A New Report Says Billions Of Dollars Worth Of Bitcoin Are Gone Forever Thanks To People Losing Hard Drives
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.
After dipping this weekend, Bitcoin shot back up but continues on a downward trend as Ethereum appears to be heading toward dire straits.
Here’s what the market looks like around noon on Monday, where virtually every crypto is in the red over the past seven days.
- Bitcoin (BTC): $6333.90 (down 12.85% in the past week)
- Ethereum (ETH): $196.40 (down 32.1% in the past week)
- Ripple (XRP): $.27235 (down 19.3% in the past week)
- Bitcoin Cash (BCH): $476.30 (down 24.1% in the past week)
- EOS: $5.07 (down 21.55% in the past week)
- Litecoin (LTC): $54.61 (down 16% in the past week)
- Tether (USDT): $1.00 (up .23% in the past week)
- IOTA: $.5708 (down 18.4% in the past week)
- Tron (TRX): $.0197 (down 21.45% in the past week)
There aren’t many signs that things are about to get better— especially if we’re talking about Ethereum.
Bets Against Ethereum Reach An All-Time High
No major coin has taken the hit that Ether has over the past few weeks and the token is currently facing prices it hasn’t seen since before the crypto boom started last year.
However, if one report is any indication, bears seem to be optimistic that things are only about to get worse:
[On] Friday, the number of shorts placed on ETH/USD, the world’s second largest cryptocurrency by market capitalization, surpassed the prior mark of 202,854 to ultimately reach a new high of 208,689.
The new figure represents an 81.96 percent increase week-to-week and a 162 percent jump from mid-August.
However, it’s worth noting Ethereum could be set up for a price pop in the event of a short squeeze if speculators are forced to buy back tokens to cover their bet, so it’s got that going for it which is nice.
$20 Billion Worth Of Bitcoin Is Gone Forever Thanks To Lost Hard Drives
Earlier this year, a man who threw out a hard drive containing $86 million worth of Bitcoin (at least at the time of the story) made news when he set out to try to dig up a landfill in search of his lost fortune.
This wasn’t an isolated incident, as there was another guy who managed to toss $5 million of Bitcoin in the trash (although he didn’t attempt to go to similar lengths to get it back).
However, it turns out more people have done the same thing than I ever would have thought.
A new report from Block Explorer says that 3.79 million bitcoins (of the 21 million that will ever be mined) may be permanently lost, which is equivalent to over $20 billion based on its current market value.
You probably haven’t made much money on crypto but at least your investment isn’t literally garbage.
SEC Ban On Crypto Securities Makes Some Investors Wary
On Sunday, the SEC created some market volatility when it suspended the trading of two crypto-based securities on the Swedish NASDAQ.
Both Bitcoin Tracker One (“CXBTF”) and Ether Tracker One (“CETHF”) were impacted by the decision and investors will not be able to trade the notes until a ban is lifted on September 20.
According to Coin Telegraph, the SEC released a statement outlining their reasoning, saying:
“The Commission temporarily suspended trading in the securities CXBTF and CETHF because of confusion amongst market participants regarding these instruments.
[T]he Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.”
A $3 Million Palace Is On The Market And The Buyer Will Only Accept Bitcoin
If you happen to have $3 million in Bitcoin laying around and are in the market for a new house, one seller in Malta has something that might be right up your alley.
According to Live Bitcoin News, Ian Fitzpatrick is looking to offload a palazzo in the country but is only willing to accept Bitcoin as a form of payment (plenty of people have used crypto to purchase real estate but it’s rare to find someone who isn’t also open to taking fiat currency).
Based on the current trends, it seems like a bit of a risky play as far as the long-term implications are concerned, but maybe Fitzpatrick knows something we don’t.
If that is indeed the case, I think it’s only fair for him to tell us.