'Rich Dad Poor Dad' Author Comments on Bitcoin Crash, Shiba Inu Could Add Another Zero to Its Price, Binance CEO Opines on How Long Bear Market Will Last: Crypto News Digest by U.Today

U.Today - U.Today has prepared summaries of the top three news stories over the past day.

"Rich Dad Poor Dad” author reacts to Bitcoin crash

Yesterday, Robert Kiyosaki, seasoned entrepreneur and author of "Rich Dad Poor Dad" bestselling book, took to X platform to share his take on the current markets as they struggle through the storms of "the sea of red." In his X post, Kiyosaki stated that at this difficult time, he is getting ready to purchase more precious metals and Bitcoin. "Crashes are times when the brave get richer and the cowards get poorer… Because they sell or do nothing," wrote the author, advising his followers to be smart, stay calm and "Invest when the cowards are quitting." As reported by U.Today, the previous day saw Bitcoin dropping to $51,331, reaching its lowest level since February. The largest crypto collapsed together with other assets following the newly emerged fears of a recession fueled by recent U.S. economic data.

Shiba Inu (SHIB) to add another zero to its price

Even though Shiba Inu has managed to recover from its recent nosedive, currently trading up 18.65% at $0.00001335, it is still significantly far from $0.00002, the level last seen in the middle of July. The reason for SHIB's drop lies in a combination of bearish sentiment and marketwide liquidations, which trapped the meme token in a downward spiral along with other assets. This led Shiba Inu to break below important support levels, with its price positioning near $0.00001, a crucial psychological zone. If SHIB declined below this barrier, it would see additional losses and possibly add another zero to its value, indicating bearishness for investors. However, if market conditions stabilize, the community and speculative nature of meme coins may prompt a rebound.

Binance CEO breaks silence on how long bear market will continue

As the market is facing extreme fear, uncertainty and doubt, with Bitcoin falling below the $50,000 mark and liquidations totaling $1 billion over the previous 24 hours, Binance CEO Richard Teng took to social media to opine on the recent crash and how long it could last. According to Teng, the latest crash in both the crypto and stock market is down to macroeconomic factors; however, he does not believe that they indicate a long-term negative trend. Still, the Binance boss warned that "there is still significant potential for market fluctuations" due to potential rate cuts by the Federal Reserve and geopolitical issues. Despite the grim assumption, Teng recommended investors to stay up to date and keep building regardless of the current challenges.

This article was originally published on U.Today