Calm before the storm? Analyst says $20,000 Bitcoin is possible in three months..
One week in review:
Oct. 12–18 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Calm before the storm? Analyst says $20,000 Bitcoin is possible in three months | | | Bitcoin volatility has fallen to a 16-month low, indicating that a sharp move is on the horizon. Large fluctuations tend to follow prolonged periods of consolidation, and according to a Bitazu Capital founding partner, Mohit Sorout, BTC could reach its previous all-time high if it was to break out today. | | | There are other factors at play. The U.S. dollar has been weak recently, and traditionally, this leads to strength across other "safe haven" assets. Bitcoin exchange reserves have also continued to plummet, indicating there's a shortage of sellers… or a lack of trust in centralized platforms. | | #2. BTC and OKB plunge after OKEx suspends withdrawals | | | OKEx, a major crypto exchange, spooked the markets this week by announcing that it had suspended withdrawals. The company said one of its private key holders was "cooperating with a public security bureau" concerning ongoing "investigations." | | | In the immediate aftermath of Friday's statement, Bitcoin fell nearly 3%, while OKEx's native token, OKB, crashed 15%. According to Caixin, OKEx founder Mingxing Xu — also known as Star Xu — was the executive who was questioned by authorities. The Chinese news agency also reported that he was investigated "at least a week ago" and had been absent at work for some time. | | #3. Following whipsaw launch, Filecoin looks to weeklong conference for stability | | | It's been a wild ride for the FIL token following Filecoin's long-awaited launch. FIL initially rocketed by 118% before plunging by 80% as the cryptocurrency was listed on major exchanges — three years after the project's ICO was held. | | | Now, the blockchain-based data storage platform is hoping to right the ship through a weeklong digital conference that begins on Oct. 19. Despite the recent plunge in FIL's value, the Filecoin team remains optimistic about the project's future prospects: "This is only the beginning for the Filecoin network." | | #4. Prediction of the Week Could there be a massive Bitcoin shortage? | | | Rapid growth of institutional investments in crypto has prompted 10T Holdings co-founder Dan Tapiero to warn that shortages of Bitcoin could be on the horizon. He warned: "SHORTAGES of Bitcoin possible. Barry's Grayscale Trust is eating up BTC like there is no tomorrow. If 77% of all newly mined turns into 110%, it's lights out. Non-miner supply will get held off market in squeeze. Shorts will be dead. Price can go to any number." | | | Institutional demand surged rapidly after March when Bitcoin suffered one of its steepest falls in recent history. This indicates that big players see staying power in the world's biggest cryptocurrency. | | #5. FUD of the Week G7 will oppose Libra launch until regulations in place | | | The G7 has warned that it will initially oppose the launch of Facebook's Libra project. The statement was co-authored by central bankers and finance ministers from the United States, Canada, Japan, Germany, France, Italy and the United Kingdom. | | | The G7 has previously raised concerns over how to ensure digital assets comply with Anti-Money Laundering laws, consumer protection rules and other regulatory matters. Last October, one of its reports also warned that global stablecoins pose a threat to the global financial system. | | #6. FUD of the Week Deadline for Mt. Gox trustee rehabilitation plan extended again | | | The trustee of the now-defunct Japanese cryptocurrency exchange Mt. Gox has obtained another approval to extend the deadline for submitting a rehabilitation plan — this time to Dec. 15. The Mt. Gox crypto exchange is known for encountering the largest cryptocurrency hack in history. The exchange lost a total of 1.35 million Bitcoin in two hacks in 2011 and 2014. | | | Despite the hacks happening years ago, Mt. Gox customers have still not received compensation for their stolen funds. Kobayashi, a Japanese lawyer who was appointed to oversee the civil reimbursement process, reportedly has 150,000 BTC to repay users, but the refund process has been delayed multiple times since 2019. | | Feel free to explore the most important news with Hodler's Digest:
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