Find out what happened in the world of crypto over the weekend with U.Today’s news digest
U.Today has prepared a summary of the top four news stories over the weekend. Don’t miss anything important in the crypto industry!
Trading legend Henrik Zeberg foresees largest market crash since 1929
In his recent bearish tweet, trader and analyst Henrik Zeberg issued a warning about an upcoming market crash that will be even larger than the one the world witnessed in 2007-2009. Zeberg shared a chart showing the dynamics of U.S. unemployment rates (reversed) and the National Association of Home Builders (NAHB) Housing Market Index (HMI). Combined with stock price indicators, these metrics hint at a close peak of the economic cycle. Last December, the analyst also shared the Elliot waves prediction for a macro recession, indicating that Wave 4 would peak in early 2024. Zeberg cautions that after that, markets will be destined to fail. As such, Q4, 2023, might be the last “bullish” period of this market cycle.
Shytoshi Kusama reveals new Shiba Inu (SHIB) Metaverse screenshot
As the team behind the Shiba Inu project is getting ready for the SXSW festival, lead developer Shytoshi Kusama took to Twitter to share the poster his team has prepared for the “best movie poster” contest. According to Kusama’s tweet, the poster is showing a shot from the Shiba Inu Metaverse. The screenshot appears to be depicting the WAGMI Temple — one of the 11 hubs that will be unlocked and allowed to be used by all players once the SHIB-based virtual universe launches. Among other hubs whose concept art has previously been revealed to the SHIB community are Tech Trench, Canyon and Rocket Pond. The project is being created by the SHIB team in collaboration with The Third Floor studio.
Bitcoin price to plunge back below $4,000, Peter Schiff predicts
According to yet another prediction by Peter Schiff, the CEO of Euro Pacific Capital and a vocal critic of Bitcoin, the world’s largest cryptocurrency could plunge below the $4,000 level soon. It all started with a Twitter post by MicroStrategy CEO Michael Saylor, who wrote, “Bitcoin is for winners.” Schiff replied by questioning the relevance of Bitcoin to MicroStrategy shareholders, adding that the company lost billions of dollars on the BTC it purchased. Then, another Twitter user joined the discussion, sharing a screenshot of Peter Schiff’s failed prediction from 2018 about Bitcoin potentially dropping to lows of $750. To this, Schiff responded, “What will you do with that tweet after Bitcoin is back below $3,800?” suggesting that such a scenario is still possible.
Trillions of Shiba Inu (SHIB) left whales’ bags on Shibarium release day
Data provided by IntoTheBlock shows that on March 11, the day when the Shibarium public beta PuppyNet was released, the number of Shiba Inu tokens held by whales dropped by 10 trillion. The 14 largest SHIB holders are currently holding 250.66 trillion SHIB, which is 25.5% of the initial offering and 45.57% of the current amount, not including the dead address needed for burning. At the same time, the wallets of slightly smaller but still big investors have been filled by the same amount of meme tokens. Per IntoTheBlock, this category of investors comprises 40 addresses that now hold 12.36% (121.52 trillion SHIB). It is interesting to note that on Monday of last week, these investors had 123.16 trillion SHIB on their balance sheet, then they emptied some in the middle of the week and purchased 10 trillion Shiba Inu tokens back on March 11.
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