In this week’s Bitcoin.com News Week in Review, one market strategist issues a dire warning about the U.S. economy and a large market crash that could cause a “50 to 60 percent haircut” in stocks. According to reports, Russia is moving towards a gas cartel agreement with Iran. You can find these stories as well as Robert Kiyosaki’s latest market predictions and the news that a whale spent 10,000 bitcoins, likely in connection to the hack of Mt Gox 2011.
Market Strategist Expects Stock Market to Drop 50% From Here, Says There’s ‘Going to Be No Middle Class Left’
Following Jerome Powell’s hawkish commentary at the annual Jackson Hole Economic Symposium, major stock indexes, cryptocurrencies, and precious metals slid significantly in value. Over $240 billion was erased from the crypto market and the Crypto Fear and Greed Index continues to slide lower, edging toward “extreme fear.” Furthermore, the chief strategist at bubbatrading.com, Todd ‘Bubba’ Horwitz, explains that the Federal Reserve raising rates during a recession will wreak havoc on what’s left of America’s middle class.
Robert Kiyosaki Says Real Estate, Stocks, Gold, Silver, Bitcoin Markets Are Crashing — ‘Millions Will Be Wiped Out’
Robert Kiyosaki (the famous author Rich Dad Poor Dad), has predicted that all market sectors are in danger. Referencing his earlier prediction of a bigger crash than during the 2008 financial crisis, Kiyosaki said: “That crash is here. Millions will be wiped out.”
Russia and Iran to Form a Global Gas Cartel. Moscow will launch its Precious Metals Exchange.
Following Russian president Vladimir Putin’s statements at the end of June that indicated members of the BRICS nations have formalized plans to create a new “international reserve currency,” Russia is reportedly building the foundations of 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 in the global supply matrix as possible.” At the same time, Russia intends to create a precious metals exchange called the Moscow World Standard (MWS).
Whale spends $10,000 BTC worth $203M; Bitcoins are derived from the famous 2011 Mt Gox hack
In two days’ time, bitcoin’s price dropped to fresh August lows as it dipped below the $20K per unit region for the first time since mid-July. Two addresses were created December 19th, 2013, and sent 10,000 bitcoin to unidentified wallets for $203 million. These funds had been sitting inactive for nearly nine years. According to Onchain data, the original source of the 10,000 bitcoins moved this week was the Mt Gox hack that took place on June 19, 2011.
What are your thoughts on this week’s stories? Is it accurate to predict the worst? Are crypto assets and other assets going to help the middle class weather this storm? We would love to hear your opinions in the comments below.
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