logo logo

The next-generation financial news, and trading signals for you to start driving your FOMO today!


FREE trading signals

Get free daily crypto signals to make profitable trades every day!

View fresh signals


Peter Davis

An writer at FOMOdrive

  • Aug 28, 2023
  • 3 min read

Bloomberg warns of a "Great Depression" for Bitcoin

According to Bloomberg, Bitcoin could be headed for a repeat of the Great Depression.

The daily BTC chart's RSI has dropped below 20 pips for the first time since March of 2020.

The third largest holder of bitcoins is now the enigmatic bitcoin wallet.

The official website of the Terra ecosystem was hacked by hackers.

The USDC stablecoin governance scheme is being altered by Coinbase and Circle.

The U.S. Securities and Exchange Commission (SEC) imposed a fine of $1 million on investment firm Titan Crypto Capital Management for making false statements and withholding information.

Circle will now be the only issuer of USDC stablecoin, while Coinbase will be given a share in the issuing company. The Center consortium, which was responsible for the issuance and management of the stablecoin, will be dissolved as a result of this change in governance scheme.

The official website of the Terra ecosystem has been infiltrated by hackers, who are using it to carry out phishing attacks on users of the platform.

Nikesh Arora, CEO of Palo Alto Networks, has stated that the crypto industry requires modernized cybersecurity systems to guard against increasingly swift and complex hacker assaults.

Threatening to block Facebook, the Thai authorities have cited the large number of ads for fraudulent cryptocurrency projects as the reason.

In one of the provinces of South Korea, the authorities have conducted a record seizure of cryptocurrency assets as part of their efforts to investigate tax offenses and strengthen oversight of the crypto market.

In a mere three and a half months, the Gemini exchange's unknown bitcoin wallet has become the third largest holder of the world's first cryptocurrency, amassing a total of 118,000 BTC, as reported by BitInfoCharts. This was confirmed by crypto journalist Colin Wu.

If the value of Bitcoin drops by more than 20%, Bitmain, a mining equipment manufacturer, will provide compensation to its clients. This compensation will be added to the client's account balance and can be used to purchase any of the company's products.

A confidential asset exchange feature has been incorporated into the Elusiv application on the Solana network by the developers. This new solution enables users to exchange tokens without revealing any information about their public wallet address on the blockchain.

CoinDesk reported that the Relative Strength Index (RSI) oscillator on the daily chart of bitcoin dropped below 20 points for the first time since March 2020, indicating a strong oversold condition of the asset. Subsequently, the leading cryptocurrency rapidly declined below $4,000 due to the COVID-19 pandemic.

Mike McGlone, a strategist from Bloomberg, likened bitcoin to the US stock market prior to the Great Depression and cautioned that a steep decline in the asset is still to come. He stated that as long as high-yield US government bonds remain in demand, BTC will remain under intense pressure.

Share this article