Bitcoin’s price collapse last week reverberated throughout the crypto market, with leading cryptocurrencies continuing suffering heavy losses.
BTC fell more than $10,000 between Friday and Monday, reaching as low as $33,184, according to CoinMarketCap’s price index – less than half the record peak it experienced in November.
The world’s most valuable cryptocurrency has since staged a steady recovery, reaching above $38,000 on Wednesday amid news that Russian President Vladimir Putin is interested in exploring crypto mining.
The overall market also bounced back slightly, though the price rise slowed down considerably on Thursday.
Ethereum (ETH), Cardano (ADA), Binance Coin (BNB) and Ripple (XRP) have all failed to recover from the crash, though analysts are divided over which way the market is heading from here.
You can follow all the latest news, analysis and expert price predictions in our live blog below.
Bitcoin, solana prices surge
Bitcoin has surged by 2 per cent in the last 24 hours and is currently valued close to the $37,000 mark.
However, the leading cryptocurrency is still down by over 7 per cent compared to its value a week earlier.
Meanwhile, binance coin has surged by over 6 per cent in the last day to $387, and cardano is up by over one per cent.
Solana has grown by nearly 4 per cent in the last 24 hours, although it is still down by over 25 per cent compared to its value 7 days ago.
Polkadot has also grown in the last day at a similar rate, but the cryptocurrency is still down by over 20 per cent compared to its price a week earlier.
The price of meme coin dogecoin remains nearly unchanged compared to its value 24 hours ago, while its spinoff cryptocurrency shiba inu has surged by nearly 3 per cent during the period.
The overall crypto market has grown by nearly 3 per cent in the last day and is valued at $1.66 trillion.
Bitcoin price prediction panel revises forecast
The third Finder’s Bitcoin Price Predictions Report is out, and unsurprisingly the panel of crypto experts and academics are slightly less bullish than the two previous editions in July 2021 and October 2021.
Nevertheless, the average forecast for 2022 from the panel is above the record high seen last November, while the predictions for 2025 and 2030 are even higher.
You can read the full story here.
More than half of academics and crypto experts polled say the downturn marks a good buying opportunity
Bitcoin adoption in Turkey would be ‘Earth shattering'
It’s still way too early to know whether Turkey and Erdoğan are actually serious about making bitcoin a legal form of tender, but industry figures are already getting excited.
Fernando Nikolić, marketing director at blockchain firm Blockstream said that Turkey following El Salvador’s lead would be “earth shattering” and could lead to more countries making that step.
Turkey is currently experiencing some of the highest inflation rates in decades, with the Lira crisis currently threatening to destabilise the country’s economy. An anti-inflationary digital currency like bitcoin could perhaps be one solution.
Turkey looks into crypto
Turkey has become the latest country to take a closer took at the potential benefits of cryptocurrency.
Turkish president Recep Tayyip Erdoğan has advised the country’s ruling Justice and Development Party to examine the use of virtual currencies, according to a report in The Street.
It comes just a week after Erdoğan met with El Salvador President Nayib Bukele, who of course is the first ever world leader to usher in bitcoin as a legal form of tender in the Central American country.
Bitcoin, ethereum prices drop by 3 per cent
The prices of bitcoin and ethereum have slid down by about 3 per cent with the overall crypto market dropping in value at a similar rate over the last 24 hours.
The leading cryptocurrency is down by nearly 14 per cent compared to its price last week, and is currently valued at about $36,000.
Ethereum is down by about 25 per cent compared to its value a week earlier and is currently priced at $2,400.
Meanwhile, meme coins dogecoin and its spinoff shiba inu are down by over 3 per cent in the last day with the latter dropping in value by over 25 per cent in the last week.
Solana is down by nearly 7 per cent and cardano by a per cent in the last 24 hours.
The chart is still all red with no signs of recovery yet.
Putin says Russia has ‘some advantages’ in bitcoin mining
Russian President Vladimir Putin has asked government officials to hold talks on the subject of bitcoin and cryptocurrency, as he claims Russia has “certain competitive advantages” when it comes to crypto mining.
In a video conference today, Putin said Russia has a “surplus in electricity and well-trained teams” that could take advantage of a shut down in operations in neighbouring China and Kazakhstan.
The move comes after the country’s central bank revealed a proposal to ban cryptocurrency transactions and mining in cryptocurrency.
El Salvador responds to IMF’s bitcoin plea
The president of El Salvador has responded to calls from the International Monetary Fund to drop bitcoin as legal tender in the country.
Nayib Bukele tweeted a Simpsons gif, with bitcoin and IMF logos superimposed, together with the condescending line, “I see you, IMF. That’s very nice.”
I think it’s safe to say Bukele has no plans to abandon the experiment any time soon.
Bitcoin price up 15% from start of week
Bitcoin’s recovery is showing no signs of slowing down, rising above $38,000 after another price surge this morning.
The cryptocurrency is now up more than 15 per cent since the lows it reached at the start of the week, though analysts have warned that trading data suggests there is still fear in the market ahead of today’s meeting of the Federal Open Market Committee (FOMC).
We’ve heard from Marcus Sotiriou, an analyst at the UK based digital asset broker GlobalBlock, who explains what this might mean for bitcoin and the broader crypto market:
IMF urges El Salvador to remove bitcoin as legal tender
The International Monetary Fund (IMF) is once again applying pressure on El Salvador over its decision to adopt bitcoin as a legal form of tender.
In a report issued on Tuesday, IMF directors “stressed that there are large risks associated with the use of bitcoin on financial stability, financial integrity, and consumer protection, as well as the associated fiscal contingent liabilities”.
It follows a similar warning from the IMF in November, which urged the Central American country to strengthen regulation and supervision over the cryptocurrency.
Elon Musk urges McDonald’s to accept dogecoin
Elon Musk has said he will eat a Happy Meal on television if McDonald’s follows Tesla’s lead by accepting dogecoin payments.
The world’s richest person made the plea on Twitter, causing an instant surge in the price of the meme-inspired cryptocurrency.
Dogecoin rose from below $0.13 to above $0.14, though remains a long way off the record high it saw last year, when a Musk-fuelled rally briefly pushed it above $0.70.
You can read the full story here.
Elon Musk has said he would “eat a happy meal on tv” if fast food chain McDonalds starts accepting Dogecoin.
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