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The price of bitcoin has crashed once again over the weekend, leading a market-wide nosedive that shows no signs of slowing down on Monday morning.
Nearly $200 billion was wiped from the cryptocurrency market since Sunday, adding to a further $200bn in losses over the last week.
Bitcoin was back below $33,000 at the start of the week for the first time since early June, though it still remains way up when looking at the year-on-year charts for 2021.
The latest drop has led to fears that more losses could be on the way, as a pattern known as the “death cross” has been reached. This is where the 50-day moving price average falls below the 200-day moving average, potentially signalling the arrival of a bear market.
Other leading cryptocurrencies also suffered, with Ethereum (ether), Cardano (ada), Binance Coin and dogecoin all dropping by a similar margin to bitcoin.
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1624272089Billionaire says he feels it’s ‘still early’ for crypto
Billionaire investor Steve Cohen says he has done a “deep dive” into cryptocurrency and is now “fully converted”.
The CEO of asset management firm Point72, which has more than $20 billion in AUM, said in an interview that his interest is focussed on the blockchain technology underpinning bitcoin.
“I’m hopeful that we will be able to start building something within Point72… We are in the process of starting to think about that,” he said.
“I’m not missing this. I’m not going to miss this. I already feel like I missed the first part of it, but I still feel like it’s early.”
Anthony Cuthbertson21 June 2021 11:41
1624269233Bitcoin price ‘death cross’ signals bear market or end to losses?
The dreaded “death cross” was hit over the weekend, whereby bitcoin’s 50-day moving price average crossed its 200-day moving average.
For some analysts, this event is an indicator that the market has switched from a bull market to a bear market – meaning more losses are expected to follow.
For others, this pattern is a lagging signal that most damage is actually already done.
“At the 2019 death cross, bitcoin had already went through a -47 per cent dip before the death cross flashed, with a 52 per cent recovery after. And a -64 per cent dip before the 2020 death cross, with a quick 150 per cent recovery,” noted one crypto enthusiast on Twitter.
“Ironically, death crosses are often a sign that the worst is already behind us.”
Here’s what the so-called death cross actually looks like:
(CoinMarketCap/ The Independent)
Anthony Cuthbertson21 June 2021 10:53
1624264662China crackdown on bitcoin mining
The latest losses may have been spurred on by concerns that China will continue to crackdown on bitcoin mining.
The ban has already been expanded to the province of Sichuan, where authorities ordered the closure of 26 mining facilities last week.
In the long term, this could actually be good news for the cryptocurrency, as the majority of the bitcoin mines in China ran off non-renewable sources like coal. It is hoped that miners will shift to countries and locations that favour clean energy.
You can read the full story here.
Anthony Cuthbertson21 June 2021 09:37
1624263487Bitcoin price crash continues into Monday
Hello and welcome to The Independent’s live coverage of the cryptocurrency market.
The price of bitcoin has continued to crash on Monday morning, following a market-wide downturn over the weekend.
A 7 per cent price fall over the last 24 hours for BTC was mirrored by other leading cryptocurrencies, with Ethereum (ether), Cardano (ada), Binance Coin and dogecoin all falling by between 5-10 per cent since Sunday.
We’ll have all the latest news and analysis from market experts right here.
Anthony Cuthbertson21 June 2021 09:18
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