Connect with us

Bitcoin

Mt.Gox refunds to creditors could collapse the Bitcoin price

Published

on

Bitcoin price

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.

Check out the latest video from our Editor-In-Chief, on the Crypto Rich show!

For the latest cryptocurrency news, join our Telegram!

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

Is Bitcoin Esport Betting the next big thing in BTC Casinos?

Published

on

Bitcoin Casinos

Ever since the creation of the first sport games, people started enjoying the betting process. As the sports grew more popular around the world, so did the betting community and other than the physical betting shops, online sportsbooks have also started to emerge. Around 5 years ago the crypto gambling industry also made strides to join the fun and Bitcoin Casino started pouring its resources into providing proper sportsbook experience for their communities of players. For several years the things were steady and the concept of Bitcoin Betting was growing exponentially. Although recent events have significantly halted the progress of sports and betting, the new alternative started gaining traction in the gambling world, and that alternative was the Esport Betting. 

How did Esport Betting become so popular?

The beginning of 2020 was unprecedented for the history of mankind and all the global business, including the gambling industry. In the month of March, most of the sports stopped because of the ongoing global Covid-19 pandemic and betting services witnessed huge losses. That’s where the Bitcoin Casino industry found a viable alternative in the virtual sport segment. Because of that, Esport Betting has become increasingly more popular and the biggest BTC Casinos started providing a huge selection of tournaments in their sportsbook section.

How to participate in Esport Betting?

Esport Betting is basically the same process as the usual sports betting.…

Continue Reading

Bitcoin

Bitcoin is Steadily Changing Our Lives in the Greatest Ways Possible

Published

on

Bitcoin

Bitcoin has already brought our world some of the most incredible innovation we have seen, but the best is yet to come. 

Bitcoin, cryptocurrencies, blockchain. While often regarded as mere industry buzzwords are actually the fundamentals of something far greater. Things like borderless currency, decentralized business, open-source software, collaborative technology, shared computing. These are just a scant few of the underlying principles that are taking our technology and daily lives into the future. Should these sciences be embraced, it will be a bright future indeed. 

It has become ever more transparent that humans today are living in fear. If nothing else, 2020 has brought the tidal wave of anxiety and distrust that many live in the shadow of, to a terrifying apex. We are all just waiting for the crash. While some flock to literature, or social media, or their favored news outlet, others flock to exchanges. Using platforms like the newbie friendly Bitvavo to place their bets on the future, on what could be, and what already largely is. Bitcoin and the technology that underpins its innermost workings are a preparation for a better tomorrow. An investment in a future that is already changing our lives today. 

The Point Behind the Hype 

In 2008, when Satoshi Nakamoto wrote the bitcoin white paper, few paid attention. It took years to…

Continue Reading

Bitcoin

AAX Crypto Exchange Announces Massive Growth Numbers in August

Published

on

AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

Continue Reading

Press Release