Latest updates, analysis and prediction forecasts for the cryptocurrency market
Despite the calm for BTC, the overall crypto market is up more than 3 per cent over the last 24 hours, with Ethereum (ETH), Binance Coin (BNB) and Solana (SOL) all surging by around 5 per cent since Tuesday.
Of the top 10 most valuable cryptocurrencies, only Cardano (ADA) suffered any losses, with a 3 per cent drop since yesterday.
The biggest gains came from Crypto.com Coin, which has doubled in price over the last week.
The mixed performances leave the crypto market in a kind of limbo, with analysts divided over whether it has lost its momentum after hitting an all-time high earlier in November. Some believe it is entering a bearish phase, while others claim the latest dip will precede new record highs before the end of 2021.
You can follow all the latest news, analysis and expert crypto price predictions right here.
Bitcoin ‘looking seriously cheap’ at $56k
Bitcoin’s network activity is currently looking bullish, according to one analyst, who claims the cryptocurrency is “looking seriously cheap” at $56,000.
Philip Swift, a crypto market analyst and creator of lookintobitcoin.com, notes that bitcoin’s Advanced NVT Signal is “deep into oversold territory”, signalling an imminent price hike.
The Advanced NVT Signal is aimed at monitoring investor habits by dividing bitcoin’s market cap by the 90-day moving average of network transaction volume. The last time it was this low it preceded a record-breaking price rally.
“Expecting a strong reaction in the not too distant future,” Swift tweeted.
Ethereum better than bitcoin for investors?
This is the claim of a recently uncovered research note from the US banking giant JPMorgan Chase.
With Ethereum (ether) once again on the rise today, its market cap has re-overtaken that of JPMorgan’s and is now north of half a trillion dollars. The gains can be attributed to its underlying technology, according to the report, “with Ethereum deriving its value from its applications, ranging from DeFi to gaming to NFTs and stablecoins”.
Ethereum has already massively outperformed bitcoin in 2021, with a price increase of more than 500 per cent compared to bitcoin’s more modest 96 per cent rise.
You can read the full story here:
Lord of the Rings-themed cryptocurrency shut down
A cryptocurrency that called itself “The One Token That Rules Them All” has been put to an end after the estate of J.R.R. Tolkien lodged a complaint with the World Intellectual Property Organisation (WIPO).
Tolkien’s estate claimed the JRR Token cryptocurrency, which launched in August, infringed on its Lord of the Rings trademarks.
The creator of the Florida-based altcoin claimed any similarities to the fantasy book series are purely coincidental – as you can see from this screenshot from the now-defunct jrrtoken.com (captured by Arstechnica before it was taken down).
Bitcoin price crashes on Indian exchanges
Reports that the Indian government is planning to introduce a bill to ban certain cryptocurrencies has caused bitcoin and other altcoins to plummet in price on local exchanges.
BTC, Ethereum (ETH) and dogecoin (DOGE) have all fallen by between 15-20 per cent against the Indian rupee following the introduction of the draft Cryptocurrency and Regulation of Official Digital Currency Bill.
The head of domestic trading app WazirX called for calm among investors, tweeting: “All of us want regulation… We need to have faith in our law makers.”
You can read the full story here:
Through the bill, India is planning to develop framework for digital currency to be issued by its central bank
Bitcoin slides down closer to $56,000 mark
After inching closer to the $58,000 mark late Tuesday, bitcoin’s value has slid down again to about $56,000 and is down by about 1.5 per cent in the last 24 hours.
The leading cryptocurrency has dropped in value by over 4 per cent in the last week.
The overall crypto market appears to be stabilising, almost remaining unchanged in value in the last 24 hours.
It is currently valued at about $2.56 trillion, nearly the same as its value a day earlier.
Ethereum has grown by over 1 per cent in the last day but other top cryptocurrencies including solana and cardano are down by 2 to 7 per cent in the last 24 hours.
Cardano is down by over 8 per cent in the last week, while solana is closer to its value seven days earlier.
Meme coins doge coin and its spinoff cryptocurrency shib inu are also down between 4 to 15 per cent in the last week.
While there are some signs of recovery of the crypto market, the chart still looks mostly red.
Hyperbitcoinisation or hyperbole?
Is El Salvador’s plan to build the volcano-powered Bitcoin City the beginning of ‘hyperbitcoinisation’ or simply hyperbole?
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Amid a flurry of fireworks, blaring rock music and cheering crowds, the president of El Salvador took to the stage at LaBitConf 2021 conference over the weekend to unveil his vision for a volcano-powered ‘Bitcoin City’.
As arguably the world’s least conventional world leader, Nayib Bukele is as disruptive and divisive as bitcoin itself. The self-proclaimed “coolest dictator in the world” and “CEO of El Salvador” oversaw the country becoming the first in the world to adopt the cryptocurrency as a legal form of tender earlier this year, and has plans to begin a revolution not just in his country, but the entire world.
Decked in all white and wearing his trademark backwards baseball cap, Bukele used Alexander the Great as an analogy for what he was hoping to achieve with Bitcoin City. “When Alexander the Great was conquering the world, he established these Alexandria cities all over the empire,” he told the crowd. “The whole point of these Alexandrias was to be the beacons of hope for the rest of the world. I thought, if you want bitcoin to spread all over the world, we should build some Alexandrias. We should build the first Alexandria here in El Salvador.”
Built in the shadow of the Conchagua volcano on the country’s southern tip, Bitcoin City is envisioned as a kind of libertarian utopia crossed with an environmentalist’s fantasyland, combining zero income and property tax with zero CO2 emissions.
It will be a proper legal municipality, complete with an elected mayor, residential and commercial areas, museums, airports – “everything devoted to bitcoin” – even a plaza designed in the shape of the cryptocurrency’s logo.
To finance the city, El Salvador partnered with digital assets firm Blockstream to launch a $1 billion bitcoin bond, with the company saying the city will bring about the acceleration of “hyperbitcoinisation” – a bold new era where the cryptocurrency usurps the US dollar to become the default value system of the world.
Bitcoin evangelicals like Bukele cite the digital currency’s borderless, censorship-resistant technology for its potential to displace the dollar and transform the current financial system into one that favours the masses, not just the massively wealthy…
Bitcoin price collapse explained
Bitcoin is now down more than $10,000 from the peak it reached on 10 November, with still no solid signs of the price slide stopping.
Speaking to various analysts and experts, we heard their thoughts on what caused this latest price correction – and where the cryptocurrency might go from here. Reasons range from the US infrastructure bill, to the liquidation of MtGox assets that account for more than 3 per cent of the entire circulating supply of BTC.
You can read the full story here:
Bullish signal for BTC could result in uptrend resuming towards to new all-time-highs, one expert says
Elon Musk questions ‘shady’ Binance
Elon Musk has questioned the CEO of Binance about the crypto exchange’s treatment of dogecoin users.
Binance boss Changpeng Zhao, known as CZ, has previously said he “doesn’t get” dogecoin and caused outrage among fans of the meme-inspired token after temporarily suspending doge withdrawals last week after a “minor issue”.
Musk, who is one of the most high-profile fans of dogecoin, asked CZ on Twitter this morning: “What’s going on with your Doge customers? Sounds shady.”
The crypto boss is yet to respond to the SpaceX and Tesla boss.
Bitcoin climbs above $56,000
After dropping below $56,000, bitcoin is inching back to $57,000, but is still down by about 2 per cent compared to its value a day earlier.
The overall crypto market is down by about 1 per cent over the last day, and is currently valued at about $2.56 trillion.
Other top cryptocurrencies, including ethereum, solana, and cardano are also down by about 1 to 2 per cent in the last 24 hours.
Meme coins doge coin and its spinoff shiba inu are also down by over 11 per cent in the last week, but show signs of stabilising in the last 24 hours.
The chart still looks all red with marginal signs of recovery.
Bitcoin price dips below $56,000
The price of bitcoin has fallen to its lowest level since mid October following a sudden dip.
It is currently trading just below $56,000 but there is no clear sign that it has reached the bottom of this price fall. Some analysts are saying there is resistance at this level, though during periods of price discovery the market can be particularly volatile.
Other leading cryptocurrencies are also seeing heavy losses, with Ethereum (ether), Binance Coin, Solana (SOL) and Cardano (ada) all falling in price by between 5- 8 per cent on Monday.
Here’s what Simon Peters, an analyst at the online trading platform eToro, has to say about the latest market correction: “With bitcoin and other cryptoassets having reached fresh all-time highs, there was always likely to be a measure of profit-taking from investors which then translates into price weakness. Both BTC and ETH go from strength to strength, and the ups and downs of the market are a part of this story.”