Bitcoin continues to trade within an uncharacteristically narrow price band, having failed to fall below $31,000 or break above $36,000 throughout July 2021.
The cryptocurrency starts the week at the lower end of that range, spending the weekend bouncing between $31k-$32k.
It has helped usher in a period of relative stability for the broader crypto market, with Ethereum (ether), Cardano (ada), Binance Coin and Ripple (XRP) all avoiding any wild price swings on Monday.
Analysts and experts remain divided over which way the market is heading from here. A market-wide crash throughout May and June is being labelled by some as a blip within a long-term bull market, while others fear it could be the beginning of a so-called crypto winter.
Among the more positive forecasts is billionaire investor Tim Draper, who this week stuck by his $250k price forecast for next year.
You can follow all the latest news, analysis and expert price predictions right here.
Bitcoin mines crushed by steamroller
More than 1,000 bitcoin mining rigs have been crushed by a steamroller in Malaysia after police uncovered an illegal mining operation.
Six people have been arrested and successfully charged, with punishments ranging from fines to imprisonment for stealing electricity. Local media quoted authorities in reporting that the electricity theft resulted in “frequent power outages”, and “in 2021 three houses were razed due to illegal electricity supply connections”.
You can read the full story – and watch the video – right here.
Anthony Cuthbertson19 July 2021 19:24
Bitcoin price bounce or break?
Bitcoin’s price has dipped below $31,000, leading experts to once again question the direction of the market.
Pseudonymous Dutch analyst PlanB, whose Stock-to-Flow model puts bitcoin’s price on a trajectory towards $100k+ before the end of the year, asks: “Bounce, or break, that is the question.”
With more than 600,000 followers on Twitter, there are plenty of adherents to PlanB’s S2F model – which is based on bitcoin’s inbuilt scarcity – though the last couple of months will have definitely raised some concerns.
Anthony Cuthbertson19 July 2021 16:25
‘Bitcoin bill’ presented in Paraguay
Just over one month after El Salvador’s Legislative Assembly voted to introduce the Bitcoin Law, which will make the cryptocurrency legal tender in the country later this year, lawmakers in Paraguay have presented their own bitcoin bill.
If passed, it would go nowhere near as far as El Salvador’s legislation, however it is being seen as significant progress towards laying the regulatory and legal groundwork for broader cryptocurrency acceptance and adoption.
Presented by senators Carlos Rejala and Fernando Silva Facetti, the bill states: “This is not a legal tender, this is a commodity and the purpose of the law is to regulate and control this industry. That is the base project that we really have today.”
Anthony Cuthbertson19 July 2021 15:42
Bitcoin mining exodus from China sees new centres pop up
China’s crackdown on bitcoin mining in recent months has seen a mass exodus from the country and relinquished its control over the network.
New hotspots are now popping up in other regions, most notably North America and Central Asia.
The US and Kazakhstan have seen the largest influx of mining operations, with the former offering a significant shift towards renewable energy sources. Kazakhstan, however, may be even worse than the coal-guzzling Chinese operations. Only 1.4 per cent of its energy supply comes from renewable sources.
You can read the full story here.
Anthony Cuthbertson19 July 2021 13:49
Notorious bear claims stocks and bitcoin are ‘very dangerous’ right now
A prominent investor and former hedge fund manager has warned of an imminent market meltdown.
David Tice, who sold his bear fund during the 2008 financial crisis, told CNBC it is a “very dangerous” period for investors of both traditional stocks and cryptocurrencies.
“The [stock] market is very overpriced in terms of future earnings. We are adding debt like we’ve never seen,” Tice said, who is invested heavily in gold, silver and mining stocks.
“We had a bitcoin position when bitcoin was at $10,000, however when it got to $60,000 we felt like that was long in the tooth.”
Anthony Cuthbertson19 July 2021 12:19
Bitcoin price crash hit YouTube star KSI hard, he claims
YouTube star KSI claims to have lost millions of pounds over the last few months through various cryptocurrency investments.
Speaking on the podcast Private Parts, KSI – real name Olajide Olatunji – said he invested £2 million at the end of 2020 and quickly made £7m as the price sky rocketed.
Following the price crash in April and May, KSI said: “I’ve lost it all. It’s mental. It’s been a full journey, but I had to experience it.”
Bitcoin is still well above the price it was at in November, when KSI said he invested, so the losses were likely from another cryptocurrency.
You can read the full story here.
Anthony Cuthbertson19 July 2021 11:21
Bitcoin price approaches 2013 record
Bitcoin is approaching the price drawdown it experienced in 2013, when it plunged by 69 per cent from an all-time high before hitting a new record high 197 days after the first one.
For market analysts bullish on bitcoin, the current dip is seen as just a correction before a new all-time high is reached later this year. Bearish analysts believe the peak of this cycle has already been reached and that it will be closer to 1,000 days before the market is able to recover and set out on a new bull run.
With bitcoin’s price currently hanging in the balance, we will need to see a prolonged move in either direction before we see which way of thinking is correct.
Anthony Cuthbertson19 July 2021 11:02
Hello and welcome…
To The Independent’s live coverage of the crypto market.
We’ll have all the latest updates from bitcoin, Ethereum (ether), Cardano (ada), dogecoin and other leading cryptocurrencies.
Anthony Cuthbertson19 July 2021 10:17