Bitcoin price news live: Crypto market updates as BTC and Ethereum plunge
Most of the top 10 cryptocurrencies are down by between 2 aan 4 persent in die laaste 24 ure.
Bitcoin’s price is down to about $58,000, after a week of maintaining its value above the mark with the rollout of the long-awaited Taproot update last weekend that improved both the privacy and security of BTC.
The price fall since last week has wiped more than a hundred billion dollars from the overall crypto market, though it remains above $2.5 triljoen.
U kan al die nuutste nuus volg, analysis and expert price predictions right here.
The prices of several cryptocurrencies, including bitcoin and ethereum have dropped by over 2 persent in die laaste 24 ure.
The overall crypto market is also down by over 2 per cent in the last day and is currently valued at about $2.58 triljoen.
Bitcoin has dropped in value by nearly 2.5 per cent while ethereum and cardano are also down by over 4 persent in die laaste 24 ure.
While solana is up by more than 5 persent in die laaste dag, it is still down by nearly 7 per cent compared to its value a week earlier.
Meme coin dogecoin and its spinoff cryptocurrency shiba inu are also down by more than 3 persent in die laaste 24 ure.
The chart still looks red with no signs of recovery yet.
Bitcoin adoption receives boost from crypto cashback scheme
Dozens of UK retailers are reportedly set to offer customers cashback in the form of bitcoin for online purchases.
Millions of customers will benefit from the loyalty scheme, according to fintech firm Mode, who will grant up to 10 per cent cashback from 2022.
“This marks a major step in making the asset class more accessible to consumers of all demographics, ultimately bringing bitcoin into the hands of millions of customers across the UK,” said Mode CEO Ryan Moore.
You can read the full story here:
Fintech firm Mode says it will bring BTC ‘into the hands of millions of customers across the UK’
Has bitcoin price bottom been hit?
Bitcoin briefly reached below $57,000 but now appears to be trending upwards, with many hoping this could be the end of the price slide.
During that tumble, we received a new survey from uk.investing that found nearly three quarters of bitcoin investors believe it will still hit a new all-time high above $70,000 before the end of 2021.
“A new generation of investors, which entered the market after the rise of commission-free trading during the pandemic, is turning the crypto space on its head,” Jesse Cohen, senior analyst at uk.Investing.com, vertel Die Onafhanklike. “They’re much more likely to invest in risky cryptocurrencies than the older generation and they’re doing their own research on platforms like Twitter, Reddit and TikTok, instead of paying attention to the Wall Street experts.”
Bitcoin price slide continues
Bitcoin is now below $58,000, marking a $10,000 price fall since the all-time high it experienced last week.
It dipped as low as $57,372.51, according to CoinMarketCap’s price index, and there is no immediate sign that the slide is yet over.
Ethereum (eter) is also testing the psychological barrier of $4,000, having fallen more than 5 persent oor die laaste 24 ure. The biggest losses of the leading cryptos comes from Solana, which is now down more than 10 per cent since this time yesterday.
We’ll have some expert reaction to the latest losses coming up…
Bitcoin bulls ready for ‘Moonvember’
As bitcoin continues to drop in price – it’s currently holding just above $58,000 – some of its staunchest and most optimistic advocates appear completely unfazed by the downward market movement.
The aptly named Dan Held, who founded the cryptocurrency exchange Kraken, is hopeful that BTC will still see new record highs before the end of the month. With just 12 days to go, bitcoin will need to shoot up by $1,000 every day to realise this.
Bitcoin price dips below $59k
Bitcoin has fallen out of the $59,000-$61,000 channel that it has been trading within over the last couple of days, dipping just below it to reach its lowest level since late October.
There is no immediately clear reason for the drop in value, though it represents a fall of only a couple of per cent since this time yesterday.
Investors will be watching closely over the next couple of hours to see if that downwards momentum is sustained or whether it is once again testing its bottom limit.
Huge bitcoin sale by US Justice Department
The US Justice Department is selling $56 million worth of cryptocurrency seized during its investigations into BitConnect.
Thousands of people were scammed out of an estimated $2 billion worth of bitcoin in 2017, in what the department described the as “the largest single recovery of a cryptocurrency fraud by the United States to date”.
The cryptocurrency sold will go towards compensating the victims, who have been encouraged to visit the Department of Justice’s website for information on how to make a claim.
Bitcoin holders from 2017 ‘refusing to sell’
People who bought bitcoin at the height of the 2017 bull run are refusing to sell their holdings in 2021, new data has shown, despite the cryptocurrency hitting new record price highs.
Metrics from HODL Waves, first noted by CoinTelegraph, show that investors who entered the market when BTC was priced at $20,000 or below are yet to cash in on their profits in any significant number.
“Seeing dormancy flow currently so low means older coins remain relatively dormant,” wrote crypto analyst Will Clemente on Twitter. “This bitcoin bull market still has a ways to go according to the metric.”
The prices of several cryptocurrencies including Bitcoin and Ethereum have slightly improved after Tuesday’s flash crash with the global crypto market increasing in value by about 4 persent in die laaste 24 ure.
Bitcoin has grown by over 2 per cent in the last day and is currently valued at about $60,500 – much lesser than its pre-crash value of over $65,000.
Ethereum has also risen in value by nearly 5 persent in die laaste 24 ure, but is still down by over 7 per cent compared to its price a week earlier.
Other leading cryptocurrencies including solana, cardano, and polkadot have also grown in the last 24 hours but are still valued less compared to their prices 7 dae vroeër.
Meme coins dogecoin and shiba inu are also showing signs of recovery post the Tuesday crash.
While the top 10 leading cryptocurrencies are showing signs of recovery, the overall crypto market is yet to catch up to its pre-crash value.
Is bitcoin better than gold?
Following the comments from MicroStrategy CEO Michael Saylor yesterday that “bitcoin is better than gold”, we’ve had some reaction from analysts both reasserting and refuting the claim.
In the latter camp is Jai Bifulco from the Kinesis Money platform, which uses precious metals like gold and silver as the basis for digital currencies.
Here’s what he had to say: