Price volatility is one of the most attractive features for investors in the cryptocurrency industry, according to the Bank for International Settlements (BIS). This and more news are in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Price influences cryptocurrency adoption
📍‌Investors enter the world of Bitcoin and cryptocurrencies when the price of these assets is on the rise. A report published by the Bank for International Settlements (BIS) reveals that when the price of Bitcoin rises, more investors are motivated to enter the crypto industry.
Although price volatility in cryptocurrencies is high and poses a high risk, it seems to be one of the most attractive features that investors find in the market.
The BIS said the trend is that when the price of Bitcoin rises, more people and investors actively download and use cryptocurrency exchange apps and platforms, especially young people looking to take risk exposure.
From ETH to renBTC
📍‌FTX hacker is trading ETH for renBTC. 25.000 ETH stolen from FTX last week has been converted to renBTC, after the person responsible for stealing the funds from the failed exchange decided to move the ethers to an unknown address and then exchange them for BTC's wrapped cryptocurrency.
Blockchain security and analytics firm PeckShield has issued an alert about the hacker's transaction, stating that following the theft from the platform, the hacker has become the 37th largest ETH holder in the industry. The hacker owns a total of 200.735 ETH.
More than 6.000 BTC move after 5 years
📍‌A whale with 6.522,4 BTC moved his assets after 5 years of inactivity. Bitcoin whales have been waking up and moving to new, unknown addresses amid the market's downturn, accentuated by events at FTX and its investment arm, Alameda Research.
Data on the Bitcoin blockchain shows that an address holding 6.522,4 BTC, created in 2017, moved its cryptocurrencies to two new, unknown addresses. At the time of writing, the 6.522,4 BTC is valued at around $105,4 million, with Bitcoin trading at a price of $16.162 on the market.
Source: Blockchair
A few days before this transaction, another 50 BTC created in 2010 moved for the first time in 11 years.
Shiba Inu's burn rate is increasing
📍‌In the past 24 hours, the SHIB burning rate increased by more than 24%. According to data from the Shibburn portal, which tracks the burning of SHIB tokens, more than 5,22 million SHIB tokens have been burned in the last few hours, representing an increase of 24,39 % in the cryptomeme burn rate.
Currently, over 410,38 billion SHIB tokens have been burned, accounting for 41% of the total token supply.
Source: Shibburn
In the crypto industry, token burning involves sending assets to a dead wallet address, which is not accessible, in order to remove the tokens from circulation. SHIB price shows a 1,7% drop on the week and 5% in the last 24 hours.
Continue reading: A survey of crypto investors reveals their degree of love for football and other sports
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
