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Bitcoin fell in price late on Wednesday after Iran announced a temporary ban on bitcoin mining due to the strain it is causing on its electricity grid.
It is estimated that roughly 4 per cent of global mining now takes place in Iran, after a crackdown in China caused miners to seek other countries where energy is cheap.
A positive announcement from PayPal that it would introduce support for crypto transfers to third-party wallets helped bitcoin recover somewhat on Thursday morning, though it remains below the $40,000 mark that it finally returned above on Wednesday morning.
It is the final day of CoinDesk’s Consensus 2021 conference, which historically has been followed by a general uptick in the cryptocurrency market. NFL star Tom Brady, who recently changed his Twitter profile to include the bitcoin ‘laser eyes’, was announced as a surprise speaker. He is set to appear later today.
Ethereum (ether), Cardano (ada), dogecoin and other major cryptocurrencies are all down over the last 24 hours, though remain remarkably stable when looking at price charts on a week-on-week scale.
We’ll have all the latest updates right here.
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1622107549More positive crypto news from PayPal
Seven months after revealing that it would be adding crypto support for its 350 million users, PayPal has once again announced some much-needed positive news for the space.
Customers will now be able to transfer bitcoin and other cryptocurrencies to third-party wallets, on top of buying, selling and holding.
The last time PayPal made a major cryptocurrency announcement, the price of bitcoin immediately surged to a yearly high. It also pre-empted a major market rally that took the crypto market to new record heights earlier this year.
You can read the full story here.
Anthony Cuthbertson27 May 2021 10:25
1622047962Bitcoin price ‘to hit six-figures in 2021’ despite crypto market crash
As bitcoin continues to hover around $40,000, we’ve reached out to market analysts and crypto experts to hear their price predictions for 2021 and beyond.
They are mostly positive, though Pankaj Balani, CEO of Delta Exchange, says he doesn’t believe we are “completely out of the woods yet” and that more losses could be on their way before a proper rebound kicks in.
“The selling pattern last week was more serious than that of a typical bull market pullback,” he tells The Independent.
Others remain firmly bullish, with price predictions well north of $100,000.
You can read the full story here.
Cryptocurrency expert makes $250,000 Bitcoin price prediction
Anthony Cuthbertson26 May 2021 17:52
1622034340Bitcoin price analyst says ‘$60k was not the top’
With bitcoin back above $40,000, renowned market analyst PlanB has once again stood by his theory that we are still in a bull market.
The Dutch crypto advocate is best known for his stock-to-flow model, which is based on the relationship between the existing supply of bitcoin and the cyclical production rate of new bitcoins.
One version of the model puts the peak of this current cycle at $288,000. The price of bitcoin has a long way to go before it gets anywhere near that level, but the recent bump makes his latest proclamation that “$60k was not the top” seem a lot less far off.
Anthony Cuthbertson26 May 2021 14:05
1622030055John McAfee’s wife fears he will ‘die in prison’ for crypto charges
Janice McAfee, the wife of imprisoned cyber security pioneer John McAfee, has likened Elon Musk’s market-moving tweets to those of her husband – claiming that Musk does it “with impunity”, while her husband “faces the real possibility of dying in prison for allegedly engaging in similar activities”.
I spoke to John McAfee’s lawyer Andrew Gordon back in March, who is representing him for his case in New York, relating to crypto securities, and his case in Tennessee, relating to tax charges.
“This is certainly a very different case,” he told me. “While it’s not the first crypto criminal tax indictment, it’s definitely one of the first, and the most high profile.”
Whatever the outcome, it could set a benchmark for future cases.
Anthony Cuthbertson26 May 2021 12:54
1622018917Dogecoin founder says thank you to Elon Musk
Dogecoin co-founder Billy Markus has thanked Elon Musk for clarifying his stance relating to the meme-based cryptocurrency.
The Tesla CEO has been dogecoin’s most prominent cheerleader during this latest market rally, with his tweets and comments often pushing it to new record highs.
Despite briefly changing his Twitter bio to “CEO of Dogecoin” back in 2018, Musk tweeted that “no one reports” to him due to the decentralised nature of the technology and the community surrounding it. In a separate Twitter post yesterday, Musk explained why he favours dogecoin over other, more technically advanced, cryptocurrencies like Ethereum or Cardano.
“Doge has dogs and memes,” he said. “The others do not.”
Anthony Cuthbertson26 May 2021 09:48
1622010966Bitcoin price back above $40,000
The price of bitcoin is back above $40,000 on Wednesday morning for the first time since last week. It’s been several days now of steadily recuperating its losses, with $40k proving to be a key resistance point.
Passing the milestone, which it only passed for the first time in its history back in February, appears to have also given a boost to other major cryptocurrencies.
Cardano (ada), Ethereum (ether) and Binance Coin were all up by between five and 15 per cent overnight, with the latest gains also meaning that the crypto market is now up week-on-week and heading back towards that $2 trillion market cap.
Anthony Cuthbertson26 May 2021 07:36
1621954355How Elon Musk’s ‘green’ solution to bitcoin mining may already exist
Elon Musk has once again caused a stir within the crypto world by revealing that he is in discussions with bitcoin miners in an effort to address climate concerns within the industry.
The Tesla CEO, who withdrew support for cryptocurrency payments earlier this month, hinted at a “potentially promising” solution, but gave no further details.
There are already a number of mining operations that use renewable energy, as well as various crypto projects that do away with the vast energy requirements altogether.
The Independent’s Joe Sommerlad takes a deeper look at what Musk might be alluding to. You can read all about it here.
The Lefdal Mine in Norway now houses a bitcoin mine running off 100 per cent renewable energy
(The Independent)
Anthony Cuthbertson25 May 2021 15:52
1621945065‘Crypto is our last hope for financial independence’ – John McAfee
Imprisoned cyber security pioneer John McAfee has been tweeting about the promise offered by cryptocurrency from his cell in Spain.
The founder of the eponymous antivirus software is currently being detained on tax evasion charges in a prison just outside Barcelona, but also faces a lawsuit for allegedly promoting cryptocurrencies in order to profit from them.
“The war [between government and cryptos] is on and I am a major target,” he says. “Do not be afraid. Crypto is our last hope for financial independence.”
I interviewed McAfee back in November about his latest stint behind bars. You can read about it right here.
Anthony Cuthbertson25 May 2021 13:17
1621945058‘Crypto is our last hope for financial independence’ – John McAfee
Imprisoned cyber security pioneer John McAfee has been tweeting about the promise offered by cryptocurrency from his cell in Spain.
The founder of the eponymous antivirus software is currently being detained on tax evasion charges in a prison just outside Barcelona, but also faces a lawsuit for allegedly promoting cryptocurrencies in order to profit from them.
“The war [between government and cryptos] is on and I am a major target,” he says. “Do not be afraid. Crypto is our last hope for financial independence.”
I interviewed McAfee back in November about his latest stint behind bars. You can read about it right here.
Anthony Cuthbertson25 May 2021 13:17
1621941744Making sense of the crypto market price turmoil
The price of bitcoin has partly recovered from the crash that briefly took it below $31,000, but it remains a long way off the $64,000 all-time high it saw last month.
Ethereum, dogecoin and other major cryptocurrencies have also experienced massive volatility in recent weeks, so in an effort to make sense of the crypto market chaos we invited two experts to take your questions about the current state of the cryptocurrency space.
Dr Iwa Salami, a senior lecturer in financial law at the University of East London, and Fred Schebesta, a crypto advocate and founder of the comparison platform Finder.com, joined me at the end of last week in a 45 minute Q&A session.
Is this the end of the great 2020/21 bitcoin bull run? Which other cryptocurrencies are they excited about? And what are their price predictions for 2021 and beyond?
You can find out the answer to these questions and more right here:
Anthony Cuthbertson25 May 2021 12:22
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