Bitcoin has dipped in price slightly throughout the week, but has consistently found support around the $40,000 level.
The cryptocurrency rose by less than 1 per cent on Thursday, returning above $42,000 but failing to see any significant momentum towards recovering the losses it suffered at the start of the year.
A long term trend will soon be tested, however, potentially determining the longer term trajectory of BTC and the broader crypto market.
Popular cryptocurrency analyst and commentator Will Clemente predicted it will be an “interesting week” for bitcoin, as a long term descending trend is tested by a short term ascending pattern.
The two converging trend lines, known as a symmetrical triangle, explains bitcoin’s recent sideways consolidation, but over the coming days we should see whether this key price support is able to overcome the resistance levels.
You can follow all the latest bitcoin developments, as well as news from other leading cryptocurrencies, right here.
Bitcoin price ‘holding up very well'
The price of bitcoin has finally returned above $43,000, following a late surge on Thursday. It is the first time since last Saturday that it has reached above this level, with analysts saying it is resisting pressure from traditional markets.
“Bitcoin is holding up very well considering the US stock market had another plunge yesterday – the S&P dropped by around 1 per cent,” Marcus Sotiriou, an analyst at the UK-based digital asset broker GlobalBlock, told The Independent.
“Data from Coinsares shows that there were $73 million in outflows last week, which is the fifth consecutive week of outflows. I think the main reason for this is the market being spooked by the Federal Reserve raising rates this year, but when the stock market sees some relief, I expect a strong squeeze to the upside for bitcoin and the whole market.”
Student accidentally makes a fortune after making joke NFT
An Indonesian student, who thought “it might be funny” to turn a collection of selfies into non-fungible tokens (NFTs), has made a fortune.
Over the last few days, individual selfies have been reaching up to 4 ETH ($12,500), while the entire series of nearly 1,000 selfie NFTs is valued at around 374 ETH ($1.2 million). You can read Sultan Gustaf Al Ghozali’s full story here.
If you’re unfamiliar with NFTs, feel free to check out our guide. You can also listen my attempt to explain them on the latest episode of Ed Miliband’s Reasons to be Cheerful podcast, where I also tried to unpick the hype surrounding them, and speculated on their future potential.
Hello! This week we continue our foray into all things Web 3.0 by taking on NFTs, or Non-Fungible-Tokens. If you’re lost already then don’t worry, so were we, until we spoke to our enlightened ...
Elon Musk offers thoughts on cryptocurrencies
Elon Musk is back sharing memes about cryptocurrency on Twitter.
His latest offering is a still from the sci-fi movie Interstellar, with the caption: “1 hour here is 7 years on earth.” It’s a reference to how quick the cryptocurrency markets move compared to traditional markets.
The Tesla and SpaceX boss has previously revealed that he has personally invested in bitcoin (BTC), Ethereum (ETH) and dogecoin, as well as piling some of his company’s cash reserves into the cryptocurrencies.
Bitcoin donations pour in for Tonga
Hundreds of bitcoin donations have been made in recent days towards relief efforts in Tonga following the devastating volcanic eruption.
Tongan politician Lord Fusitu’a made a call for crypto donations over Twitter to a bitcoin address, which has already received more than 350 payments.
Lord Fusitu’a has previously spoken about plans to develop bitcoin mining facilities that run off the geothermal energy generated by volcanos in the country, and is also leading a proposal to make the cryptocurrency an official form of currency in Tonga.
You can read the full story here.
More than $40,000 already raised by Tongan politician and crypto advocate Lord Fusitu’a
Bitcoin, ethereum, cardano prices drop
The prices of leading cryptocurrencies including bitcoin, ethereum and cardano continued to drop since Wednesday with the overall crypto market plunging in value by about 2 per cent in the last day.
Bitcoin’s value remains slightly above $42,000 but has dropped in price by about 1 per cent in the last 24 hours.
Ethereum has also dropped in value by 1 per cent in the last day and is currently priced at $3,125.
Cardano, which experienced a price surge last week by nearly 40 per cent, has plunged in value by over 10 per cent in the last day.
Meme coins dogecoin and shiba inu have also dropped in value by about 1 to 2 per cent in the last 24 hours.
The chart looks all red with no signs of recovery yet.
Bitcoin price stabilises
After dropping below $42,000 on Tuesday, bitcoin’s price has stabilised around the mark, showing marginal signs of recovery.
Meanwhile, other leading cryptocurrencies including ethereum, cardano, and polkadot have dropped in value in the last 24 hours.
Cardano, which had surged by about 40 per cent last week, has also plunged by over 4 per cent in the last day.
Meme coins dogecoin and its spinoff shiba inu have also dropped in value by 2 to 3 per cent in the last 24 hours.
The overall crypto market has dropped by about a per cent and is currently valued at $2 trillion.
Bitcoin taking market share from gold
Bitcoin will take market share away from gold in 2022, according to Goldman Sachs analyst Zach Pandl, who predicts the cryptocurrency will become more universally adopted.
Bitcoin is often referred to as “digital gold” due to its inbuilt scarcity and utility as a store of value, with some believing it could challenge the precious metal’s historical dominance.
“Bitcoin may have applications beyond simply a ‘store of value’ - and digital asset markets are much bigger than bitcoin - but we think that comparing its market capitalisation to gold can help put parameters on plausible outcomes for Bitcoin returns,” Mr Pandl wrote in a research note.
Bitcoin, ethereum, and dogecoin prices drop
The prices of top cryptocurrencies including bitcoin, ethereum, solana and dogecoin have dropped by 1 to 4 per cent in the last 24 hours and the overall crypto market has also plunged in value over the last day.
Bitcoin price has dropped by over 1.5 per cent in the last day and is currently valued at about $42,000.
Meanwhile, cardano has surged by about 9 per cent and has grown in value by nearly 40 per cent in the last week.
Meme coins dogecoin and its spinoff currency shiba inu have plunged in value by over 2 per cent in the last 24 hours.
The overall crypto market is down by over 2 per cent in the last day and is valued at $2.02 trillion.
Bitcoin has dipped in price slightly over the last few hours, testing that key level of support mentioned earlier. This hasn’t put of one of the most popular and bullish BTC analysts, TechDev, who still predicts a significant rally before this cycle concludes.
Analysis based on the creation of new bitcoin addresses apparently suggests that “at least one more upward impulse” is on its way, “before an impulsive downtrend (bear market) begins”. Here’s his calculations:
Rio de Janeiro embraces bitcoin
The mayor of Rio de Janeiro has announced plans to hold 1 per cent of the city’s treasury in cryptocurrency.
Eduardo Paes is the latest politician from Latin America to embrace cryptocurrency, offering citizens of Brazil’s second largest city various benefits if they use bitcoin.
“The city also intends to offer taxpayers discounts if they pay their tax bills in bitcoin,” Simon Peters, a crypto analyst at the online trading platform eToro, wrote in a note on Monday morning. “Paes intends to turn the city into a hub of crypto innovation, with other unannounced tax innovations to encourage the crypto sector still to come in the region.”
Register for free to continue reading
Registration is a free and easy way to support our truly independent journalism
By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists
Already have an account? sign in
Join our new commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies