Bitcoin is enjoying a remarkable period of stability, with its price moving by less than half a per cent between Tuesday and Wednesday.
This takes its week-on-week gains to just 0.1 per cent, as it continues to consolidate at the start of July. The cryptocurrency’s price has stayed within the $33,000 to $36,000 range since the end of June and remains just below $35,000 this morning.
Other leading cryptocurrencies, including Ethereum (ether), dogecoin, and Cardano (ada) have seen a similar stint of stability in recent days, though current trends suggest price gains could be on their way.
The latest crypto market data from analytics firm Glassnode shows that there has been a significant uptick in so-called whale accounts, which is typically a bullish signal.
An increase in crypto whales – addresses holding more than 1,000 bitcoins – occurred in tandem with the record-breaking run that took bitcoin to its all-time high above $64,000 in April.
You can follow all the latest news, updates and expert price predictions right here.
Bitcoin price dragged down by regulatory concerns
Fears of an increased crackdown on cryptocurrencies in China are partly to blame for today’s mini price crash.
The People’s Bank of China warned that it would be working “to prevent and control the risk of speculation in virtual currency transactions, and protect the safety of the public’s assets”.
Bitcoin continues to trade below $33,000 on Thursday afternoon, having reached close to $35,000 on Wednesday.
You can read the full story from The Independent’s Technology Editor Andrew Griffin right here:
Anthony Cuthbertson8 July 2021 15:03
Visa facilitates $1 billion of crypto payments
Visa has revealed that more than $1 billion of transactions were made using cryptocurrency in the first half of 2021 through crypto-linked cards.
Speaking to CNBC, Visa’s chief financial officer Vasant Prabhu said that partnerships with Coinbase, Circle and BlockFi have given millions of customers access to their crypto wallets to make payments.
Recent research from Mastercard found that 93 per cent of North American customers plan to use bitcoin and other cryptocurrencies in the next 12 months. Visa’s rival plans to launch a crypto card linked to the digital currency exchange Gemini.
Here’s the full comments from Prabhu:
Anthony Cuthbertson8 July 2021 14:33
Flash crash wipes $100bn from crypto market
The price of bitcoin has plummeted by more than 6 per cent overnight, leading a market-wide flash crash that has wiped nearly $100 billion from the overall market since this time yesterday.
Ethereum (ether), Cardano (ada), Ripple (XRP) and dogecoin all fell by between 5-10 per cent since Wednesday, with the heaviest losses of all the leading cryptocurrencies coming from Uniswap. The virtual token dropped by nearly 14 per cent, though recent gains means it is still up week-on-week.
Despite the price fall, bitcoin continues to trade within the relatively narrow band between $32,000 and $36,000 that it has been stuck in since the end of June.
Anthony Cuthbertson8 July 2021 09:42
Ask an expert anything
With the market in limbo, we’ve gathered together some experts to answer your questions about the current state of the market.
Dr Iwa Salami, a senior lecturer in financial law at the University of East London, and Fred Schebesta, a crypto advocate and founder of comparison platform Finder.com, will join us on Thursday at 11am (BST), giving Independent readers an opportunity to ask anything they like about bitcoin and the crypto space.
Has bitcoin entered a bear market or is this just a price correction in a longer term bull run? Which other cryptocurrencies are worth looking out for? What impact do the latest laws and regulations have on the overall market?
You can ask your questions in the comment section here.
Anthony Cuthbertson7 July 2021 17:27
Tiger King Coin proves controversial among crypto investors
The success of Tiger King Coin in recent days – it continues to buck market trends by hitting a new all-time high today – has divided crypto analysts and investors.
Antony Portno, founder of Traders of Crypto, has called for an end to “meme coins” and claims they will kill the cryptocurrency sphere.
Here’s what he told The Independent:
Anthony Cuthbertson7 July 2021 15:17
Bitcoin price in the ‘Disbelief’ or ‘Denial’ phase?
The question is: Which direction will this “big move” go?
According to this over-simplified graph charting the “psychology of a market cycle”, shared by equities analyst Barry Ritholtz, we could either be in the ‘Disbelief’ phase or the ‘Denial’ phase.
The classic move following the disbelief phase is a renewal of the bull run, whereas the denial phase is followed by even more losses through the ‘Panic’, ‘Capitulation’ and ‘Anger’ phases. It might not be long until we find out.
Anthony Cuthbertson7 July 2021 14:25
‘A big move is overdue’
Bitcoin looks close to peaking above above $35,000, though still continues to trade within an unusually narrow range.
For the last week it has failed to break above $36,000 or fall below $32,000, and has spent the last seven weeks bouncing between $30,000 and $40,000.
This prolonged period of stability may be about to come to an abrupt end, according to one indicator that tracks market cycles.
The Bollinger bandwidth – which measures moving averages – has hit a 2.5-month low, hinting that the end of this consolidation phase is in sight.
“A big move is overdue,” said CoinDesk analyst Omkar Godbole. “A similar reading in December paved the way for a bullish breakout from the multi-week price consolidation below $20,000. [However], the anticipated change can be bullish or bearish.”
Anthony Cuthbertson7 July 2021 13:38
Bitcoin-loving NYC mayoral candidate wins primary
New York City mayoral hopeful Eric Adams, who plans to make the city friendly towards bitcoin and crypto entrepreneurs, has won the Democratic primary.
The former NYPD captain made a pledge during his campaign to make New York “the centre of life science, the centre of cyber security, the centre of self-driving cars, drones, the centre of bitcoins.”
Following his primary victory on Tuesday, Adams said: “While there are still some very small amounts of votes to be counted, the results are clear: an historic, diverse, five-borough coalition led by working-class New Yorkers has led us to victory in the Democratic primary for mayor of New York.”
Anthony Cuthbertson7 July 2021 10:07
Tiger King Coin price sky rockets
A fringe cryptocurrency, purportedly backed by one of the stars of hit Netflix documentary Tiger King, has seen a sudden surge in price.
Tiger King Coin has risen by more than 900 per cent since this time last week, largely thanks to the backing of high-profile social media influencers, though still only ranks as the 2,633rd most valuable crypto on the market.
The altcoin claims to have the support of imprisoned Tiger King star Joe Exotic, though it’s difficult to verify this claim. If it is, it makes it the second crypto to emerge from the series, following in the pawprints of Carole Baskin’s $CAT coin.
You can read the full story here.
Anthony Cuthbertson7 July 2021 08:36
Barclays blocks payments to Binance
Barclays will no longer allow customers to make payments to the cryptocurrency exchange Binance, the UK bank has announced.
The ban follows an announcement from the Financial Conduct Authority (FCA), which ruled that the Cayman Islands-based firm would no longer be able to conduct regulated activities in the UK.
“With effect from today, Barclays intends to stop credit and debit card payments to Binance,” Barclays said. “This action does not impact on the ability for customers to withdraw funds from Binance.”
We’ve heard from Chris Chapman, Partner at law firm Mayer Brown, who gave his thoughts on Barclay’s decision.
Anthony Cuthbertson6 July 2021 13:37