Tags in this story
bitcoin crash, gold crash, inflation, Iran, market crash, middle class, Mt Gox, predictions, robert kiyosaki, Russia, Russia gas cartel, Russia precious metals, dormant bitcoins, stock crash, stocks, Todd ‘Bubba’ Horwitz, whale
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 dire warning about the US economy and a major market crash that could cause a “50 to 60 percent haircut” in stocks. Furthermore, the Russian government is reportedly taking steps to create a global gas cartel with Iran. These stories, as well as the latest Robert Kiyosaki market predictions, and the news of a whale spending 10,000 bitcoins likely related to the 2011 Mt Gox hack, are just below.
Market Strategist Expects Stock Market to Fall 50% From Here, Says There Will Be No Middle Class Again
After Jerome Powell’s hawkish comments at the annual Jackson Hole Economic Symposium, major stock indexes, cryptocurrencies and precious metals fell significantly in value. Over $240 billion was wiped from the crypto market and the Crypto Fear and Greed Index continues to slide downward, heading toward “extreme fear.” Furthermore, the chief strategist at bubbatrading.com, Todd ‘Bubba’ Horwitz, explains that the Federal Reserve raising interest rates during a recession will destroy what is left of America’s middle class.
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Robert Kiyosaki Says Real Estate, Stocks, Gold, Silver and Bitcoin Markets Crashing – ‘Millions Will Be Wiped Out’
The well-known author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned that all markets will crash, 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: “The crash is here. Millions will be wiped out.”
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Report claims Russia and Iran plan to establish a global gas cartel, Moscow to launch its own precious metals exchange
Following Russian President Vladimir Putin’s statements in late June indicating that members of the BRICS nations have formalized plans to create a new “international reserve currency”, Russia is reportedly building the foundations for a global gas cartel with Iran. Financial journalist and best-selling author Simon Watkins claims “the alliance aims to control as much of the two key elements of the global supply matrix as possible.” At the same time, Russia intends to create a precious metals exchange called Moscow World Standard (MWS).
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Whale spends 10,000 BTC worth $203 million, Bitcoins originated from the infamous Mt Gox hack in 2011
Within two days, bitcoin’s price fell to new lows in August when it fell below the $20,000 per unit region for the first time since mid-July. During that time, two addresses created on December 19, 2013 sent 10,000 bitcoins worth $203 million to unknown wallets after sitting dormant for nearly nine years. Onchain data shows that the 10,000 coins moved this week originally came from the Mt Gox breach that occurred on June 19, 2011.
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What are your thoughts on this week’s stories? Are the dire market predictions accurate? 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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