The price of bitcoin has settled at around $49,000 on Monday after a major crash wiped out nearly 20 per cent of its value on Saturday.
After trading close to $56,000 on Friday, the cryptocurrency crash took away more than 17 per cent of Bitcoin’s value.
The cryptocurrency has since slightly recovered and is currently priced at about $49,000.
Other cryptocurrencies, including Ethereum (ETH), Cardano (ADA) and Solana (SOL) have also recovered marginally over the weekend, and are showing signs of stabilising in the last 24 hours.
Meme coins dogecoin and Shiba Inu also plunged in value by nearly 20 per cent, but have since stabilised around a new mark.
The overall crypto market has plunged from a value of about $2.59 trillion on Friday to about $2.26 trillion amid the spread of the new coronavirus variant, which has also shaken traditional financial markets.
You can follow all the latest news, analysis and expert crypto price predictions right here.
Cryptocurrency prices stabilise after Saturday crash
The prices of several cryptocurrencies, including bitcoin, ethereum, and solana have stabilised after a major crash on Saturday that took away nearly 20 per cent of the value of the overall crypto market.
After trading close to about $56,000 on Friday, BTC has stabilised $49,000 on Monday, but is still down by over 15 per cent compared to its value a week earlier.
Ethereum (eth), solana (sol), and cardano (ada) are also showing signs of stabilising after the Saturday crash.
Cardano is still down by over 14 per cent compared to its value a week earlier, while ethereum and solana have dropped in price by about 4 per cent over the last 7 days.
The overall crypto market is down by about a per cent in the last 24 hours and is currently valued at $2.27 trillion.
The chart is still all red with little signs of recovery to pre-crash levels.
The Independent is hosting a free expert panel on cryptocurrencies
With the global crypto market in a state of constant flux, The Independent is hosting an expert panel to dissect the ins and outs of digital money.
The virtual event is free to attend and will cover topics such as how cryptocurrency works, how to invest, and what the future looks like for the top tokens like Bitcoin, Ethereum and Litecoin.
The panel discussion will be held on 15 December at 6.30pm, hosted by our own crypto expert, tech writer Anthony Cuthbertson, and joined by prominent digital currency leaders.
You can read more about the event and sign up to it here:
If you are curious about the world of online currency or what to know how you can improve your current investing
Bitcoin and Ethereum prices drop
After hovering close to the $57,000 mark on Thursday, bitcoin’s value has dropped by over a per cent in the last 24 hours, and is currently priced at about $56,400.
Ethereum has also dropped in value by over 2.5 per cent in the last day, and is currently priced at about $4,500.
The price of Solana (sol) remains nearly unchanged in the last 24 hours, while during this period cardano (ada) has surged by about 7 per cent.
However, solana’s value is up by about 10 per cent compared to its price a week earlier.
The overall crypto market is down by about a per cent in the last day and is currently valued at $2.59 trillion.
Bitcoin’s slight dip in price, and the overall lethargy of the crypto market, can be attributed to the uncertainty surrounding the spread of the new omicron variant of covid-19, according to some analysts.
After its discovery in Africa, cases have since cropped up in Europe and now the US. It has already had an impact on traditional markets, due to the fears surrounding new lockdowns and other economy-stifling measures.
We’ve heard from Sam Kopelman, the UK manager of the Luno cryptocurrency exchange, to his thoughts on what it means for BTC and the rest of the cryptocurrency market.
Having had a strong start to November, bitcoin was unable to hold the $59,000 support level, consolidating between $53,000 and $59,000 this week. Following the new ‘omicron’ variant spreading fears in the financial markets, bitcoin’s price decreased by 7 per cent on Friday as investors de-risked their portfolios.
That said, the price has since rebounded as sophisticated investors purchased the dip. Bitcoin is down only 1 per cent, and Ethereum is up by 6 per cent over the past seven days. Despite its recent dip, the crypto industry is still thriving – at least 64 crypto companies have now reached unicorn status, exceeding the $1 billion valuation category.
Sam Kopelman, Luno
Bitcoin stabilises around $57,000 mark
The price of bitcoin remains unchanged in the last 24 hours, stabilising around the $57,000 mark.
Ethereum is priced close to $4,600, and has grown by nearly 7 per cent since the last week, but has dropped in value by about 2.5 per cent in the last day.
Solana has made the highest gains in the last day among the leading cryptocurrencies, growing by over 7.5 per cent in the last day, and by over 10 per cent compared to its value a week earlier.
Both dogecoin and its spinoff cryptocurrency shiba inu have dropped significantly in value over the last 24 hours with the latter nosediving by about 10 per cent during this period.
However, the overall crypto market remains almost unmoved and is currently valued at about $2.62 trillion.
Facebook ends cryptocurrency ad ban
Meta (formerly called Facebook) has finally brought an end to its long-standing ban on cryptocurrency ads.
The social media giant’s decision to reverse the crypto blackout is huge news for the industry. Cryptocurrency companies will now have access to more than 3 billion people around the world who use the firm’s various platforms, which include Instagram, WhatsApp and Facebook itself.
“We’re doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years and has seen more government regulations that are setting clearer rules for their industry,” Meta said in a statement.
Bitcoin featured on top-rated cable news show
MicroStrategy CEO Michael Saylor has brought his bitcoin evangelism to the No.1 cable news show in the US, appearing on Fox News’ Tucker Carlson Tonight to talk about why bitcoin “fixes money”.
The controversial right-wing host sucks in an average of more than 3 million viewers every night, and was completely onboard with Saylor’s message, encouraging his viewers to look into bitcoin and cryptocurrency.
“You’ve made the most compelling case I’ve ever heard for the need for something like bitcoin,” Carlson said, adding that he hadn’t seen “a conversation that interesting about economics, ever.”
Crypto market surges as bitcoin price steadies
The crypto market is up nearly 4 per cent over the last 24 hours, largely thanks to gains from Ethereum (ETH), Binance Coin (BNB) and Solana (SOL).
The price of bitcoin (BTC), by contrast, has held firm around the $57,000 mark on Wednesday, shifting by less than 0.1 per cent on both a one day and seven day timeframe.
Ethereum’s increase has pushed its market cap above $550 billion, meaning it is now worth more than half of bitcoin’s market cap.
Bitcoin set to end 2021 on ‘stellar bullish note'
Bitcoin is ending a turbulent month with a bumpy day of price movements.
It has bounced between $56,000 and $59,000 over the last few hours, and will likely close November below $60,000.
With the end of the year just 31 days away, analysts have been speculating that the cryptocurrency could repeat the price feats it saw in previous years, when it achieved record-breaking bull runs before the New Year chimed in.
Here’s what Nikita Rudenia, co-founder and member of the board at the asset management operator 8848 Invest, had to say to The Independent:
As BTC is looking good to close November below the expected target of $60,000, investors are optimistic that the cryptocurrency will repeat its historic trend of ending the year on a stellar bullish note.
Despite the obvious setbacks thus far, Bitcoin is still on track to close the year at $70,000 per coin, and should this feat be achieved, we may see the coin touch $75,000 in early 2022 before we get a major correction.
Nikita Rudenia, co-founder 8848 Invest
CoinMarketCap offers insight into state of crypto industry with quarterly report
CoinMarketCap has become the go-to price index for cryptocurrency followers, offering the most comprehensive list of altcoins (15,000 and counting) and historical data.
The Binance-owned market tracker has recently begun releasing quarterly reports that offer insights into its users, and therefore the industry more generally.
The latest edition reveals that the vast majority of its users are male (74 per cent), while the 35-34 age bracket is by far the biggest.
Breaking down visitors by country also gives an indication of how popular bitcoin and other cryptocurrencies are in different regions, with the US, Europe and Southeast Asia accounting for the majority of visitors.
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