Bitcoin.com News Week in Review – The Weekly Bitcoin News
In this week’s Bitcoin.com News Week in Review, a market strategist issues a stark warning about the US economy and a major stock market crash that could lead to a “50-60% haircut” in stocks. Furthermore, the Russian government is reportedly taking steps to create a global gas cartel with Iran. These stories, along with Robert Kiyosaki’s latest market forecast and news of a whale spending 10,000 bitcoins possibly related to the 2011 Mt Gox hack, are just below.
Market strategist expects stock market to fall 50% from here, says ‘no middle class left’
Following Jerome Powell’s hawkish comment at the annual Jackson Hole Economics Symposium, major stock indices, cryptocurrencies and precious metals fell significantly in value. Over $240 billion has been wiped from the crypto market and the Crypto Fear and Greed Index continues to drop, approaching “extreme fear”. Additionally, bubbatrading.com chief strategist Todd ‘Bubba’ Horwitz explains that raising Federal Reserve rates during a recession will wreak havoc on what remains of America’s middle class.
Robert Kiyosaki Says Real Estate, Stocks, Gold, Silver and Bitcoin Markets Are Collapsing – “Millions Will Be Wiped Out”
The famous author of the bestselling book Rich Dad Poor Dad, Robert Kiyosaki, has warned that all markets are collapsing, specifically naming real estate, stocks, gold, silver and bitcoin. Referring to his earlier prediction of a bigger crash than the 2008 financial crisis, Kiyosaki said, “That crash is here. Millions will be wiped out.
Report claims that Russia and Iran plan to establish a global gas cartel and that Moscow will launch its own precious metals exchange
Following Russian President Vladimir Putin’s statements at the end of June that members of the BRICS countries have formalized their plans to create a new “international reserve currency”, Russia is said to be laying the groundwork for a cartel gas market with Iran. Financial journalist and best-selling author Simon Watkins says “the alliance aims to control the two key elements of the global supply matrix as much as possible.” At the same time, Russia intends to create a precious metals exchange called Moscow World Standard (MWS).
Whale spends 10,000 BTC worth $203 million, bitcoins originated from infamous 2011 Mt Gox hack
Within two days, the price of bitcoin fell to new lows in August as it fell below $20,000 per unit for the first time since mid-July. Meanwhile, two addresses created on December 19, 2013 sent 10,000 bitcoins worth $203 million to unknown wallets after sitting idle for nearly nine years. Data from Onchain shows that the 10,000 coins moved this week originally came from the Mt Gox breach that occurred on June 19, 2011.
What do you think of this week’s stories? Are the dire market predictions correct? Will crypto and other assets help the so-called middle class weather the storm? Be sure to let us know what you think in the comments section below.
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