Most of the cryptocurrencies impacted by El Salvador’s hindered bitcoin adoption seem to stabilising.
Bitcoin, which was priced close to $52,000 on Tuesday hasn’t completely reached old levels but has slightly recovered following its nosedive, and is now valued at about $46,500.
The prices of Ethereum (ETH), Binance Coin (BNB), and Cardano (ADA) are also stabilising.
Solana, which had recovered yesterday and reached new high values is sliding down again, slipping by about 8 per cent compared to its value a day ago.
The global crypto market has grown by above 2 per cent in the last 24 hours, and is valued at about $2.15 trillion
British banking giant Standard Chartered recently noted that bitcoin’s value could hit new all-time highs around late 2021 or early 2022, but other forecasts say current trends could result in lows below $20k by the end of the year.
You can follow all the latest news, updates and expert predictions right here.
Read More
Bitcoin price prediction model running ‘like clockwork’ towards new record highs in 2021
Bitcoin price suddenly collapses, wiping billions off people’s investments
El Salvador could be hit by a ‘crypto crash’ after it adopts bitcoin – and would be powerless to do anything
Key pointsBitcoin price crash causes Coinbase to go down
El Salvador president ‘buying the dip'
Bitcoin price volatility dismissed by long-term holders
04:58 , Vishwam Sankaran
El Salvador’s bitcoin adoption may cost some multinational money transfer companies.The South American country’s president Nayib Bukele estimates that with the country’s bitcoin adoption, money service providers like Western Union and MoneyGram could lose $400 million a year in commissions for remittances, CNBC reported.
This could save money for the country’s diaspora wanting to send money to their families and friends back home.However, recent polls have shown that most Salvadorans are opposed to the adoption of the cryptocurrency, while regulators have expressed concern about the move turning the country into a fiscal paradise for money laundering.
Story continues
Solana (SOL) hits new price high - but what actually is it?Thursday 9 September 2021 17:02 , Anthony Cuthbertson
Solana (SOL) peaked above $214 today on CoinMarketCap’s price index. It marks a new all-time high and a remarkable 12,000 per cent price rise since the start of the year. (For comparison, bitcoin’s 2021 gains stand at around 68 per cent.)
It now ranks above dogecoin and Ripple (XRP) with a market cap north of $60 billion, but more impressively it has managed to completely buck the market trends this week that saw leading cryptocurrencies crash and then consolidate.
Here’s a rundown of how it managed to achieve such highs, and the even more elevated ambitions of Solana’s developers.
What is Solana? The crypto that is rising 200-times faster than bitcoin in 2021
Bitcoin rivals see major price recoveryThursday 9 September 2021 10:43 , Anthony Cuthbertson
While bitcoin continues to hover around the $46,000 price mark, a number of other leading cryptocurrencies are surging this morning.
Ethereum (ether), Cardano (ada) and dogecoin have all risen by between 5 and 10 per cent over the last few hours, but the real riser has been Solana.
The new star of the decentralised space rose by 30 per cent to a new all-time high above $210, taking it above Ripple (XRP) to rank as the sixth most valuable cryptocurrency by market cap.
Thursday 9 September 2021 06:36 , Anthony Cuthbertson
Bitcoin price seems to have slightly stabilised compared to its nosedive on Tuesday, but it still valued at $46,000. Ethereum (ether) is showing feeble signs of recovery. But Solana’s price surge since Tuesday’s fall has been the biggest, growing by over 20 per cent in the last 24 hours.
The charts are still mostly red but the global crypto market seems to have slightly recovered, growing by about 1 per cent over the last day.
Bitcoin price over last 24 hours (Coin Market Cap)
Bitcoin price crash offers crypto ‘fire sale’Wednesday 8 September 2021 20:43 , Anthony Cuthbertson
More analysts have been weighing in on the 15 per cent price crash yesterday, giving their opinion on what it means in a broader context.
“This is a false dip,” says Nick Spanos, an early adopter and well-known figure within the cryptocurrency space, who is currently in El Salvador.
“Big finance and the media say it’s because there was a bumpy rollout in El Salvador. I’m in El Salvador right now and things are looking spectacular. Even Steve Jobs had hiccups in releasing brave new products.
“Bitcoin’s price could even be back by next week. I still expect bitcoin to breach $100,000 by the end of the year, while Ethereum is on course to hit $10,000 by then. Buying more altcoins and Bitcoin right now, now that there’s essentially a fire sale as a result of the dip, will almost certainly prove to be a great move.”
You can read the full story here.
Bitcoin price crash was ‘false dip’, crypto analysts claim
‘When in doubt, zoom out'Wednesday 8 September 2021 18:53 , Anthony Cuthbertson
A popular adage among long-term bitcoin investors during moments of sharp market volatility is “when in doubt, zoom out”.
The belief is that the short-term price trajectory has little bearing on the longer term direction, and that sudden crashes or surges can generally be ignored.
With this in mind, we’ve put together a chart showing the zoomed out significance of Tuesday’s price crash. Even after dropping by more than 15 per cent, bitcoin is still up more than 300 per cent from this time last year. The next few weeks will prove key to determining how much this adage actually rings true.
Bitcoin price steadiesWednesday 8 September 2021 15:07 , Anthony Cuthbertson
The price of bitcoin finally appears to have steadied after yesterday’s sudden crash.
It remains around $46,000 - roughly $8,000 down from yesterday’s peak but more the $2,000 up from the price it bottomed out at.
It seems to have had a calming affect on the rest of the market, with Ethereum (ether), Cardano (ada) and Binance Coin all levelling out over the last few hours.
There have been a few altcoins that actually bucked the trend, most notably Near Protocol (NEAR). The token saw gains of more than 40 per cent over the last 24 hours, ranking it in the top 30 most valuable cryptocurrencies on CoinMarketCap.
SEC to sue CoinbaseWednesday 8 September 2021 14:07 , Anthony Cuthbertson
The SEC has warned Coinbase that it is planning to sue the exchange over its planned ‘Lend’ feature, which will allow users to earn interest from their holdings.
The regulator served a Wells notice to signal its intention to take legal action, though Coinbase’s chief legal officer Paul Grewal claims to not know what the issue is.
“Rather they have now told us that if we launch Lend they intend to sue. We asked if the SEC would share their reasoning with us... they refused,” he wrote in a blog post.
“Mystery and ambiguity only serve to unnecessarily stifle new products that customers want and that Coinbase and others can safely deliver.”
You can read the full story here.
Coinbase faces SEC lawsuit over ‘mystery’ issues with crypto lending
Bitcoin price volatility dismissed by long-term holdersWednesday 8 September 2021 13:35 , Anthony Cuthbertson
Long-term holders of bitcoin have urged investors to remain patient following the latest price crash.
Michael Saylor, whose software company MicroStrategy owns more than 100,000 bitcoins, believes bitcoin will continue to rise in price over the long term and has the potential to rise in value by more than 100-times. He also revealed he personally bought $30 worth of the cryptocurrency yesterday in support of El Savador’s Bitcoin Law coming into effect.
Today he tweeted: “If you aren’t willing to own bitcoin for 10 years, don’t even think about owning it for 10 minutes.”
Wednesday 8 September 2021 12:20 , Vishwam Sankaran
Bitcoin’s value is still down by about 9 per cent compared to its price 24 hours earlier.
Almost all cryptocurrencies are down compared to yesterday’s prices, and it’s still all red with very little signs of recovery.
(Coin Market Cap)
Global crypto market prices are almost down by 10 per cent compared to values 24 hours earlier.
Bitcoin woes continue into second dayWednesday 8 September 2021 08:09 , Andrew Griffin
Bad news for anyone hoping for a swift return after yesterday’s crash: there’s been no recovery yet. Though hasn’t fallen lower than it did in the wild moments after the crash, either. Here’s the latest from Coinbase:
(Coinbase)
That has left everything looking very red. Prices are down almost 15 per cent over the last 24 hours, according to CoinMarketCap. And nothing – not even the much-hyped Solana – has been left untouched.
(CoinMarketCap)
Bitcoin buys McDonald’s and Starbucks in El SalvadorTuesday 7 September 2021 17:59 , Anthony Cuthbertson
The price crash has distracted from the big news of the day, which is the roll out of bitcoin as a legal form of currency in El Salvador.
People in the country have been sharing their experiences across social media, with global franchises like McDonald’s and Starbucks now forced to accept the cryptocurrency as a form of payment.
“This is to all the critics who said bitcoin would never be used to buy coffee,” tweeted Mario Aguiluz. “Just paid for mine at Starbucks in El Salvador.”
It seems issues with the Chivo bitcoin wallet have now been resolved.
El Salvador president ‘buying the dip'Tuesday 7 September 2021 17:30 , Anthony Cuthbertson
El Salvador President Nayib Bukele has added to the country’s crypto holdings by purchasing a further 150 bitcoins during this afternoon’s crash.
“Buying the dip,” he tweeted.
El Salvador bought its first 200 bitcoins yesterday ahead of the Bitcoin Law coming into effect today, plus a further 100 a few hours later. That brings El Salvador’s total holdings to 550 bitcoin, worth roughly $25 million at the current exchange rate.
President Bukele added that the “discount” from the price crash saved the country roughly $1 million.
Bitcoin price crash causes Coinbase to go downTuesday 7 September 2021 16:46 , Anthony Cuthbertson
Bitcoin’s price crash has caused issues with leading cryptocurrency exchange Coinbase, as users go online to either cash out their crypto holdings or buy the dip.
The company said it was “aware transactions are currently delayed or cancelled at elevated rates and our apps may be experiencing errors.”
It is not the first time Coinbase, which went public earlier this year, has suffered problems during periods of extreme market volatility.
You can read the story here.
(AFP via Getty Images)
Bitcoin price crash ‘the start of something much worse’?Tuesday 7 September 2021 16:27 , Anthony Cuthbertson
Crypto experts are rushing to explain the latest bitcoin price crash, with some fearing it could get worse before it recovers.
Prominent analyst and cryptocurrency author Glen Goodman describes it as “horrible horrible chart damage” That could be “the start of something much worse”, while pseudonymous investor CryptoWhale - who has frequently questioned the recent bull run - took the opportunity to mock people hoping bitcoin’s price could sky rocket “to the Moon” in 2021.
Having reached all the way below $44,000, bitcoin is now back above $46,000. The next few hours could prove key for the future trajectory of the market.
Bitcoin price crashes below $50,000Tuesday 7 September 2021 16:01 , Anthony Cuthbertson
The price of bitcoin has suffered the second sudden flash crash in the space of just a few hours, falling from above $52,500 to below $48,000.
The reason for the falling price is not immediately clear but may be linked to the previously mentioned issues with the roll out of bitcoin as a form of legal tender in El Salvador.
A price pump to support the momentous occasion has also been planned, with leading bitcoin figures calling on people to buy $30 worth of the cryptocurrency on 7 September in support and celebration of the Bitcoin Law coming into effect. Those who took part may now be looking to take any profits they gained from the slight price rise that ensued.
(CoinMarketCap)
We’re reaching out for some expert analysis and will bring more updates when they come.
El Salvador runs into problems with Chivo bitcoin walletTuesday 7 September 2021 15:53 , Anthony Cuthbertson
It’s not all going smoothly in El Salvador with the official introduction of bitcoin as a form of legal tender.
President Nayib Bukele announced that the Chivo wallet app has been temporarily disabled due to network capacity issues.
“For a few moments Chivo wallet won’t work, we have disconnected it while increasing the capacity of the servers,” he tweeted in Spanish. “The installation problems that some people had were for that reason. We prefer to correct it before reconnecting.”
You can read more about it here.
Solana price hits ATHTuesday 7 September 2021 15:12 , Anthony Cuthbertson
It may be Bitcoin Day but the so-called “Alt-Coin Season” is showing no sign of ending.
Solana is the latest crypto to hit a new all-time high, reaching close to $200 on Tuesday – up from around $3 this time last year.
The price surge has taken it above dogecoin to rank as the seventh most valuable cryptocurrency listed on CoinMarketCap.
You can read the full story here.
Solana price overtakes dogecoin in record-breaking suge
‘Bitcoin earthquake’ expected as El Salvador adopts crypto as legal tenderTuesday 7 September 2021 11:27 , Anthony Cuthbertson
With Bitcoin Day finally here, some analysts are predicting a “bitcoin earthquake” as people participate in the call from industry figures to buy $30 of the cryptocurrency in support and celebration of El Salvador adopting it as legal tender.
“There is also increased chatter about a supposedly planned ‘Bitcoin day’ or ‘Bitcoin earthquake’ due to happen on Tuesday the 7th as El Salvador adopts the digital currency as legal tender,” says Daniela Hathorn, an analyst from foreign exchange site DailyFX.
“So far the online forums are suggesting a worldwide increase of $30 in every holder’s BTC stake in what is being considered as a move of solidarity with Salvadorans, which seems slightly confusing as to how it would help. But anyway, leaving the technicalities aside this may be a ‘buy the rumour, sell the fact’ situation.”
El Salvador buys 200 bitcoins as crypto becomes legal tenderTuesday 7 September 2021 08:47 , Anthony Cuthbertson
Today marks one of the momentous days in bitcoin’s 12-year history, as El Salvador becomes the first country in the world to adopt the cryptocurrency as legal tender.
President Nayib Bukele announced that El Salvador bought its first 200 bitcoins ahead of the new Bitcoin Law coming into effect today, saying the country’s brokers would be buying “a lot more” as the deadline approaches.
In an effort to encourage nationwide adoption, every citizen is also being offered $30 worth of the cryptocurrency if they download the government’s digital wallet app Chivo.
Bitcoin price pump gains momentumMonday 6 September 2021 15:52 , Anthony Cuthbertson
Prominent bitcoiners are preparing for a major price pump to celebrate El Salvador adopting the cryptocurrency as legal tender.
CoinCorner CEO Danny Scott and MicroStrategy boss Michael Saylor are among those encouraging people to buy $30 of bitcoin on 7 September – the same amount that citizens are being offered through the Chivo wallet app to encourage mass adoption.
Reddit’s /r/Bitcoin forum also has several posts supporting the price pump, while other bitcoin fans are using Twitter to promote the “mass buying” event.
Massive bitcoin price pump planned to celebrate El Salvador adopting crypto
New all-time high for bitcoin’s 200 week moving averageMonday 6 September 2021 13:29 , Anthony Cuthbertson
Bitcoin’s 200 week moving average has just hit a new all-time high, reaching above $15,100.
The latest high, spotted by pseudonymous Dutch analyst PlanB, follows a trend that has seen the price of bitcoin grow over the long term.
“Nobody who bought bitcoin and [held] for four-plus years lost money,” PlanB said last week. “Ever.”
The 200WMA was below $100 in 2014 and only crossed $1,000 in 2017. If another major bull run occurs, as PlanB predicts, the moving average would be on track to pass $100,000 within the next five years.
Bitcoin ‘bypasses oppressive power structures’ in Taliban-run AfghanistanMonday 6 September 2021 12:19 , Anthony Cuthbertson
While a lot of the recent focus on bitcoin has been centred on its price, there have been some positive news stories focussing on the cryptocurrency’s technology and how it can prove life-changing for those cut off by traditional financial services.
A first-hand account by an individual on the ground in Afghanistan has offered a glimpse into how bitcoin can benefit those living under Taliban rule.
“Just like our personal freedom, our economic freedom is quickly disappearing, as many anticipate we’re on the brink of an all-out economic collapse,” the person writes anonymously in the article for The Tokenist.
“Fortunately, developments around technology have provided us with an alternative. Digital assets, while no guarantee of freedom, can assist in obtaining some level of freedom.
“They can be beneficial in bypassing oppressive power structures by offering users 24/7 access to funds in a permissionless manner. With legacy finance in Afghanistan on the brink of collapse, a vacuum for another system is already felt. Surely, crypto can’t fix Afghanistan, but it suggests an alternative financial system for every Afghan man and woman who has been cut off from the world.”
Bitcoin adoption in Afghanistan has sky rocketed in 2021 (Getty Images/iStockphoto)
Bitcoin price at highest since MayMonday 6 September 2021 10:48 , Anthony Cuthbertson
A fresh bitcoin price rally overnight has taken the cryptocurrency to its highest point since May.
With El Salvador set to officially recognise the crypto as a form of currency tomorrow, there are hopes that a price pump from btc advocates could help it rise even further. Notable figures within the industry have called on people to buy $30 of bitcoin to celebrate the legislation coming into effect on 7 September.
Taking a longer-term view, bitcoin is up by more than five-times since this time last year.
Hello and welcome...Monday 6 September 2021 10:31 , Anthony Cuthbertson
To The Independent’s live coverage of the crypto market. We’ll have all the latest news, analysis and expert price predictions for bitcoin, Ethereum (ether) and other leading cryptocurrencies.
0 Comments