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Mt.Gox refunds to creditors could collapse the Bitcoin price - Global Coin Report
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Mt.Gox refunds to creditors could collapse the Bitcoin price

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Bitcoin price
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We have been pretty much excited about the last two weeks for the cryptosphere regarding price stability, a fact in which Bitcoin (BTC) has played a crucial role. The leader of the sector has managed to maintain above the mark of the 6,300 dollars, and this besides granting the coin with green numbers, has influenced as well a significant part of the market including Litecoin (LTC), TRON (TRX), Cardano (ADA) and others. However, recent news on the Mt.Gox case could potentially change the current panorama and turn it into a different story.

Concerning this, let’s recall Mt.Gox was a colossal exchange that had to declare on bankruptcy back in 2014, after the robbery of 700,000 BTC with pirate activities. The event caused a huge controversy back then as all of the creditors, both corporate and individuals, were left hanging by a thread as their funds were simply not reimbursed.

In this sense, a Tokyo court recently unlabeled the bankruptcy and now the institution at issue is preparing to refund creditors with all of the money that was stolen, a fact that could have a repercussion on Bitcoin’s price. Let’s see why.

From FOMO to FUD

If you have ever wondered how did Bitcoin manage to stay on the top for so long without even blinking in front of the plenty of other options that now exist, the answer is quite simple, Bitcoin knows how to create a bubble, more than anyone else.

The Bitcoin bubble is a phenomenon that despite the conditions of the market the crypto continues to have an increasing volume and even some highs at a certain level. And let’s recall that Bitcoin passed from being valued at just a couple of boxes to having a value of thousands of dollars, and this, in a teeny tiny period.

This is actually a thing not to be surprised by, as many companies that we know such as Apple passed from just a tiny value to being a multi-million dollar company as well. However, in the case of the crypto world, things are just a little different. For instance, we can name the FOMO phenomenon, FOMO means “Fear Of Missing Out”, the general trend of the crypto community.

The entire Bitcoin bubble has been built with an obvious FOMO, Bitcoin started to increase its value and as soon as it happened, the community started to feel the need to buy and retain the money with the hope of obtaining a way bigger earn than the initial investment later on. Truth be told, with Bitcoin we never know what the ceiling is, and a proof of that is the thousand of holders that decided to sell at $7, $300 or $2,000.

Like this, knowing the FOMO sensation, the question is, will Bitcoin always manage to keep this generalized trend in their community? Well, as FOMO exists so its counterpart, and that’s exactly what FUD is.

FUD means Fear Uncertainty and Doubt, one of the most common sentiments in the latest crypto community. Truth be told, it is actually hard to believe that Bitcoin would experience a FUD phenomenon, but that’s just because we always expect the leader to continue its growth.

But what will happen once 700,000 BTC would be paid to all of the MT.Gox creditors? One can be sure that Bitcoin price will collapse, people will start to have Fear Uncertainty and Doubt, and that is precisely what might break the price of the token to dramatic levels. Will another crypto make an appearance in the sector as the new ‘gold’, well, that remains a question. Stay tuned.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Photo by Asa Rodger on Unsplash

Bitcoin

Why Bitcoin (BTC) Revival is Likely to Continue

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The cryptocurrency market has been doing rather well in 2019 — certainly much better than in 2018. More than a year ago, the market crashed from its all-time high, and in the months that followed, it lost over 80% of its market cap. Bitcoin (BTC), as the leading digital currency, also dropped from $20,000 per coin to barely $3,200 in 2018.

These days, however, the situation seems to be turning, with digital currencies seeing significant growth in prices ever since mid-February. While January stopped the drops, February is the month when the market once again started seeing gains, and this kind of behavior has continued to this day. But, what does this mean for the future? Is this a passing trend, or is the crypto winter truly over?

The revival of Bitcoin

Questions such as the short-term future of Bitcoin are on many traders’ and investors’ minds right now and have been ever since the prices started growing again. A well-known Futures Now trader, Jim Iuorio, recently stated that Bitcoin would start seeing massive profits if it surpasses the price of $4,045. That was, of course, before the coin surged by around $1000 in the last week.

However, Iuorio’s prediction was that BTC is unlikely to go below $3,820, while the growth beyond $4,045 would mean massive gains for those involved with the industry. Soon after this prediction…

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Bitcoin

How to Become a Millionaire without Risking Everything with Bitcoin

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Bitcoin
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It’s been well over a year since the crypto market reached its peak and then crashed, dropping to such lows that most of the coins lost anywhere between 80% and 95% of their value. A few of them lost even more. Of course, this was not enough to eradicate the crypto market, and the bulls are still as optimistic as ever, especially these days, when Bitcoin price surges again, taking the rest of the market with it.

Some predictions claim that Bitcoin will reach its own glory days within a year or two, and there are even speculations that the largest cryptocurrency might spike up to $100,000 per coin. One claim from last week even sees BTC hitting $400,000, as the highest price which someone was brave enough to predict.

While it is certainly possible — at this point, pretty much anything is — not everyone is willing to take such a gamble and invest their hard-earned money into a risky asset such as digital currencies. With that in mind, here are three alternatives that are considerably safer than Bitcoin and the altcoins.

1. Investing and re-investing in stocks

A lot of people — especially younger generations — find stocks to be incredibly boring. Most of the time, all you do is invest, and use the returns for re-investing in high-yielding shares. However, while boring will not…

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Bitcoin

The Best Time to Buy Bitcoin (BTC) Approaches

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Ever since 2019 started, the bear market of 2018 has been losing momentum, with the bulls emerging numerous times in short intervals. This was the beginning of a crypto recovery, which still has quite a long way to go.

However, last week, Bitcoin saw massive growth in transactions, reaching a 14-month high. These were the levels that were previously seen back in 2017, as BTC approached its highest point in terms of price. The growth also reflected strongly on BTC price, which spiked yesterday from around $4.100 to the current $4,672.

Meanwhile, Bitcoin market cap followed as well, currently sitting above $82.3 billion, while the trading volume exceeded $14.5 billion.

What caused the growth?

While this is an exceptional growth, and potentially a start of the bull run that everyone was waiting for, it did not come without a cause. One of the reasons why BTC surged was last week’s Weiss Ratings report of multiple different cryptocurrencies. The report’s authors even stated themselves that the best time to invest might be very near at this point.

Weiss Ratings has done reports about specific coins in the past as well, and this time, they noticed a significant improvement in coins’ performance. The report mentions growth in user transaction volume, network capacity, as well as network security, which the authors took as an improvement coming from the evolution of the…

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