In this week’s Bitcoin.com News Week in Review, a market strategist issued a dire warning about the US economy and a major market crash that could cause a “50 to 60 percent haircut” in stocks. Moreover, the Russian government is said to be taking steps to create a global gas cartel with Iran. These stories, as well as Robert Kiyosaki’s latest market forecast, and news of a whale spending 10,000 bitcoins potentially related to the 2011 Mt Gox hack, are just below.
A market strategist expects the stock market to drop 50% from here, and says there will be no middle class left
After Jerome Powell’s hawkish comment at the annual Jackson Hole Economic Symposium, major stock indices, cryptocurrencies, and precious metals have all plummeted. More than $240 billion has been wiped out from the cryptocurrency market and the Crypto Fear and Greed Index continues to decline, heading for “extreme fear.” Moreover, bubbatrading.com’s chief strategist, Todd “Bubba” Horowitz, explains that raising interest rates during a recession will wreak havoc on what’s left of America’s middle class.
Robert Kiyosaki says real estate, stock, gold, silver and Bitcoin markets are crashing – ‘Millions will be wiped out’
The famous author of the bestselling Rich Dad Poor Dad book, Robert Kiyosaki, warned that all markets are collapsing, specifically naming real estate, stocks, gold, silver and bitcoin. Referring to his earlier predictions of a crash greater than during the 2008 financial crisis, Kiyosaki said, “This crash is here. Millions will be wiped out.”
The report claims that Russia and Iran are planning to create a global gas cartel, and Moscow to launch its own precious metals exchange
After Russian President Vladimir Putin’s statements at the end of June that BRICS members had drawn up formal plans to create a new “international reserve currency,” Russia is said to be building the foundations of a global gas cartel with Iran. Financial journalist and best-selling author Simon Watkins claims that “the alliance aims to control as much of the two key components of the global supply matrix as possible.” At the same time, Russia intends to create an exchange for precious metals called the Moscow World Standard (MWS).
A whale spends 10,000 BTC $203 million worth of bitcoins from the popular 2011 Mt Gox hack
Within two days, the price of bitcoin fell to new lows in August as it fell below $20,000 per unit area for the first time since mid-July. During that time, two addresses created on December 19, 2013, sent 10,000 bitcoins worth $203 million to unknown wallets after lying idle for nearly nine years. Onchain data shows that 10,000 coins moved this week originally came from the Mt Gox hack that occurred on June 19, 2011.
What do you think of this week’s stories? Are dire market predictions accurate? Will crypto and other assets help the so-called middle class weather the storm? Be sure to tell us what you think in the comments section below.
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