Cryptocurrencies Are Bouncing Back As One Expert Says We Might Have Reached Rock Bottom
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.
Things were in dire straits the last time we took a look at the crypto market but things are looking better after a massive rally across the board over the past couple of days.
Here’s how things are looking Friday morning.
- Bitcoin (BTC): $6472.75 (even over the past week)
- Ethereum (ETH): $209.55 (down 5.7% in the past week)
- Ripple (XRP): A nice $.2769 (down 5.9% in the past week)
- Bitcoin Cash (BCH): $450.50 (down 11.2% in the past week)
- EOS: $5.25 (up 3% in the past week)
- Litecoin (LTC): $52.85 (down 4.6% in the past week)
- Tether (USDT): $1.00 (down .3% in the past week)
- IOTA: $.573 (down 3.5% in the past week)
- Tron (TRX): $.019 (down 6.7% in the past week)
A Major Player Says The Crypto Market May Have Reached Rock Bottom
A number of cryptocurrencies have flirted with psychological barriers over the past few weeks but if former Goldman Sachs manager Michael Novogratz is to be believed the market may have already hit rock bottom and a rally could be the horizon.
On Tuesday, Novogratz hopped on Twitter to share his thoughts about the recent surge and says things are finally looking up.
At this time last year, Bitcoin was valued at $3,530 before its massive surge, and while there’s virtually no chance it reaches the highs it did in December it could be poised to break out yet again.
Morgan Stanley Is Getting Into The Crypto Game
The bank won’t be trading Bitcoin but it will reportedly allow investors to deal in derivatives that will give clients the chance to make long or short bets on the cryptocurrency.
If you’re unfamiliar with swaps, it’s basically a way for people to gamble on various financial instruments in the hope the moving rate will surpass the fixed rate (or, if you’re bearish, betting on the fixed rate to surpass the moving).
It might not have a huge impact but it’s good news when it comes to increasing Bitcoin’s legitimacy.
A Bitcoin Whale May Have Been Responsible For A Big Sell-Off
Bitcoin took a big hit last week and (as usual) people clamored to figure out the reason behind the crash.
According to Bloomberg, it appears an anonymous whale with a stash that was worth $2 billion at its peak may have influenced the price drop after transferring 50,500 Bitcoins between wallets over the course of the last week of August, which caused people to speculate a massive sell-off may be in the works.
Last year, Bloomberg also reported 1,000 people own 40% of the Bitcoins in existence at the time and these whales can have a major influence on price drops.
If any of them are reading this, I’d like to politely ask them to HODL.
Crypto Rivals Had A Tense Standoff On A Blockchain Cruise
It’s no secret crypto evangelist can get a little too invested in the currencies (both figuratively and literally) and nothing encapsulates how crazy people can get than a heated exchange that occurred on a blockchain cruise in the Mediterranean.
Bitcoin believer Jimmy Song recently faced off against Bitcoin Cash bull Rover Ver in what should have been a lighthearted forum that was slated to be a “Lincoln-Douglas style debate” but things quickly flew off the rails after the two men got into it while the crowd got increasingly rowdy.
Things eventually died down but it’s absurd the debate reached the levels it did in the first place.
Why can’t we just all get along?