Latest news, predictions and analysis of turbulent cryptocurrency market
The price of bitcoin and other leading cryptocurrencies have rebounded at the start of the week, following a dip over the weekend that came alongside news that certain British banks are cracking down on crypto exchanges.
Ethereum (ether), Cardano (ada) and dogecoin all rose moderately on Monday, pushing their week-on-week gains above 10 por cento, while bitcoin remains roughly the same price. The relative stability has left analysts divided over whether bitcoin is at the start of a bear market or whether this is just a price correction on the way to new all-time highs in 2021.
Elon Musk, whose tweets and comments have managed to move the market in recent months, was once again sharing memes about dogecoin over the weekend. Some are hopeful that the recent council established to look at bitcoin’s environmental impact could help turn the cryptocurrency’s fortunes around.
We’ll have all the latest news right here.
Dogecoin founder names Elon Musk ‘Chief Meme Overlord’
Billy Markus, who co-founded dogecoin alongside fellow software engineer Jackson Palmer in 2013, has announced his “resignation as fake CEO”.
The clarification comes after several erroneous reports in the media that called Markus the “CEO of Dogecoin”, despite it being a decentralised cryptocurrency, not a company.
In making the announcement, Markus also gave Elon Musk the role of “Chief Meme Overlord”, after the Tesla, SpaceX, Neuralink and Boring Company boss previously called himself the CEO of Dogecoin in his Twitter bio.
“This role gives the responsibility of tweeting randomly, whenever he feels like it, about whatever he wants,” Markus explained. As you were then.
Crypto boss swipes at bitcoin critics
The head of one of the world’s biggest crypto exchanges has taken a veiled jab at Elon Musk and other critics of bitcoin’s environmental impact.
“When you use electricity to run cars, it’s environmentally friendly,” Binance boss Changpeng Zhao, known as CZ, tweetou. “When you use electricity to run the most efficient financial networks in the world, it’s an environmental concern.”
Recent data suggests the bitcoin network uses more than 121 terawatt-hours (TWh) annually, which would rank it in the top 30 electricity consumers worldwide if it were a country. You can read more about how bitcoin mining and what it actually means for the environment right here.
Ethereum and Cardano price patterns bullish?
Both Ethereum (ether) and Cardano (ada) are down more than 30 per cent since the all-time highs they hit earlier this month, however each one now appears to be showing signs of a recovery.
Market analyst and author Glen Goodman notes that the price patterns of each crypto have looked bullish in recent days, while even bitcoin is looking “less bearish” after its tumultuous month.
He warned that bitcoin’s overall influence over the cryptocurrency market could ultimately decide whether the trends for Ethereum and Cardano are able to morph into an upward trajectory.
Bitcoin car at Indy 500
In more positive news, one of the cars at the Indy 500 this weekend featured a full bitcoin livery.
The car led for around 10 per cent of the 200 lap race, with driver Rinus Veekay starting in third place.
Ed Carpenter Racing (ECR) numbered the car 21, a nod to the 21 million bitcoins that will ever exist, and said the stunt was aimed at spreading adoption of the cryptocurrency.
“The whole movement is amazing,” team owner Ed Carpenter told Autoweek. “I really believe that it is the future of what our financial system is going to look like… There’s so many positives to it that make it so valuable in the long-term.”
British banks crackdown on bitcoin and crypto exchanges
Several leading banks in the UK have blocked customers from transferring money to cryptocurrency exchanges, preventing them from buying bitcoin, ethereum and other cryptocurrencies.
Barclays was the biggest name to stop users from adding funds to exchanges like Binance, but online banks Monzo and Starling also updated their policy, claiming that it was due to financial crime concerns.
Starling said the measure would only be temporary and would be reversed once better protections are put in place. It is estimated that UK citizens lost around £60 million from crypto-related scams last year, though this is just a fraction of the amount lost through fiat currency fraud.
Monzo said it was “in no way a blanket ban on all crypto trading” and that only certain platforms would be restricted.
Bitcoin price continues to slide
The price of bitcoin is still showing no signs of recovery, falling by more than 5 per cent overnight.
The broader crypto market saw similar losses, with most major cryptocurrencies down on Monday morning. Only Ripple (XRP) has bucked this trend, rising by more than 5 per cent over the last 24 horas.
Despite the downturn in recent days, both Ethereum (ether) and Cardano (ada) remain way up week-on-week, trading 10 per cent and 15 per cent higher respectively.
No geral, the market remains in relative limbo, with analysts divided over whether this is the beginning of a long bear market, or merely a price correction within a bull run that will head to new all-time highs in 2021.