Here’s How Much Money You’ve Lost If You Bought Just Before The Crypto Bubble Burst
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.
So, how are things looking in the crypto world on Friday?
I mentioned that a number of coins had fallen off of a cliff when I published the most recent crypto roundup on Wednesday but it appeared almost all of them managed to find another cliff at the bottom of the ravine they landed in and launched themselves off that one too.
Here’s where things stand on a Friday that might somehow be worse than that Rebecca Black song.
- Bitcoin (BTC): $6501.025 (down a nice 6.9% in the past week)
- Ethereum (ETH): $221.75 (down 21.1% in the past week)
- Ripple (XRP): $.296 (down 11% in the past week)
- Bitcoin Cash (BCH): $508.95 (down 5.75% in the past week)
- EOS: $5.10 (down 18.6% in the past week)
- Litecoin (LTC): $56.55 (down 6.8% in the past week)
- Tether (USDT): $1.01 (up .77% in the past week)
- IOTA: $.5798 (down 18.25% in the past week)
- Tron (TRX): $.02085 (down 16.3% in the past week)
However, if you really want to put things in perspective, I have something you might want to take a look at.
How Much Would You Have Lost If You Bought Before Crypto The Bubble Burst?
Based on their performance since January, it appears that many cryptocurrencies decided to make “Lose as much value as possible” their New Year’s resolution and had a much better time following through on theirs than most people do.
If you hopped on the crypto bandwagon right before the bubble popped, you probably didn’t see any returns on your investment, and thanks to CNBC, you can now visualize exactly how much money you’ve lost since some of the major coins and tokens maxed out their value.
If you put $1,000 into the following cryptocurrencies at their peak last year, here’s how much you’d have left today:
- Bitcoin: $350
- Ethereum: $164
- Bitcoin Cash: $142
- Litecoin: $167
- Ripple: $82
Goldman Sachs Disputes Reports Concerning Their Crypto Trading Desk
As is the case with virtually every dramatic drop in value, there’s no single way to explain why cryptocurrencies have declined as much as they have over the past couple of days.
I saw plenty of people suggest prices were adversely affected by the news that Goldman Sachs was tabling its plan to open a crypto desk, which would have made some sense if there was actually some truth to the story.
However, if Goldman CFO Martin Chavez is to be believed, there was not.
According to Coin Telegraph, Chavez addressed the reports at a conference in San Francisco, saying:
“I never thought I would hear myself use this term but I really have to describe that news as fake news.”
Someone should wake up the markets and let them know.
People Are Still Planning To Buy Crypto Despite All Of The Bad News
It seems like it’s hard to find “good” crypto news these days, but if you’re looking for a little optimism, there’s a new survey that might make you feel a little bit better about the future.
59 percent of investors and 72 percent of consumers plan to increase their holdings over the next 12 months. Majority of respondents expect crypto valuations to increase over the next 12 months though investors were less bullish than in our previous survey.
As someone with no personal interest whatsoever, I encourage all of them to hurry the hell up.
High Times Is Accepting Cryptocurrencies As Payment In Its Upcoming ICO
At the start of August, the esteemed marijuana publication High Times announced it’d be happily accepting cryptocurrencies as a form of payment for its upcoming IPO before almost immediately changing its mind.
Now, it appears High Times has had a bit of a change of heart after CoinDesk reported the company will be accepting Bitcoin and Ethereum as part of their fundraising efforts.
It’s worth noting High Times won’t be sitting on any of the cryptocurrencies themselves, as they’ll be converted into fiat currency by a third-party in order to avoid pissing off the SEC, which is normally what you want to avoid if you’re looking to go public.
We’ve come a long way since Silk Road.