After plunging by over 8 per cent within a span of a few hours on Friday to the $54,000 mark, bitcoin has surged on Monday to above $58,000.
BTC is up by about 7 per cent in the last 24 hours and is almost equal to its price a week earlier, despite the flash crash on Friday that took out nearly 9 per cent of the overall crypto market within a span of a few hours.
Other cryptocurrencies, including Ethereum (ETH), Solana (sol) and Cardano (ada) have all grown by over 6 per cent in the last 24 hours.
The overall crypto market has grown by nearly 7 per cent in the last 24 hours.
The mixed performances leave the crypto market in a kind of limbo, with analysts divided over whether it has lost its momentum after hitting an all-time high earlier in November. Some believe it is entering a bearish phase, while others claim the latest dip will precede new record highs before the end of 2021.
You can follow all the latest news, analysis and expert crypto price predictions right here.
Dogecoin founder sums up ‘crypto gambling’
Be it virtual real estate, NFTs, or the latest meme coin, it’s always worth remembering the risks involved when investing in such volatile and temperamental crypto assets.
There seems no one better to share this message than dogecoin co-founder Billy Markus, who has lived through all the ups and downs of his crypto creation.
With Elon Musk and Jack Dorsey among his followers, ‘Shibetoshi Nakaoto’ has some significant online clout – and as you might expect, he uses it mostly for sharing memes:
Record-breaking crypto purchase in Metaverse
A virtual reality real estate company has bought a 500-metre-squared plot of prime metaverse ‘land’ for a whopping $2.4 million.
Metaverse Property made the purchase using 618,000 of the MANA cryptocurrency, which is a rapidly rising Ethereum-based token used within the Decentraland metaverse environment.
“We are happy to make history by closing the largest public metaverse land acquisition to date,” said Metaverse Group CEO Andrew Kiguel, who revealed that the virtual real estate would be used to host fashion shows in partnership with several as-yet unnamed brands.
You can read the full story here:
Decentraland space will be used to host virtual fashion shows for avatars
As bitcoin price rebounds, who bought the dip?
With bitcoin returning to the price it was before the sudden collapse at the end of last week, several high-profile figures have now revealed that they made the most of the flash crash by taking the opportunity to bolster their holdings.
Alex Mashinsky, founder of crypto rewards firm Celsius Network, said he bought $10 million worth of bitcoin and Ethereum (ether) when BTC was trading at around $54,000.
El Salvador President Nayib Bukele said on Friday, when bitcoin was hovering around the same level, that the Central American country had “bought the dip”.
MicroStrategy, as mentioned in the previous post, appear to have bought just before the most recent nosedive, though still $10,000 cheaper than the all-time high bitcoin experienced earlier this month.
MicroStrategy buys another $400m of bitcoin
Michael Saylor is at it again, announcing yet another massive bitcoin investment after a market downturn.
The MicroStrategy CEO said the software firm has acquired roughly $400 million worth of the cryptocurrency at an average price of $59,187.
The company now holds roughly $7 billion worth of bitcoin, making them by far the biggest corporate investors in the cryptocurrency. Having bought its entire stash at an average price of sub $30,000, MicroStrategy has nearly doubled the value of its investment.
You can read the full story here:
MicroStrategy’s cryptocurrency holdings have increased in value by nearly $3.5bn thanks to BTC price rally
Cryptocurrency mining in Kazakhstan causing abrupt power shortages
A surge in electricity demand in Kazakhstan due to a recent increase in crypto mining activity is causing power shortages across the country, Financial Times reported.
The country’s energy ministry reports that the electricity demand has jumped by 8 per cent so far in 2021 compared to the typical increase of 2 per cent.
Experts say this could be due to crypto miners illegally generating currency from their homes or factories.
They say the exodus of crypto miners to Kazakhstan from mainland China due to the crackdown on digital currencies there, could also be playing a major part in the electricity demand surge.
Bitcoin, Ethereum recover from Friday crash
The prices of several cryptocurrencies, including Bitcoin and Ethereum have risen by about 7 per cent in the last 24 hours, rebounding from the flash crash on Friday which took out nearly 9 per cent of the crypto market’s overall value.
Bitcoin which sank close to the $54,000 mark on Friday, is back to about $57,000, while ETH has risen by 8 per cent to over $4,300 in the last 24 hours.
The overall crypto market has grown by nearly 7 per cent in the last day.
Other cryptocurrencies including cardano (ada), solana (sol) and XRP have risen by over 6 per cent in the last 24 hours, but are still down compared to their values a week earlier.
Meme coins dogecoin and its spinoff shiba inu are also showing signs of recovery from the Friday crash.
Crypto market crash amid fears of new covid variant affecting traditional markets
The prices of several cryptocurrencies, including bitcoin and ethereum have plunged by more than 7 per cent in the last few hours amid fears over the new coronavirus variant shaking traditional markets.
Bitcoin is down by about 7.5 per cent in the last 24 hours, and is currently valued at about $53,700, just hours after it was trading close to about $58,000.
Within a span of four to five hours, ethereum, solana, cardano, and dogecoin have all nosedived rapidly, plunging in value by about 10 per cent compared to their prices a day earlier.
The overall crypto market has plunged by over 8 per cent in the last 24 hours and is currently valued at about $2.41 trillion.
The chart is all red with no signs of recovery yet.
You can read more about the price crash here:
Bitcoin and other cryptocurrencies have fallen sharply, as fears over the new coronavirus outbreak also shook traditional financial markets.
Bitcoin and ethereum rise, while solana and cardano dip
Bitcoin has grown by about a per cent in the last 24 hours and is currently valued at about $58,000 – up by about 3.5 per cent in the last week.
Ethereum has also surged during this period, growing by over 10 per cent in the last 7 days, and is currently valued at around $4,500.
Solana and cardano, however, have dropped in value by about 1.5 per cent in the last day, with the latter slipping by nearly 7 per cent in the last week.
Meme coins dogecoin and its spinoff shiba inu have also dropped in value between 1 to 5 per cent in the last 24 hours.
The overall crypto market is valued at about $2.64 trillion and has grown by nearly 1.5 per cent in the last day.
The chart mostly looks green with some signs of recovery.
Bitcoin network processes more volume than PayPal
The bitcoin network has overtaken PayPal’s quarterly volume.
An estimated average of $489 billion per quarter in 2021 were processed through the bitcoin network, according to figures from blockchain data firm Blockdata, compared to PayPal’s average of $302 billion per quarter.
By comparison, Mastercard processes $1.8 trillion per quarter and Visa processes $3.2 trillion per quarter, though bitcoin’s market cap totals more than Mastercard’s, PayPal’s and Visa’s combined.
Blockdata analyst Sam Wouters says: “A conservative estimate of 2026 for bitcoin to grow to the scale of a network like Mastercard or Visa may not be so overoptimistic.”
You can read the full story here:
‘A conservative estimate of 2026 for bitcoin to grow to the scale of a network like Mastercard or Visa, may not be so overoptimistic,’ says analyst
Bitcoin price breaks above $59,000
The price of bitcoin has returned above $59,000, closing to within $10,000 of its all-time high.
The rebound comes amid a buoyant crypto market, which has risen over 4 per per cent over the last 24 hours. Ethereum (ether) and Binance Coin have seen the biggest gains out of the top 10 leading cryptocurrencies, rising nearly 10 per cent since this time yesterday.
The meme coin has seen an even bigger price increase, shooting up by more than 20 per cent to take its overall market cap back above $20 billion.
Join our new commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies