“When will Bitcoin stop?” This is the question on just about everyone’s lips in the crypto world today. Fears are growing of a burst in the Bitcoin bubble, as the price of the golden boy of the crypto world has been going up the past couple of weeks and it does not seem as if it will slow down any time soon.
Talks of a Bitcoin bubble that could burst has been doing the rounds for ages. Robert Shiller, a Nobel prize winning economist spoke to The Times about this and said that a crash is imminent since Bitcoin has done so in the past and will most likely do it again. He also said the increase could be due to Bitcoin’s attractiveness to new investors, as it holds the promise of huge gains quickly. He also said Bitcoin’s new technology is ‘not totally crazy.’
Amidst Bitcoin being worth a total of $270 billion or £200billion this week, NiceHash was hacked and supposedly more than 4 700 Bitcoins or $64 million worth of Bitcoin were stolen. NiceHash, a Slovenian Cryptocurrency mining marketplace told clients to change their password and has reported the incident to relevant authorities. Apparently, a lot of Bitcoin owners have been complaining about NiceHash’s wallet on social media for some time.
This weekend all eyes will be on the Bitcoin chart in anticipation of the release of the CME Group’s Bitcoin future report. It has been named as one of the contribution factors to the sharp increase in the Bitcoin price of the past week. The Bitcoin futures report or Cboe Futures Exchange by Cboe Global Markets Inc, looks at the future price of Bitcoin. Investors can then take a speculative short and long-term position and place their bets.
Meanwhile, the Futures industry Association issued a letter to the US Commodity Futures Trading Commission asking additional protection against Bitcoin’s so-called high volatility, as well as the element of spot market manipulation.
Meanwhile, alt coins have been bleeding and various investors have pulled out of alt coins to put their money in Bitcoin with the hopes of making better gains.
Currently the price of Bitcoin is at $15 127.79.