$1 Billion Worth Of Bitcoin Is About To Flood The Market And It Could Spell Disaster For The Market
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.
It looks like crypto’s rocky ride has finally hit slightly smoother roads as most coins have stabilized with no dramatic changes in either direction.
Here are things are looking ahead of noon on Monday.
- Bitcoin (BTC): $6403.00 (up 1.3% in the past week)
- Ethereum (ETH): $216.00 (up 10.7% in the past week)
- Ripple (XRP): A nice $.2771 (up 2.15% in the past week)
- Bitcoin Cash (BCH): $432.70 (down 8.95% in the past week)
- EOS: $5.20 (up 3.55% in the past week)
- Litecoin (LTC): $54.90 (up 1.2% in the past week)
- Tether (USDT): $1.00 (up .15% in the past week)
- Monero (XMR): 116.65 (up 8% in the past week)
- IOTA: $.555 (down 3.5% in the past week)
- Tron (TRX): $.019 (down 6.7% in the past week)
If you’re curious, Dogecoin— which was the only crypto in the green last week— finally cooled off and is down .25% in the past seven days.
$1 Billion Worth Of Reintroduced Bitcoin Could Spark A Massive Selloff
In 2014, the once-esteemed Bitcoin exchange Mt. Gox suffered a massive hack that resulted in the loss of 850,000 units of the cryptocurrency.
At the time, the coins totaled $460 million in value and would have been worth $5.5 billion when the market peaked last year. After years of back and forth, the exchange has finally agreed to start paying back the Bitcoin that was stolen to its users— payments that could reach an upward of $1 billion.
According to The Telegraph, the trustees of Mt. Gox are slated to allow those who lost their investment to file a claim to be compensated until October 22, after which they’ll be redistributing the coins.
This could obviously spell disaster for the market, as it will result in a mass of disgruntled and disillusioned users who will finally have a chance to convert their stash into fiat currency.
The current plan is to make all payments by February so it could be a rocky few months once things finally kick off.
An Economics Expert Says A Recession Could Spark A Crypto Surge
There has been a massive amount of speculation that the United States could be on the verge of a recession to rival the 2008 crash, and while I think most people would argue that would be objectively bad for basically everyone involved, it could have at least one upside.
According to CryptoSlate, economist Nouriel Roubini of NYU’s Stern School of Business is convinced that a recession will hit the country by the time 2020 rolls around and says it could radicalize how major financial institutions look at cryptocurrencies.
Roubini says a crash in more traditional investments could make people scurry to find alternatives, saying:
The space for fiscal stimulus is already limited by massive public debt. The possibility for more unconventional monetary policies will be limited by bloated balance sheets and the lack of headroom to cut policy rates.
The website also noted that Roubini is far from a crypto evangelist and has criticized Bitcoin in the past for offering no real economic value, so this is definitely a bit of a U-turn for him.
A Security Expert At Google Says To Stop Bragging About Your Crypto Investments Online
One of the main reasons social media exists is so you can make other people feel bad about their lives by bragging about your own as the gone-too-soon comedian Harris Wittels documented after coining the concept of the “humblebrag.”
As a result, it might be tempting to hop on Twitter to show off how much you have in your crypto wallet, but one security expert at Google says that’s probably not the wisest idea unless you enjoy having everything you’ve ever earned taken from you.
Mark Risher, whose job is to help people prevent getting hacked online, asserts it can be surprisingly easy for unscrupulous souls to gain access to your portfolio, telling CNBC:
Risher said there has been uptick in attacks against people who hold cryptocurrencies in digital wallets. These attacks can often be traced back to a post by the victim on a public message board, which is then quickly followed by criminal attempts on their email accounts.
If the only barrier between you and your crypto wallet is an email address, you’re already doing yourself a disservice, but it’s still a vital piece of information to keep in mind.