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Bitcoin price news – live: BTC bounces back after crash, as Shiba Inu overtakes Dogecoin

The price of bitcoin has bounced back above $60,000 on Thursday after two flash crashes on Wednesday wiped hundreds of billions of dollars from the crypto market.

Ethereum, Solana, and Cardano also slipped in price by between 5-15 per cent during the crash, though several meme coins bucked crypto market trends to record new all-time highs.

The dogecoin spin-offs Shiba Inu and Floki are up by 42 per cent and 69 per cent respectively, according to CoinMarketCap’s price index, with the former spurred on by calls for it to be listed on the popular trading app Robinhood.

The gains have helped push the overall crypto market back above $2.5 trillion, with Shiba Inu overtaking dogecoin’s market cap.

Despite BTC’s latest price slide, some prominent analysts have stuck by earlier predictions that bitcoin will hit new all-time highs before the end of 2021.

We’ll have all the latest news, analysis and expert price predictions in our live coverage of the crypto market below.

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Bitcoin price rally creating ‘supply shock’ as investors stockpile

Bitcoin’s latest price gains can be attributed to long-term holders refusing to sell, according to a new report by Kraken Intelligence.

The trend has been the driving force behind the recent price rally, and on-chain data suggests that the bull run is still in full swing.

Recent price crashes “appear to have been a market retracement rather than a full-blown trend reversal”, the report claims. Meanwhile, retail investors are calling for a “No Sell November”.

You can read all about Kraken Intelligence’s latest report here.

Bitcoin price rally creates ‘supply shock’ as investors stockpile in anticipation of record highs

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Dormant bitcoin wallet suddenly activates after 1,000,000% price gains

A bitcoin wallet that has lain dormant for 11 years has suddenly activated, blockchain data has revealed.

In the time since it was last touched, the 50 bitcoins in the Satoshi-era wallet have risen in value from less than $4 to more than $3 million.

It is the latest stash of “sleeping bitcoin” to awaken in recent months, with a similar amount moved back in July. Data from on-chain analytics firm Glassnode estimates that nearly a third of all bitcoin in circulation is held by long-term owners.

You can read the full story here.

Crypto stash has risen in value by more than a million per cent since it was last active

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Bitcoin price bounces back above $60,000

A mini price surge has seen bitcoin return above $60,000, boosting several other leading cryptocurrencies.

Every single one of the top 40 most valuable cryptocurrencies are now in the green over the last 24 hours, according to CoinMarketCap’s price index. The crypto market recovery means the price of Ethereum (ether) is back above $4,000, while Cardano (ada) has returned above the $2 mark.

Dogecoin appears to be putting up a fight against its younger rival, reaching towards $0.30 and closing in on the all-time high market cap of Shiba Inu.

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Bitcoin crash prompts El Salvador president to ‘buy the dip’

The president of El Salvador has used the latest bitcoin price crash as an opportunity to stock up on the cryptocurrency.

President Nayib Bukele revealed on Twitter that the Central American country has added another 420 bitcoins to its stash, which he claims is already making profit as the price begins to rise.

El Salvador became the first country in the world to make the cryptocurrency legal tender when it introduced the Bitcoin Law last month, offering each of its citizens $30 of BTC to encourage its roll out. The price is currently up roughly $10,000 since then, meaning anyone who held on is also in profit.

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Several cryptocurrencies, including bitcoin, ethereum, and solana have dropped in value in the last 24 hours, while the meme coin shiba inu continues to surge ahead growing by nearly 75 per cent in the last day.

Bitcoin is currently priced at $59,000, slipping by more than 2 per cent compared to its value a day earlier.

Ethereum (eth), solana (sol), and cardano (ada) have also dropped in value between 4 to 9 per cent over the last 24 hours.

The chart looks all red with no signs of recovery yet as the global crypto market is down by about 4.5 per cent in the last day, currently valued at $2.46 trillion.

Prices of cryptocurrencies over last 24 hours

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Shiba Inu coin overtakes dogecoin

Shiba Inu coin has overtaken dogecoin, surpassing the original meme coin’s $31 billion market cap.

Shiba Inu now ranks as the ninth most valuable cryptocurrency in the world, according to CoinMarketCap’s price index.

While other leading cryptocurrencies continue to flounder, SHIB is now up more than 60 per cent over the last 24 hours, and 180 per cent over the last week. When zooming out on the market even further, Shiba Inu’s price rise is even more astonishing, increasing by more than 700,000 per cent since January.

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Shiba Inu coin bucks crypto crash with record-breaking price rally

The price of Shiba Inu has just hit a new all-time high, despite today’s crypto market crash.

The meme coin’s market cap is now $25 billion – just $6 billion away from dogecoin’s – making it the world’s 11th most valuable cryptocurrency.

Today’s gains build on a price rally that has seen it rise more than 700 per cent since the start of October, and 700,000 per cent since January.

You can read the full story about the latest crypto meme sensation right here.

Meme coin is up 700,000 per cent since January, and is closing in on dogecoin

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Is Coinbase down?

Some Coinbase users are reporting issues with the trading app, though it still appears to be functioning, albeit sluggishly.

This is often the case when there are sudden market movements, with previous bitcoin crashes this year causing major crypto exchanges like Coinbase and Binance to temporarily become inaccessible to customers.

Website health monitor DownDetector is currently seeing a spike in reports of Coinbase being down, though it mostly just appears to be issues of speed rather than an actual outage. Some customers are complaining that they’re unable to buy Shiba Inu coin, which is bucking market trends right now with a record-breaking price surge.

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Bitcoin in banks?

In what would be a major development for the crypto space, regulators in the US are reportedly developing guidelines for banks to hold bitcoin and other cryptocurrencies.

The chair of the Federal Deposit Insurance Corporation (FDIC) told Reuters that it was important to bring this activity inside the banks, otherwise “it is going to develop outside the banks” and “the federal regulators won’t be able to regulate it”.

The move could launch a new wave of BTC and crypto adoption and make holding cryptocurrencies much more secure for the average user.

You can read the full story here.

Though regulators have not issued guidelines, some banks are offering services related to digital assets

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Bitcoin price crash sees ‘more buyers than sellers’

Following bitcoin’s flash crash, which took most of the crypto market down with it, we’ve heard from some crypto experts to get their thoughts on what caused it, and what comes next.

Freddie Evans, a sales trader at the UK based digital asset broker GlobalBlock, says that there are “more buyers than sellers in this morning’s session so far”, confirming the “buy the dip” mentality that has been prevalent across social media this morning.

Here’s what he told The Independent:

The markets have taken a tumble this morning after bitcoin broke the $60,000 support. Investors have been on edge expecting a correction as the markets have looked over leveraged.

The drop has been predicted by many analysts and provides an opportunity to those looking to buy the dip, meaning it could be that this retracement is short lived and we head back above $60,000 before too long. Almost all coins are down over the last 24 hours, but we’ve seen more buyers than sellers in this morning’s session so far.

Freddie Evans, GlobalBlock