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Welcome to BroBible’s regular roundup of the biggest news in the world of cryptocurrencies. We’ll be providing you with the biggest news and stories concerning Bitcoin and major altcoins to help you keep your finger on the pulse of the crypto market.
Markets have stabilized a bit with no major booms and crashes— with a couple of exceptions we’ll get to in a second.
- Bitcoin (BTC): $6,740.63 (up 4.25% in the past week)
- Ethereum (ETH): $277.44 (down 4.55% in the past week)
- Ripple (XRP): $.327 (down 2.6% in the past week)
- Bitcoin Cash (BCH): $530.50 (down 3% in the past week)
- EOS: $5.15 (up 1% in the past week)
- Litecoin (LTC): $57.50 (up 2.1% in the past week)
- Tether (USDT): $1.00 (down .25% in the past week)
- Tron (TRX): $.021 (up 7.65% in the past week)
Bitcoin Could Be Poised For A Major Breakout
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Bitcoin kicked off August with a nice little downward trend but it appears the cryptocurrency has stabilized a bit. However, if a few signs are any indication, it could be poised for a major breakout.
We recently learned that bears were doubling down on Bitcoin shorts but it appears investors are a bit more optimistic as futures bets against the coin have reached a record low as funds seem to be preparing for some good news.
The sentiment was echoed by another analyst, Fundstrat’s Tom Lee, who said there seems to be a correlation between Bitcoin’s value and that of the MSCI Emerging Markets Index.
The index has been struggling this year (although not as much as Bitcoin has) but Lee thinks funds will get back into the Bitcoin game if it begins to reserve course, which could happen if the dollar continues to weaken as it has in the past couple of weeks.
He also says Bitcoin will hit $25,000 by the end of the year, so I guess we’ll have to wait a bit to see if he actually knows what he’s talking about.
IOTA and Icon Are Leading The Pack
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As I mentioned earlier, there haven’t been many dramatic swings when it comes to the major cryptocurrencies, but a couple of smaller players recently popped in a big way.
IOTA made some major waves by increasing its value by 23% and the token has seen some major increases in trade volume, which may have something to do with Volkswagen teaming up with the IOTA Foundation in the hope of producing blockchain-enabled cars.
However, the real winner of the past day has been Icon, which rose 26% after a $5 million buyback and the announcement of a new relationship with a South Korean insurance firm.
With that said, they both have a long way to go before reaching their record highs.
Jordan Belfort Says Bitcoin Is Nothing But A Giant Scam
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I think it’s safe to say Jordan Belfort, the inspiration behind The Wolf of Wall Street, knows a thing or two about ripping people off.
Belfort appeared in a documentary about Bitcoin that recently aired on CNBC and he did not mince words when he shared his thoughts on the cryptocurrency, saying that anyone who is bullish on its future is “brainwashed.”
He claims the perceived bubble could be “the bust heard around the world,” saying:
“We don’t even know how bad it really is. For the average person who’s really — you know, with a good heart, who walks in saying, ‘I just — I want — I do because I believe in it, in the long term thing,’ just fucking run.”
If only he’d told us that back in December.
Elon Musk Is Not Giving Away Ethereum On Twitter But People Are Still Falling For Scams
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It would be nice to live in a world where benevolent billionaires redistribute their wealth by giving away cryptocurrencies on Twitter.
Unfortunately, we don’t, but that hasn’t stopped the world’s dumbest optimists from repeatedly falling for Twitter scams.
Plenty of people have been able to scam users out of crypto by creating fake accounts for Musk and other celebrities, but things took an interesting twist when one of those accounts somehow earned a blue checkmark and jumped into Musk’s mentions to run the Twitter equivalent of a Nigerian prince email scam.
As a result, I highly suggest you don’t blindly send crypto to a random Twitter account, which I sincerely hope I didn’t have to tell you in the first place.