTC Prague event as a speaker. The topic of the billionaire’s speech was “21 Rules of Bitcoin,” as well as other important theses that Saylor wanted his audience to remember, such as “You’ll never stop learning about Bitcoin” or “Bitcoin is for everyone.” According to Saylor, anyone holding Bitcoin should never sell it. “You don’t sell your Bitcoin. What do I mean? Bitcoin is energy. Bitcoin is life. Don’t waste your life. Conserve your energy… Don’t let the fire go out. When the fire is what’s keeping your family from freezing, don’t let go of the fire, don’t throw yourself off the cliff,” he said.
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SHIB Skyrockets 12.842% in Burn Rate with Unexpected Price Turn
According to the latest data provided by the tracking platform Shibburn, the burning rate of Shiba Inu tokens has been observed a notable surge within the previous 24 hours. The surge occurred following the transfer of 12,047,795 SHIB to dead-end wallets by the SHIB community, with the three largest transactions carrying 5,072,279; 5,078,720 and 1,000,000 SHIB. This increased the burn rate by an impressive 12,842.37%. The increase in burn rate occurred despite the dramatic drop in SHIB price seen since Monday morning. However, at the time of writing, the meme token has managed to recover somewhat, trading at $0.00001813, up 2.86% over the past 24 hours, according to data from CoinMarketCap.
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Cardano (ADA) rises 162% despite the $435 million market decline
Data provided by CoinMarketCap shows that Cardano’s trading volume yesterday increased by 162%, reaching $574.9 million. This spike is noteworthy, especially in light of the overall market downturn, which resulted in $435 million in cryptocurrency liquidations. There could be several causes for the surge in ADA trading volume, but one possibility is that investor positioning is at play. Higher volatility often leads to higher trading volume due to traders buying and selling large quantities. According to reports, Cardano has recently gained popularity among institutional investors, which could also explain the increase in trading volumes. Currently, ADA is trading at $0.384, up 3.18% over the past 24 hours, according to CoinMarketCap.