Money Bitcoin whipsaws investors as 'mother of all bubbles' shows signs of bursting

04:16  05 february  2018
04:16  05 february  2018 Source:   brisbanetimes.com.au

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Bitcoin whipsawed investors , falling below $US8,000 for the first time since November before recovering most of Friday's losses, as a miserable 2018 continued for cryptocurrencies, with investors confronting a mounting list of "Dr Doom" Nouriel Roubini: Bitcoin is the " mother of all bubbles ".

Sign up to create alerts for Instruments, Economic Events and content by followed authors. Nouriel Roubini of Roubini Macro Associates said Bitcoin is the “ mother of all bubbles ,” and its bubble is now bursting , speaking in an interview on Bloomberg Television.

© Bloomberg "Dr Doom" Nouriel Roubini: Bitcoin is the "mother of all bubbles".

Bitcoin whipsawed investors, falling below $US8,000 for the first time since November before recovering most of Friday's losses, as a miserable 2018 continued for cryptocurrencies, with investors confronting a mounting list of concerns about the future of the industry.

Since reaching a record high of $US19,511 on December 18 shortly after the introduction of regulated futures contracts in the US, Bitcoin has wiped out more than half its value amid waves of negative news.

Setbacks included escalating regulatory threats from authorities around the world including India, South Korea, China and the US, a record $US500 million heist at Japanese exchange Coincheck, fears of price manipulation and Facebook's ban on cryptocurrency ads.

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  This 19-year-old bitcoin millionaire is travelling the world recruiting an A-team to build an alternative to the 'corrupt' world of cryptocurrency 19-year-old Erik Finman became a bitcoin millionaire last year, and now holds multiple millions worth of cryptocurrency. Now, thanks to the recent surge in the cryptocurrency markets, Finman's personal bitcoin hoard is worth about $US4 million, even after the slump of the last few weeks. And he's diversified into other cryptocurrencies, as well as more traditional investment vehicles - he's even started a 401(k) retirement account.

Bitcoin whipsawed investors , falling below $US8,000 for the first time since November before recovering most of Friday's losses, as a Roubini said Bitcoin is the "biggest bubble in human history" and this " mother of all bubbles " is finally crashing, in an interview on Bloomberg Television.

Bitcoin Whipsaws Investors as Bubble Shows Signs of Bursting Further read (Est. read time: 8 mins).

Japanese authorities raided Coincheck's offices on Friday morning, a week after the robbery, hauling out documents and computers as evidence. The inspection was conducted to ensure security for users, Finance Minister Taro Aso said.

A collection of bitcoin tokens: The miserable year for cryptocurrencies continues.© Bloomberg A collection of bitcoin tokens: The miserable year for cryptocurrencies continues. "Bitcoin is in trouble," Lukman Otunuga, a research analyst at foreign exchange broker Forextime, wrote in a note Friday. "Price action suggests that bears are clearly in control, with further losses on the cards as jitters over regulation erode investor appetite further."

The largest digital currency dropped as much as 16 per cent to $US7,643, before trading at $US8,804.76 as of 10:45am Saturday AEST, according to Coindesk. Bitcoin is down 21 per cent on the week. Rival coins Ripple, Ether and Litecoin tumbled at least 28 per cent as losses continued to spread across cryptocurrencies.

Coincheck hacked in 'world's biggest cryptocurrency theft'

  Coincheck hacked in 'world's biggest cryptocurrency theft' <p>One of Japan's largest digital currency exchanges says it is going to repay hundreds of millions of dollars worth of virtual money after hackers broke into its network.</p>On Friday Coincheck exchange said on its website it had halted sales and withdrawals of a cryptocurrency called NEM after hackers stole a reported 58 billion yen ($660 million).

Nouriel Roubini of Roubini Macro Associates said Bitcoin is the “ mother of all bubbles ,” and its bubble is now bursting , speaking in an interview on Bloomberg Television. He said “virtually every” Group of.

Global Risk Briefing. All Signs Point to Big Democratic Wins in 2018. Nouriel Roubini of Roubini Macro Associates said Bitcoin is the “ mother of all bubbles ,” and its bubble is now bursting , speaking in an interview on Bloomberg Television.

Nouriel Roubini of Roubini Macro Associates, the high-profile economist dubbed "Mr Doom", wasn't mincing his words when it comes to the crypto boom and bust.

Roubini said Bitcoin is the "biggest bubble in human history" and this "mother of all bubbles" is finally crashing, in an interview on Bloomberg Television.

And it isn't just Bitcoin, Roubini added. There are more than 1,300 cryptocurrencies or initial coin offerings, and "most of them are even worse" than the largest digital token. These constitute a "a bubble to the power of two or three," he said.

He said "virtually every" Group of 20 country is talking about cracking down on the phenomenon as policymaker worries grow.

Blockchain has "been around for 10 years, and the only application is cryptocurrencies, which is a scam," the New York University economist added.

Bloomberg

Meet the richest bitcoin and crypto-billionaires who are worth more than $17 billion combined .
Forbes released its first-ever list of the richest billionaires in bitcoin and cryptocurrency on Wednesday. The majority of the list are the founders and CEOs of the biggest companies in blockchain technology. The people on the list are worth more than $US17 billion and as much as $US24 billion, though that number fluctuates daily with price swings in the crypto market.The life of a bitcoin and crypto-billionaire is stressful.

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