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Bitcoin has bounced back on Wednesday after a series of price crashes over the last few days took the cryptocurrency to its lowest point of 2021.
After briefly reaching below $29,000 on Tuesday, bitcoin is now back above $34,000 and appears to be trending upwards.
Ethereum (ether), Cardano (ada), dogecoin and other leading cryptocurrencies have mirrored this movement, adding $200 billion to the market overnight.
The rebound means crypto analysts remain divided over whether the losses are part of a broader bear market, or simply a price correction midway through a bull run that will take bitcoin to new record highs later this year.
Major investors appear convinced it is the latter, with MicroStrategy ploughing another half a billion dollars into bitcoin earlier this week. The founder of dogecoin also revealed he invested in the cryptocurrency for the first time in eight years.
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1624443790Bitcoin price prediction model ‘invalidated’?
The creator of a price prediction model that gained widespread attention during the latest bull run has said that the latest crash has made him “uneasy”, as it could invalidate his analysis.
The pseudonymous Dutch analyst PlanB first published his Stock-to-Flow (S2F) model in 2019, when bitcoin was languishing below $4,000 and in the middle of a bear market. The model is based on bitcoin’s in-built scarcity – only 21 million will ever exist – and puts the cryptocurrency on a path to $100,000 before the end of 2021. (You can read more about the model here.)
PlanB updated his model in March 2020, when bitcoin was below $5,000, with the new peak set at $288,000. For the next year, bitcoin actually outperformed the model, but is now reaching the lower bands.
“I will call S2F invalidated if we have not reached 100k by Dec this year,” he wrote. “We can not stay at current levels for the rest of the year.”
Anthony Cuthbertson23 June 2021 11:23
1624439338Bitcoin-owning Senator ‘buys the dip’
US Senator Cynthia Lummis says she was “really excited” by the recent bitcoin crash because it would allow her to buy more of the cryptocurrency at a cheaper price.
Speaking to Fox Business News when bitcoin was below $30,000 yesterday, the Republican lawmaker batted away comments from anchor Stuart Varney about bitcoin’s “decline”.
She said: “I’m really excited about it because as soon as it drops a little more I’m going to buy some more.”
She also said she hoped any regulation that is introduced in the US will be “simple”, “easy to understand” and “not overly restrictive”.
(Fox Business News)
Anthony Cuthbertson23 June 2021 10:08
1624391973Bitcoin price back in the green
Bitcoin has bounced back well above $30,000, to the point that it is now trading higher than it was at this time yesterday.
It’s a remarkable recovery of more than 10 per cent over the last few hours, following a devastating crash that took bitcoin to lows not seen in 2021.
Any major movements in either direction are often followed by significant corrections in the crypto market, so this is not so unusual. Having broken the $30,000 resistance level, however, traders will still likely be looking down rather than up right now.
(CoinMarketCap)
Anthony Cuthbertson22 June 2021 20:59
1624380719Dogecoin founder buys crypto for first time since 2013
Dogecoin founder Billy Markus says he has bought some of the meme-inspired cryptocurrency for the first time since he helped create it eight years ago.
The announcement comes after a massive price fall for dogecoin, which has seen it lose more than a third of its value over the last week.
Markus sold or spent his original holdings soon after creating the cryptocurrency alongside fellow software developer Jackson Palmer back in 2013. He did not reveal how much he bought, but said that since acquiring his new stash he has followed the pattern of many a new-time crypto investor by incessantly checking the price.
You can read the full story here.
Anthony Cuthbertson22 June 2021 17:51
1624372248Bitcoin erases all its 2021 price gains
Bitcoin has fallen even further in the last few minutes, reaching below $29,000.
The cryptocurrency hit $28,893, meaning it has officially wiped out all the gains made in 2021.
It is still way up from this time last year, when it was trading below $10,000. It is, however, only up $8,000 from its 2017 price peak. At this rate, it won’t be long before we find out whether it will threaten that level.
We’ll have some expert reaction coming shortly, but for now here’s a graph showing bitcoin’s wild year so far.
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Anthony Cuthbertson22 June 2021 15:30
1624367657BREAKING: Bitcoin price crashes below $30k
Bitcoin has crashed below $30,000 for the first time since January, adding to the already staggering losses it has seen since hitting an all-time high back in April.
The cryptocurrency is now down 54 per cent since its record high. Other leading cryptocurrencies have been dragged down with it, including Ethereum (ether), Cardano (ada) and dogecoin.
In total, more than half a trillion dollars has been wiped from the market over the last week.
Read the developing story here:
Anthony Cuthbertson22 June 2021 14:14
1624363211Elon Musk hails ‘important improvement’ for dogecoin
Elon Musk is back to tweeting about cryptocurrency, though for once it doesn’t seem to have moved markets in the way it usually does.
The Tesla CEO responded to a tweet from Ross Nicoll, one of dogecoin’s core developers, about the new fee reduction code for the meme-based cryptocurrency.
“This is an important improvement,” Musk said.
Dogecoin’s price is yet to respond to the endorsement, and is actually trading slightly lower than it was before his tweet. It is currently at around $0.18 – down more than $0.50 since its all-time high in May.
Anthony Cuthbertson22 June 2021 13:00
1624361826Bitcoin price optimism fades
An online poll soliciting bitcoin price predictions from Twitter users has yielded significantly different results from the exact same poll posted just three months ago.
Pseudonymous bitcoin analyst PlanB asked his half a million Twitter followers back in March what price they thought bitcoin would hit in 2021: $500k+, $288k+, $100k+ or remain below $100k.
Just 16 per cent said they thought it would remain below $100k – at the time bitcoin was worth more than $50k and was trending upwards.
The same poll yesterday found that 41 per cent now believed it would stay below $100k this year. Bitcoin is currently worth less than $32k and trending downwards.
The majority of respondents (59 per cent) still believe that bitcoin will go above $100,000 in 2021. It will be interesting to see what the same poll shows in another three months from now.
Anthony Cuthbertson22 June 2021 12:37
1624355197China tightens clampdown on cryptocurrencies
The People’s Bank of China (PBOC) has called on banks to block services related to cryptocurrencies.
The order will prevent banks from providing products like trading, clearing and settlement for crypto transactions. The Agricultural Bank of China and the Postal Savings Bank has already agreed to Monday’s order from the PBOC.
It comes after a crack down on bitcoin mining operations in the province of Sichuan, which was blamed on the latest market-wide price crash.
You can read the full story here.
Anthony Cuthbertson22 June 2021 10:46
1624348983Bitcoin price crash stalls
Bitcoin and the broader crypto market are relatively calm on Tuesday morning, with no major movements from any of the leading cryptocurrencies overnight.
The respite gives an opportunity to take stock of the losses over the last seven days.
Of the top 10 cryptocurrencies by market cap, the hardest hit has been dogecoin, which has lost more than a third of its value in just one week. Ethereum (ether), Cardano (ada) and Binance Coin have all seen their price drop by around a quarter over the same time period.
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Bitcoin’s losses seem relatively tame by comparison, and is the only one to fall by less than 20 per cent week-on-week.
Whether this is just a pause or a turn-around will be determined over the coming hours and days.
Anthony Cuthbertson22 June 2021 09:03
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