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Mt.Gox refunds to creditors could collapse the 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

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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