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Live updates as crypto market continues to swing wildly

Live updates as crypto market continues to swing wildly
Bitcoin and the rest of the cryptocurrency market are continuing to swing after a good – and then bad – week.

Bitcoin and the rest of the cryptocurrency market are continuing to swing after a good – and then bad – week.

The value of digital currencies was sent soaring last week, amid reports that Amazon was planning to introduce bitcoin payments to its store. First a job ad showed that it was hiring crypto experts, and then another report said that the company was planning to support the technology before the end of the year.

But it has since made clear that those reports were overstated and that, while it is interested in cryptocurrency, support for the technology is not likely this year.

The price has settled around both $30,000 and $40,000 in recent days, as the market continued to vacillate up and down.

The fluctuations in price also came after figures including Elon Musk continued to help push the technology and its value.

He has recently reiterated that Tesla does one day plan to take bitcoin for its cars again – and research shows that his criteria for introducing it could soon be met.

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Difficult day for crypto

Everything is down, as this graph from CoinMarketCap shows.

But it is testament to the unusual week we’ve had that – despite poor performance today, and many other days this week – the price of bitcoin is still up significantly higher than it was seven days ago.

Andrew Griffin3 August 2021 15:33
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Hello and welcome

… to The Independent’s live coverage of the cryptocurrency market.

Andrew Griffin3 August 2021 15:03