This guest post is written by Voyager, a crypto brokerage firm with a commission-free trading app.
This week, Bitcoin (BTC) continued its downward trend, hitting a 7-month low of $6,498.41 Wednesday. Just hours later, BTC spiked nearly 14% to $7,447, before finding stability and is currently trading at more than $7,500.
Some are blaming Bitcoin’s flash crash on reports that many mining pools are unprofitable or barely breaking even. According to CoinShares, the average cost to mine a Bitcoin is $6,300, sometimes more or less expensive, depending on the efficiency of mining equipment and the country’s energy costs.
The good news? As Bitcoin approached $6,300, it quickly rebounded back above $7,000, leading experts to believe that it’s unlikely to drop below its profitability-level.
Despite the crypto market’s recent volatility, Bitcoin claimed the title of “Best Investment of the Decade.” According to CNN, if you invested $1 in Bitcoin in January 2010, it would now be worth roughly $90,000.
In comparison, a $1 investment in Gold, the commodity Bitcoin is most often compared to, would only be worth about $1.34 today. The stock market yielded slightly better results, with a $1 investment growing to $3.46 over the last decade. Still, no other investment came close to Bitcoin’s 8,999,900% ROI.
This year alone, Bitcoin is up close to 100%, with a halving on the horizon. Historically, halving events, a rule in Bitcoin’s code that reduces miners’ rewards by half, has resulted in exponential growth.
Will the 2020 halving send Bitcoin to the moon? What’s in store for crypto over the next decade? Make your prediction on Twitter!
Heard of bitcoin’s ‘halving’? It’s set to shake crypto markets in 2020
If you’re not a bitcoin enthusiast, you probably haven’t heard what’s happening next year: It’s called the “halving,” and it will cut production of the cryptocurrency by 50%. Read more
Congress Considers Federal Crypto Regulators In New Cryptocurrency Act Of 2020
As Congress prepares to recess for the holidays, it is a fitting end to 2019, notably marked by the reaction of U.S. lawmakers to the introduction of Project Libra by Facebook, that a bill has surfaced that would provide a sweeping regulatory framework for digital assets including cryptocurrencies. Read more
SBI Partners with Stock Exchange Boerse Stuttgart to drive Crypto adoptions
Japanese financial services giant SBI has partnered with Germany’s second-largest stock exchange Boerse Stuttgart Group to promote the adoption of digital assets. Read more
Iran President: We Need a Muslim Cryptocurrency to Fight the US Dollar
Iranian President Hassan Rouhani says the Muslim world needs its own cryptocurrency to fight American economic domination in international trade and cut reliance on the dollar, AP reported. Read more.
What we got right (and wrong) about crypto in 2019
Nearly one year ago, I shared a handful of predictions about cryptocurrency’s prospects in 2019. At the time, I mostly focused on crypto-linked financial products, including the long-awaited bitcoin ETF. But while the majority of my predictions about the financialization of crypto came true, there’s one notable story my crystal ball didn’t reveal: the growing role of large social media players. Read more.
A Whale Just Sold $10 Million Worth of Bitcoin and the Market Isn’t Dumping
An unknown investor sold more than $10 million worth of bitcoin at the price of $7.125 on BitMEX, the biggest cryptocurrency margin trading platform. Read more.
Charlie Shrem: What I Still Love About Crypto
Shrem earned his reputation, fortune and rap-sheet as the founder and CEO of one of the first bitcoin exchanges, BitInstant. In his early 20s, Shrem became a crypto celebrity. He traveled the world as a founder of the Bitcoin Foundation, and shored-up his nightlife by investing in EVR, the first bar to accept bitcoin in New York City. Read more
The crypto whiz kid who bailed on a $4.6 million lunch with Warren Buffett pledged $1 million to support Greta Thunberg
Tron and BitTorrent CEO Justin Sun — who postponed three days before his charity meal with the famed investor, sparking conspiracies he was in trouble with the Chinese government — said he was inspired by the 16-year-old activist’s efforts to sound the alarm on rising global temperatures. Read more
Teen crook hacked into 75 phones and stole $1M in cryptocurrency: authorities
An alleged teen crook stole the identities of 75 people and swiped $1 million in cryptocurrency — all from the comfort of his Brooklyn apartment, authorities said. Read more
The original Voyager post can be found here. You can earn $25 in BTC by signing up for the Voyager app and trading $100 (or use code SLUDGE25).
