After a meteoric rise throughout the month of March, BTC saw a slight correction ahead of the Bitcoin 2022 conference geting underway in Miami.
The world’s most valuable cryptocurrency is enjoying a rare moment of stability but could be boosted by any major positive news coming out of the world’s largest bitcoin conference.
Other leading cryptocurrencies, including Ethereum (ETH), Binance Coin (BNB) and Ripple (XRP), have all mirrored bitcoin’s movements, however dogecoin has seen big gains in recent days.
The crypto market calm could be about to come to an end, according to some analysts, who anticipate big moves from announcements coming out of Bitcoin 2022.
The Miami event is the same one that El Salvador President Nayib Bukele announced last year that his country would be adopting BTC as a legal form of tender.
You can follow all the latest news and updates in our live blog below.
El Salvador President Nayib Bukele pulls out of Bitcoin 2022
This has just been announced by the organisers of Bitcoin 2022: El Salvador President Nayib Bukele will no longer be making a keynote speech tomorrow due to “unforeseen circumstances” in his country that require his presence.
He was undoubtedly the most anticipated speaker at this year’s event, which comes one year after he announced that the Central American country would become the first in the world to adopt bitcoin as a legal form of tender.
His full letter to Bitcoin 2022 attendees was shared by the conference’s official Twitter account.
What a stratospheric price rise for bitcoin might mean
Comments from Mike Novogratz about the implications of bitcoin’s price reaching above $1 million may have sounded scaremongering, but a 20X price rise against the US dollar could would almost certainly signal trouble for the world’s reserve currency.
You can read the full story here.
‘BTC going to infinity means the rest of the Western world has really fallen apart,’ says Mike Novogratz at Bitcoin 2022
Bitcoin price touches $44,000
Any thoughts of a $1m price seem a long way off today, with bitcoin continuing to slide despite Bitcoin 2022 getting underway.
The cryptocurrency just touched $44,000, marking a 4 per cent drop in value over the last 24 hours and a 7 per cent drop over the last week, according to CoinMarketCap.
Bitcoin price ‘heading to $1 million'
Early bitcoin investor Mike Novogratz has made the first bitcoin price prediction of Bitcoin 2022. In response to a question from Anthony ‘Pomp’ Pompliano, he predicted it would go to $1 million.
“Half a million is the market cap of gold, but the gold market cap could go up and bitcoin could replace gold.”
In response to the crowd applauding, Pompliano said “what are you guys clapping about that’s the most bearish person here... why not past $1 million?”
Novogratz retorted: “Bitcoin going to infinity means the rest of the world has really fallen apart.”
Laser-eyed bull welcomes Bitcoin 2022 attendees
As attendees to Bitcoin 2022 continue to arrive, one has snapped the laser-eyed bull at the entrance. It looks far more fierce than Wall Street’s Charging Bull.
Miami mayor unveils ‘Vision for Bitcoin America 2024’
Miami Mayor Francis Suarez has announced his ‘Vision for Bitcoin America 2024’ to spread the adoption of the cryptocurrency.
“We need to elect pro-bitcoin candidates,” he said as he opened up the Bitcoin 2022 conference. “And yes, the next president of the United States has to be a pro-bitcoin candidate.”
He added that bitcoin needed to be integrated “into every aspect of our society” in order “unleash the macro power of bitcoin”.
Bitcoin 2022 conference is underway!
Bitcoin 2022 is officially underway in Miami, announcing itself as not only the world’s biggest ever crypto conference, but also the largest finance conference in the US this year.
Speakers include US Senators, major tech figures and even world leaders. Some highlights include:
- MicroStrategy CEO Michael Saylor at 11am (4pm BST) on Thursday
- PayPal founder Peter Thiel at 1.30pm (6.30pm BST) on Thursday
- El Salvador President Nayib Bukele at 4.15pm (9.15pm BST) on Thursday
- US Senator Cynthia Lummis at 3pm (8pm BST) on Friday
You can watch a live stream of the main stage right here:
Bitcoin price ‘ready for a move to $50k’
With bitcoin still trading below $45,000, some analysts believe the next leg up of the rally is on its way and could push it back towards $50,000.
We heard from Egor Volotkovich, the executive director of decentralised finance platform EVODefi, who claims “bitcoin is ready for a move to $50k”.
Here’s what he had to say:
Bitcoin price dips below $45,000 support level
The price of bitcoin has just dipped below $45,000, which some analysts had tagged as a key level of support for the cryptocurrency.
The drop in price from close to $48,000 has been attributed by some to comments made by US Federal Reserve Governor Lael Brainard, who said monetary policy will be tightened “methodically” through rising interest rates and reducing the central bank’s balance sheet “at a rapid pace”.
Investors will be hoping Bitcoin 2022, which will be kicking off in a few hours in Miami, will bring some positive news to boost the market.
Bitcoin, altcoin prices drop
After rising past the $47,000 mark on Tuesday, Bitcoin’s value has dropped by about 3 per cent in the last day to about $45,300 on Wednesday, showing feeble signs of recovery.
Ethereum has also sunk in value by nearly 5 per cent in the last 24 hours and is priced at about $3,350.
Other top cryptocurrencies, including solana, cardano, avalanche, and polkadot have also dropped in value by about 5 to 6 per cent in the last day.
However, dogecoin has surged by nearly 8 per cent during this period, and is up by about 15 per cent compared to its value a week earlier.
The overall crypto market is down by over 3 per cent in the last day and is valued at $2.09 trillion.
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