Edward Snowden Issues BTC Comment on Berkshire Hathaway's 99.97% Fall, Australian Spot Bitcoin ETF Goes Live, SHIB Burn Rate Soars 10,990%: Crypto News Digest by U.Today

Published 05/06/2024, 17:42
Updated 05/06/2024, 21:45
© Reuters.  Edward Snowden Issues BTC Comment on Berkshire Hathaway\'s 99.97% Fall, Australian Spot Bitcoin ETF Goes Live, SHIB Burn Rate Soars 10,990%: Crypto News Digest by U.Today
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U.Today - U.Today has prepared the top three news stories over the past day.

Edward Snowden delivers iconic Bitcoin line as Berkshire Hathaway falls 99.97%

On Monday, June 3, the New York Stock Exchange was shaken by a technical issue, which resulted in the A-class shares of Warren Buffet's Berkshire Hathaway appearing to be down by almost 100%. The malfunction led to trading halts in those shares, as well as in Barrick Gold and Nuscale Power. Even though the glitch was quickly fixed and all three stocks resumed trading the same day, the incident did not go unnoticed by the crypto community, with many digital asset enthusiasts taking to social media to remind Warren Buffett of his Bitcoin criticism. Particularly, the businessman called BTC a “gambling asset” with zero value. However, as was noted by many crypto community members, the top crypto has never witnessed such a dramatic drop, unlike Berkshire Hathaway stock. Joining the army of commentators was Edward Snowden, the infamous whistleblower and advocate for privacy rights; in his X post, Snowden delivered the iconic Bitcoin line "Bitcoin fixes this," potentially implying that he sees the asset as a solution to various technical vulnerabilities.

Australian spot Bitcoin ETF goes live, here's why it stands out

Jan3 CEO and renowned Bitcoin enthusiast Samson Mow took to X to share that Monochrome Asset Management's spot Bitcoin ETF (IBTC) went live on the Cboe Australia exchange. As noted by Mow, this is Australia's first and only ETF holding Bitcoin directly. According to U.Today's previous report, the new spot Bitcoin ETF in Australia is expected to generate inflows of about $1 billion. In a short thread, Samson Mow underlined the unique features of IBTC: first, the Monochrome spot Bitcoin ETF offers global investors direct in-kind creation or redemption, which allows them to directly exchange their BTC for IBTC and vice versa, globally. Second, Monochrome secured partnerships with lending providers in Australia to make it possible for sophisticated investors to borrow money against their ETF holdings, using IBTC as collateral. In Mow's opinion, borrowing through IBTC might come with a better loan-to-value ratio (LVR) and lower interest rates than traditional pure coin loans.

SHIB skyrockets 10,990% in this key metric after recent SHIB team warning

Data provided by Shibburn website shows that since the morning of June 3, 21,435,658 SHIB tokens were transferred to dead-end wallets, with only two transactions taking place, carrying 21,315,658 and 120,000 SHIB out of circulation. The incineration of such an astonishing amount of meme coins pushed the Shiba Inu burn rate up by 10,990%, which represents a more than 30x increase from the 348% SHIB burn rate surge observed on Monday and reported by Shibburn. Meanwhile, SHIB Discord admin known as DaVinci has recently addressed the SHIB community with an important alert. He urged SHIB enthusiasts against blindly investing into new projects on the ShibaSwap DEX, even if they claim to be associated with or backed by the SHIB development team. DaVinci also warned that many malefactors are making scam offers to invest in the TREAT token, which has not been launched yet.

This content was originally published on U.Today

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