Bitcoin Faces Potential Drop to 2020 Levels Amid Global Economic Reset
Summary:
Bitcoin price could potentially drop to 2020 levels due to a global economic reset, according to Bloomberg strategist Mike McGlone. He believes that a slowing Chinese economy could trigger a major global bust. Meanwhile, Aptos Network partners with Lotte Group's Daehong Communications for a reward system tied to an NFT collection called Bellygom. Additionally, Ethereum's layer-2 blockchains have scaled the network by over five times in the past week, while copycat verified organizations on an undisclosed platform are posting phishing links, posing a challenge for users.
Bitcoin price could drop to levels not seen since mid-2020 if a potential "global economic reset" occurs, according to Bloomberg Intelligence strategist Mike McGlone. He believes that a slowing Chinese economy could be the catalyst for a major global economic decline. McGlone suggests that Bitcoin could potentially fall to $10,000, but even at that price, it would still be one of the best-performing assets. However, he remains hopeful that Bitcoin could reach $200,000 unless the predicted global economic reset happens.
Aptos Network has announced a partnership with Daehong Communications, a marketing business owned by Lotte Group. The collaboration aims to provide the back-end infrastructure for a reward system called "Super Jelly", which is tied to Daehong's non-fungible token (NFT) collection called Bellygom and its upcoming online virtual world called Bellyland. Aptos' mainnet will host the rewards earned by playing games in Bellyland, and the partnership may result in future exploration of Web3 innovation across various areas of the Lotte business network.
Ethereum's layer-2 blockchains have recently seen a significant increase in scalability compared to the layer-1 network. L2Beat data shows that layer-2 blockchains have scaled Ethereum by over five times in the past week. YouTube educator Patrick Scott highlighted this scaling factor, stating that layer-2 blockchains now process five times the transactions of Ethereum's mainnet. Scott believes that in the future, this comparison will not even be relevant, as layer-2 blockchains will handle even more transactions.
Copycat verified organizations on X, an undisclosed platform, have become "out of control" and are posting phishing links to deceive unsuspecting users, warns blockchain sleuth ZachXBT. He shared an image of 12 X-verified organizations that were created in just two days, all impersonating legitimate crypto projects. Twitter's recent changes to its verification system, including the introduction of a paid verification process, were intended to combat scammers. However, the alleged scammers are reportedly buying already-verified accounts on Telegram, creating a new black market for such accounts without a straightforward way to report and take them down.
Published At
8/28/2023 6:17:05 AM
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