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Bitcoin and the rest of the crypto market is back on the up after a frenzied few weeks.
The price of btc was up more than 11 per cent over the day on Monday morning, after a surge overnight UK time.
But the crypto market rise was not enough to correct all of the losses of recent days: most cryptocurrencies, though not bitcoin, are down over the course of the week.
Much of the value appears to have been added by Elon Musk’s announcement that Tesla does aim to start taking the cryptocurrency in payment for its cars again – if it can prove itself to be sufficiently environmentally friendly.
It also follows a succession of positive news in the space, including El Salvador officially declaring bitcoin legal tender, as well as more interest from leading banks and hedge funds.
There has also been promising news in terms of bitcoin’s environmental impact, with China cracking down on mining in coal-heavy regions and El Salvador revealing plans to mine cryptocurrency using 100 per cent renewable geothermal energy from volcanos.
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1623522164Bitcoin price to hit $288k ‘still in play’
Bitcoin could still be on track to hit $288,000 during this bull run (starting in 2019), according to pseudonymous market analyst PlanB.
The Netherlands-based expert has gained more than half a million followers over the last couple of years due to the accuracy of his Stock-to-Flow Model, which is based on bitcoin’s in-built scarcity as a store of value.
The peak of this current cycle is heading higher than a quarter of a million dollars, according to one variation of the model, and could be reached within the next year or so.
His latest commentary comes with a word of caution. In a subsequent tweet he wrote: “Frankly I don’t know. But bitcoin is currently competing with gold & real estate as store of value. I was an old gold bug, sold my gold and bought bitcoin with it. I see friends making the decision to not buy an extra house but btc instead. So IMO btc will be in that value range.”
Anthony Cuthbertson12 June 2021 19:22
1623493450Crypto market back in the red
The price of bitcoin is down 7 per cent overnight, dropping to below $35,000 on Saturday morning and bringing other leading cryptocurrencies down with it.
Ethereum (ether) fell to $2,300, building on losses over the last seven days to register a week-on-week drop of around 15 per cent. It’s even worse news for dogecoin, which is now down by nearly 20 per cent.
The reason for the dip is not immediately clear but it remains a delicate time for the market, with whichever direction it takes from here potentially confirming a longer term trajectory.
(CoinMarketCap)
Anthony Cuthbertson12 June 2021 11:24
1623434199How El Salvador’s volcano-powered bitcoin mines will look
The president of El Salvador has shared his vision for how the 100 per cent renewable, volcano-powered bitcoin mines will look – and it may not be a vision for long.
President Nayib Bukele revealed that he has instructed LaGeo, El Salvador’s state-backed energy company, to allow bitcoin miners to tap into the constant energy flowing from the country’s geothermal plants.
“This is going to evolve fast,” he said, less than two days after securing the cryptocurrency’s legal tender status.
A day later he wrote: “Designing this as we tweet.”
Anthony Cuthbertson11 June 2021 18:56
1623428846IMF has ‘issues’ with bitcoin as legal tender
The International Monetary Fund has raised concerns about El Salvador adopting bitcoin as legal tender, saying it “raises a number of macroeconomic, financial and legal issues that require very careful analysis”.
The IMF is expected to meet with El Salvador president Nayib Bukele to discuss the Bitcoin Law, which received Congressional approval on Monday and will put the cryptocurrency on equal footing with the US Dollar in the Central American country.
Potentially complicating things for Bukele, should these discussions not go well, is that El Salvador is currently in separate talks with the IMF over a $1 billion program.
Early bitcoin advocate and financial journalist Max Keiser suggested the bitcoin community could easily step in, should this be the case. “The IMF can go f*** themselves,” he tweeted.
Anthony Cuthbertson11 June 2021 17:27
1623417055Bitcoin Lightning Network added to Twitter?
The CEO of Twitter has said it is “only a matter of time” before Twitter integrates the Bitcoin Lightning Network.
The Layer 2 payments network significantly improves the efficiency of bitcoin transactions, with some claiming it is the key to transforming the cryptocurrency into a day-to-day currency. (You can read more about it here.)
Jack Dorsey, whose Twitter bio simply reads “Bitcoin”, was responding to a follower’s suggestion to “build LN into BlueSky or Twitter please and thank you”.
(Twitter)
Anthony Cuthbertson11 June 2021 14:10
1623403666Bitcoin Mining Council will not include Elon Musk
Elon Musk will not be involved with the Bitcoin Mining Council, which has been set up to address the environmental concerns surrounding the cryptocurrency.
The newly formed group describes itself on its website as a “voluntary and open forum of bitcoin miners committed to the network and its core principles”. It is open to any bitcoin miner and will hold quarterly meetups to discuss industry trends.
Musk spoke with North American bitcoin miners last month, describing the initiative as “potentially promising”.
Clarifying his involvement with the group, the Bitcoin Mining Council’s website states: “Elon Musk has no role at the BMC. The extent of his involvement was joining an educational call with a group of North American companies to discuss bitcoin mining.”
These are the founding members:
(BMC)
Anthony Cuthbertson11 June 2021 10:27
1623339756Iran looks to legalise crypto ‘as soon as possible’
The president of Iran has become the latest world leader to propose a legal framework for cryptocurrencies.
President Hassan Rouhani told the government’s Economic Coordination Board that there should be cooperation between “agencies in the field of capital markets” and people within “the field of information, education and public awareness”.
According to his official website, President Rouhani said: “For legalizing the activity of cryptocurrencies and protecting people’s capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions.”
Iranian President Hassan Rouhani pictured in April 2021
(AP)
Anthony Cuthbertson10 June 2021 16:42
1623334879State Street bank launches crypto division
State Street, the second oldest bank in the US, has announced plans to launch a “multi-asset platform” that will support cryptocurrency trading.
The custody bank, which oversees more than $40 trillion in assets, said the move was driven by customer demand.
“We are at a tipping point now where this is moving fast,” Nadine Chakar, who will head State Street Digital, told the Financial Times.
“We are getting calls from endowments and foundations that are getting donations in crypto and saying ‘what do we do with this?’ We are seeing companies that are thinking of adding crypto to their balance sheets.”
Anthony Cuthbertson10 June 2021 15:21
1623327898Bitcoin price jumps $2k after global banking regulator’s proposal
Bitcoin has been formally recognised as an asset class by the Basel Committee, the arbiter of international banking standards, by proposing rules for banks to hold the cryptocurrency.
The rules will also apply to other leading cryptocurrencies like Ethereum (ether), with all of them being placed in the high risk category.
Bitcoin saw an immediate jump in price of $2,000, further boosting an already buoyant crypto market. It marks yet another major milestone for bitcoin into the world of traditional finance.
And the Basel Committee’s press release here:
Anthony Cuthbertson10 June 2021 13:24
1623321115$160bn asset management firm enters crypto market
Yet another multi-billion dollar asset management company has announced plans to enter the cryptocurrency space.
Victory Capital, which manages nearly $160 billion in assets, established exclusive agreements with Nasdaq and crypto-focussed asset manager Hashdex in order to launch a private fund for accredited investors that will track the Nasdaq Crypto Index (NCI).
“We continually strive to provide our clients with the forward-thinking choices they want and believe cryptocurrency is a viable asset class that can be part of a well-diversified portfolio,” said Mannik Dhillon, CFA, CAIA, President, VictoryShares and Solutions.
“By investing in a portfolio designed to track the NCI, investors can seek returns that align with the cryptocurrency market in a diversified manner, gaining exposure to multiple digital assets as this market continues to evolve and mature. We are actively considering other vehicles and wrappers to bring these capabilities to a broader set of investors.”
Bitcoin has rebounded in price in June 2021 following positive news in the crypto space
(Getty Images)
Anthony Cuthbertson10 June 2021 11:31
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