The Altcoin Apocalypse Might Be Upon Us As The Crypto Market Takes Some Major Hits To Start The Week

altcoin apocalypse

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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, Ethereum, and other major altcoins to help you keep your finger on the pulse of the crypto market.

The sky started falling earlier this week, and while prices have bounced back a bit Wednesday, things are looking fairly dire for many major altcoins.

  • Bitcoin (BTC): $6,418 (down 1.2% since last week)
  • Ethereum (ETH): $285 (down 22% since last week)
  • Ripple (XRP): $.287 (down 16.7% since last week)
  • Bitcoin Cash (BCH): $519 (down 14.3% since last week)
  • EOS: $4.63 (down 20.7% since last week)
  • Litecoin (LTC): $55.90 (down 13.7% since last week)
  • Tron (TRX): $.0198 (down 21% since last week)

Cryptocurrencies Could Be Facing A Potential Extinction Even

cryptocurrency extinction event

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The crypto market has lost $60 billion in value over the past seven days thanks in no small part to some dramatic sell-off earlier this week that caused Ethereum (among others) to fall off of a cliff on Monday (it’s bounced back a bit as of this morning).

I’ve seen a fair amount of panic surrounding the market in general but at least one analyst thinks things could get even worse to the point of possible extinction.

Ted Rogers, the CEO of the cryptowallet company Xapo, posted this cheery tweet on Tuesday.

However, at least his company can make sure your constantly depreciating investment is secured as opposed to…

John McAfee’s “Unhackable” Wallet Gets Hacked Again

john mcafee cryptowallet hacked

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John McAfee— the man responsible for the security program you could never get to uninstall on your computer— has become a crypto evangelist in recent years

McAfee has a supposedly unhackable cryptowallet called “Bitfi” that was already hacked once by researchers in hunt of a $10,000 white hat bounty and it looks like they were able to find yet another vulnerability.

In doing so, the group appears to have satisfied all of the terms needed to claim the bounty, so you might want to look into other wallet options until they get around to fixing that.

Here’s Another Story About Why You Shouldn’t Take Out Loans To Buy Crypto

crytocurrency loan disaster

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At the height of crypto mania in December, it was revealed people were taking out mortgages to get into the game— a strategy that I’d guess has worked out well for approximately 0% of people.

Even if you didn’t take it to that extent, you probably still have some regrets about buying at the peak, but I might be able to raise your spirits a little by bringing your attention to a story about a guy who thought it would be a good idea to take out a $125,000 loan to start a portfolio.

The man shared a picture of his loan statement on Reddit that should make you feel somewhat better about your missteps.

Bummer.

ICO Scams Have Cost People Over $100 Million

crypto ICO scams

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Plenty of other people tried to hop aboard the crypto bandwagon around the same time as that guy and the market was inundated with new coins backed by the likes of Steven Segal and a random iced tea company that suddenly pivoted to blockchain.

According to a new study, initial coin offerings have raised over $6 billion in the past two years, but I doubt you’d be shocked to learn some of them weren’t exactly backed by the most scrupulous of people.

A number of companies have taken the money and run after their ICO and these exit scams have cost investors a total of $100 million.

Double bummer.