Top Five Stories from The Last Week
Bitcoin Price 'Extremely Bullish' Again After 20% Pump to Over $11,000
What happened?
True to form, Bitcoin took markets and the media by surprise when prices leapt by more than 20% in 24 hours. Prices against the dollar had dwindled to as low as $9,688 earlier in the week — but by Wednesday, they surged back to highs of $11,525, hitting $12,025 on Thursday. Momentum had waned by Friday, with the market testing support for $11,000.
What did experts say?
The bounce-back left naysayers red-faced, and just a few hours before BTC returned to green territory, Forbes had claimed the "Bitcoin bubble" had burst. Crypto trader Josh Rager said the recovery makes Bitcoin's prices look "extremely bullish."
But with BTC continuing to enjoy market dominance of more than 60%, there are worries that Ether and altcoins could suffer.
Read more here.
Pompliano 75% Confident Bitcoin Price Will Be $100,000 by End of 2021
What is this all about?
This week's prediction comes from Anthony "Pomp" Pompliano, the co-founder of crypto asset management firm Morgan Creek Digital Assets. He believes BTC has the potential to reach dizzying heights of $100,000 by the end of 2021.
What does he base this on?
Pomp says that the halvening in May 2020 — when mining rewards are going to be reduced by half — will be one of the biggest drivers of continued price appreciation.
With trading volumes reaching record highs, and BTC starting to be recognized as a safe haven asset amid a climate of global instability, Pomp's view is that "time is bitcoin's greatest advocate."
Read more here.
Monero Discloses Bug Allowing XMR to Be Stolen From Exchanges
What happened?
The privacy-focused altcoin raised eyebrows this week when it disclosed a series of security vulnerabilities, and one of them could have left crypto platforms seriously out of pocket.
What is the threat?
The flaw would have enabled fraudsters to trick any exchange into thinking they had deposited a huge sum of XMR — and from there, they would have the freedom to convert it into other coins and make withdrawals.This vulnerability and seven others were flagged a few months ago, with Monero disclosing them in quick succession on Wednesday.
Read more here.
US Congress Requests Moratorium on Facebook's Libra Stablecoin
What is this all about?
On Tuesday, lawmakers from the United States House of Representatives Committee on Financial Services urged the social network to stop development of the stablecoin immediately.
What is the committee worrying about?
It warned that the project could lead to an "entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy" — and even claimed it could have ramifications for national security, privacy and the world's economic stability.
Read more here.
'I Guess I'll Have to Hodl It' — Peter Schiff Admits to Having Bitcoin
What is this all about?
Veteran gold bug and Bitcoin skeptic Peter Schiff has accepted the delivery of $1,350 worth of cryptocurrency as donations from the industry and Anthony Pompliano personally.
How did he respond?
The SchiffGold CEO thanked Pompliano and others when his balance still totalled just $130, saying, "I guess I'll have to hodl it and go down with the ship." Those comments ran in stark contrast to his infamous recent exchanges with bitcoiners and an appearance on a live debate with 'The Bitcoin Standard' author, Saifedean Ammous. Details here.
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