Today's Crypto Updates:
- Bitcoin Foundation’s Llew Claasen Says Bitcoin Will Hit $40,000, 90% Of Altcoins Will Fail
- Crypto Markets Continue Experiencing Slight Growth, Bitcoin Passes $10k
- Accidental Charges Lead To Coinbase Users Losing Thousands Of Dollars, Refunds Promised
- Research Shows British Companies Are Diversifying Crypto Stockpiles, No Longer BTC-Focused
Summary Of Today's News:
Bitcoin predicted to hit $40,000. Markets continue to show slow and steady growth. Coinbase accidentally withdraws thousands of dollars from some users accounts. British Companies are investing in altcoins. Read all about it below!
1. Bitcoin Foundation’s Llew Claasen Says Bitcoin Will Hit $40,000, 90% Of Altcoins Will Fail
Source: https://cointelegraph.com/news/crypto-markets-continue-experiencing-slight-growth-bitcoin-passes-10k
Key Highlights:
"Llew Claasen predicted that the price of Bitcoin will hit $40,000 by the end of 2018, while 90% of all other cryptocurrency projects will fail"
"Only a month and a half into 2018, five major Initial Coin Offering (ICO) and cryptocurrency scams have already been discovered, including the notorious case of Bitconnect."
Crypto Phil's Take:
I think every one of us wants Bitcoin to succeed long term. It will be good for all cryptocurrencies if the price hits $40,000. At the same time, I agree that most altcoins are destined for failure. The key takeaway is to do your own research before putting money into any coin. Don't just blindly invest.
2. Crypto Markets Continue Experiencing Slight Growth, Bitcoin Passes $10k
Source: https://www.coindesk.com/surging-litecoin-is-leading-the-crypto-market-recovery/
Key Highlights:
"The crypto markets continue to experience a mood of slight growth this week, with Bitcoin (BTC)’s price today climbing above the $10,000 mark and the top ten altcoins on CoinMarketCap following by being uniformly in the green."
"Since the market dip in late January and another dip in early February, the overall crypto market cap is showing a slow rise, with total market cap is around $470 bln by press time."
Crypto Phil's Take:
The market is slowly starting to recover. I still think we may have at least a few weeks or months until we start even getting close to previous all time highs. But it's a step in the right direction!
A nice week for Bitcoin
3. Accidental Charges Lead To Coinbase Users Losing Thousands Of Dollars, Refunds Promised
Key Highlights:
"Crypto wallet and exchange Coinbase has admitted that some customers were erroneously overcharged for credit and debit purchases of crypto, and promises to reimburse all affected customers in full"
"According to Coinbase, the problem was initiated when banks and card issuers changed the merchant category code (MCC) for crypto purchases earlier this month"
Crypto Phil's Take:
When I first saw user reports of this, I got a little scared that Coinbase may have been hacked. Phew! Thank god that's not the case because you can guarantee the market would have plummeted HARD after that. Luckily the issue appears to be technical in nature.
4. Research Shows British Companies Are Diversifying Crypto Stockpiles, No Longer BTC-Focused
Key Highlights:
"Technology services company Citrix has commissioned a One Poll study that shows that 50 percent of British business are stockpiling cryptocurrencies, but only 7 percent invest in Bitcoin (BTC) exclusively"
"The study surveyed 750 “IT decision makers” in British business that had 250 or more people on staff. These businesses surveyed reported an average of owning 24 BTC, which equals around $230,000"
Crypto Phil's Take:
Big surprise? Bitcoin is no longer the only game in town. Once you dip your toe in the cryptocurrency waters, it's very tempting to start looking into other coins which have even potentially higher returns.