$9 Billion of Bitcoin: Could There Be Major Mt. Gox Developments on November 20th? — VAULT Cryptocurrency Blockchain News #31
Could an event that happened in 2014 have a dramatic effect on Bitcoin today? Is there a potential to see a massive dump in the price of Bitcoin and all other cryptocurrencies that use Bitcoin as their main trading pair on exchanges?
In 2014, the biggest Bitcoin exchange was Mt. Gox. Based in Tokyo, the exchange suspended all trading and went offline in February 2014. With the shutdown of the exchange, there was a loss of 850,000 Bitcoin with a value at the time of $500 million.
On October 20th, news broke that a settlement had been reached for distribution of around 150,000 BTC that had been recovered from the original lost funds.
The settlement should be finalized on November 20th and funds should be made available to creditors at that time.
Will these creditors that receive their Bitcoin HODL, or will they dump their Bitcoin and take profits? The current value of the funds is close to $9 billion. What would happen to Bitcoin and the overall cryptocurrency market if $9 billion of Bitcoin were to be dumped on the market? Would Michael Saylor, Elon Musk and others scoop it up to HODL?
It should be an interesting week. The recent rejection of the Van Eck ETF for spot BTC trading added to the Mt. Gox news might have you shorting your Bitcoin. Just remember that whales often steer you in one direction and then move the market in the other to liquidate all the masses who are following the crowd.
VAULT Crypto News This Week
VAULT team has big developments in the works with major announcements to be released soon.
Have you heard of Stronghold Diamond Hands?
Have you heard of CRYO-Investing?
A new whitepaper may be released soon to fill you in on these new features.
VAULT Coin’s Market Performance This Week
We finished out the week at $6.80, which is up from last week’s price of $6.62. We had a high of $7.40 on Monday, and our low for the week was $6.55 on Sunday.
We saw an average of $1,233.36 traded daily. This maintains us above the $1,000 daily level and is below last week’s number of $1,508.99.
The Minimum Guaranteed Price https://vaultility.vault.investments/ buy wall of 722.59 VAULT at 10,500 Satoshi was maintained on SouthXchange.
The current price average on all exchanges is 10,500 Satoshi (0.00010500 BTC).
In addition to the platform, products, use and demand, VAULT continues to benefit greatly from being tied to and backed by Bitcoin. This week BTC had a nice increase of 6.0%.
Bitcoin (BTC) Update
In case you were sleeping this week, the big news was that Bitcoin officially hit a new all-time high.
Mastercard is also going to allow customers in Asia to pay for regular purchases in Bitcoin.
Why would you want to buy toothpaste with Bitcoin when the dollar continues to lose value? However, as more people use Bitcoin for purchases, this can help support BTC price.
Year to date, Bitcoin is up 298.8%.
Many people have turned to the stock-to-flow model for Bitcoin as a predictor of future price movements. This model has been remarkably accurate even with the massive swings in price we have seen with Bitcoin.
If this model continues to hold true, then we will be looking at $100K-$135K for 1 BTC by the end of the year.
There is a Twitter account called S2F Multiple that compares the actual Bitcoin price to the predicted price and gives the deviation daily. Currently we are sitting at a -0.42 value.
Will Bitcoin hit $100,000? The answer is most likely yes. Will it do it by the end of the year? That is yet to be determined.
Cryptocurrency News This Week
VAULT Crypto Portfolio Tracker
I wanted to give you a running tally of what you could potentially be earning with VAULT. The example I’m using is holding 1,000 VAULT with 0.1 BTC invested in the BTC% program (check it out here).
I wanted to show you what kind of returns you could be earning weekly and cumulatively.
1,000 VAULT initial investment with current value of 1,153 VAULT at~24% ROI generated 5.52 VAULT blockchain rewards this week, for a total of 1,158.53 VAULT over the past 32 weeks if you compounded your daily rewards with 100% reinvest on the VAULT platform. Total is now 1,158.53 VAULT. The total dollar value earned is $1,078 at VAULT’s current price of $6.80 (0.00010500 BTC). The total BTC value earned at VAULT’s current price is 0.016645 BTC.
Placing 0.1 BTC in the BTC% program earns you 11% APR, giving you a weekly return of 0.00021089 BTC. Over the last 32 weeks, this would be worth 0.006748 BTC with a current value of $438.49.
The current total value of your potential returns over the past 32 weeks would be $1,516.49 or 0.02339 BTC.
We Are Here to Help You DYOR (Do Your Own Research)
I hope this week’s update on Bitcoin, Mt. Gox and more blockchain and cryptocurrency news has been helpful.
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Happy Birthday, VAULT coin and shared masternode hosting service platform!
Consider investing the VAULT way and enjoy a seamless crypto experience!
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This is not financial advice. VAULT Investments provides a service to its clients and is not responsible for projects listed or featured in its platform or ecosystem. The views and opinions in this update are my views alone and are not necessarily those of VAULT investments or its administration. Users should always DYOR. Invest at your own risk.
About the Author:
My Discord handle is Bobtilladhun.
I’m a long-term crypto investor. I bought my first Bitcoin in 2016 for $700. I sold 1/2 my BTC when the price doubled to satisfy my wife that I wasn’t going to lose all our money and made my initial investment back. Since that time, I have used my remaining Bitcoin stack to HODL and invest in interesting projects. I am a founding investor in VAULT and have accumulated a significant number of VAULT coins through holding my coins in CRYO and taking advantage of the compounding interest VAULT provides.
I was asked by Ian and the VAULT team to provide a weekly update on VAULT’s performance and current issues in cryptocurrency.
I hope these updates provide you with a quick overview of what is happening with VAULT and in the world of cryptocurrency.
Please contact me on Discord if you have any comments or suggestions.