The price of bitcoin fell on Friday morning amid a market-wide downturn that saw Ethereum (ether), Cardano (ada), dogecoin and other major cryptocurrencies tumble in value.
One new crypto managed to buck this trend by shooting up 1,000 per cent in 24 hours. The astonishing gains seen by DubaiCoin since launching led to the government of Dubai issuing a warning that it is not officially linked to the UAE city, and may well be an elaborate scam.
Bitcoin’s latest price fall means analysts remain divided over whether it is entering a bear market or is just suffering a brief correction on the road to more record highs. Despite being down overnight, it remains remarkably stable looking at it on a week-by-week basis.
In other news, the final day of CoinDesk’s Consensus 2021 conference on Thursday saw NFL star Tom Brady discuss his bitcoin ‘laser eyes’, after being announced as a surprise guest at the leading crypto conference.
We’ll have all the latest live updates right here.
DubaiCoin price surge attracts interest – and controversy
New cryptocurrency DubaiCoin has managed to buck market trends by recording massive price gains over the last 24 hours.
While bitcoin, ether, dogecoin and others all dropped by around 10 per cent overnight, DubaiCoin shot up by nearly 1,000 per cent. The sudden interest in the new crypto led to an official warning from Dubai authorities that it has no involvement with the project, despite media reports to the contrary.
“Dubai does not have an official cryptocurrency,” the Dubai Media Office tweeted on Friday, claiming that it is an elaborate phishing scam.
Anthony Cuthbertson28 May 2021 10:05
NFL to NFT: Tom Brady to chat ‘bitcoin laser eyes’
It’s the final day of CoinDesk’s Consensus 2021 conference today, arguably the most important event in the cryptocurrency calendar.
A last-minute invitation from the aptly named crypto boss Sam Bankman-Fried means NFL legend Tom Brady will be appearing in the final keynote slot.
Brady made headlines earlier this month after changing his Twitter profile pic to include bitcoin laser eyes, and has also launched his own NFT platform. He’ll presumably be discussing this and more when he takes to the virtual stage at 8pm ET (1am BST, Friday).
Anthony Cuthbertson27 May 2021 19:48
‘Green’ bitcoin alternative accused of burning through hard drives
The latest crypto sensation to make waves in the market is Chia, marketing itself as a green alternative to bitcoin due to the way it relies on digital storage space rather than electricity-guzzling processors to mine new units.
However this innovative “proofs-of-time-and-space” system has been accused of burning through hard drives at an astonishing rate, leading to device shortages and a threat of mounting e-waste.
According to some estimates, farming Chia on a 512GB hard drive can reduce its lifespan from 5-10 years, to just 40 days.
The cryptocurrency has received extra scrutiny this week after a new funding round doubled its valuation to $500 million, with a potential IPO around the corner. You can read Joe Sommerlad’s full story here:
Anthony Cuthbertson27 May 2021 17:10
Bitcoin price back above $40,000 amid positive news
After the dip down to $37,000 overnight, bitcoin is now back above $40,000 thanks to a succession of positive news stories in the space.
Market analysts have also made hugely positive predictions about bitcoin and other rival digital currencies, while MicroStrategy CEO has once again been cheerleading crypto by labelling bitcoin “the apex property of the human race”.
Perhaps most significantly, the governor of the Central Bank of Nigeria has said that Nigerians will be allowed to trade cryptocurrency – huge in a country that is one of the global leaders in terms of trading volume.
Anthony Cuthbertson27 May 2021 15:20
Ethereum price up $1,000
The price of ethereum is now up more more than $1,000 since the start of the week, erasing some of the heavy losses it incurred after hitting a new all-time high earlier this month.
Currently hovering just above $2,800, it is still a long way off the $4,300 price peak, but some analysts are predicting this uptick will form part of a bullish trend going forward.
The rebound comes amid market reports describing ethereum’s price outlook as “highly positive” (see below), and massive trading volumes suggesting investors’ interest in the crypto has overtaken that of bitcoin.
Anthony Cuthbertson27 May 2021 13:25
Iran bans bitcoin mining after power cuts – but is it to blame?
A four month ban on bitcoin mining in Iran will come into effect soon, after Tehran and other cities suffered rolling blackouts due to its creaking energy infrastructure.
Iran accounts for roughly 4 per cent of global bitcoin mining, according to recent figures, though there is disagreement within the Iranian parliament over whether it is actually to blame for the blackouts in the country.
The head of its digital economy commission, Mojtaba Tavangar, said: “The reason behind the power outages is not cryptocurrency mining, it’s stopping funding and the old distribution and generation network.”
Anthony Cuthbertson27 May 2021 11:53
Ethereum price outlook ‘highly positive’
Ethereum trading volumes have surpassed bitcoin for the first time, according to Messari research analyst Ryan Watkins.
Daily transaction volumes of ether have been ahead of bitcoin’s since July 2020, but Watkins’ data reveals that trading volumes of the altcoin have been “exploding recently”, suggesting investors’ interest is higher than that of its more famous rival.
The price of ethereum experienced a massive plunge after hitting a new all-time high earlier this month above $4,000, but has seen a slight recovery over the last week.
Traders’ outlook on ethereum switched to “highly positive” earlier this week, according to Trade the Chain analyst Nick Mancini, while Fairlead Strategies technical analyst Katie Stockton wrote in her weekly investor note that the recent price crash “has not damaged the long-term uptrend or positive monthly momentum” for ether.
Anthony Cuthbertson27 May 2021 11:17
More positive crypto news from PayPal
Seven months after revealing that it would be adding crypto support for its 350 million users, PayPal has once again announced some much-needed positive news for the space.
Customers will now be able to transfer bitcoin and other cryptocurrencies to third-party wallets, on top of buying, selling and holding.
The last time PayPal made a major cryptocurrency announcement, the price of bitcoin immediately surged to a yearly high. It also pre-empted a major market rally that took the crypto market to new record heights earlier this year.
You can read the full story here.
Anthony Cuthbertson27 May 2021 10:25
Bitcoin price ‘to hit six-figures in 2021’ despite crypto market crash
As bitcoin continues to hover around $40,000, we’ve reached out to market analysts and crypto experts to hear their price predictions for 2021 and beyond.
They are mostly positive, though Pankaj Balani, CEO of Delta Exchange, says he doesn’t believe we are “completely out of the woods yet” and that more losses could be on their way before a proper rebound kicks in.
“The selling pattern last week was more serious than that of a typical bull market pullback,” he tells The Independent.
Others remain firmly bullish, with price predictions well north of $100,000.
You can read the full story here.
Cryptocurrency expert makes $250,000 Bitcoin price prediction
Anthony Cuthbertson26 May 2021 17:52
Bitcoin price analyst says ‘$60k was not the top’
With bitcoin back above $40,000, renowned market analyst PlanB has once again stood by his theory that we are still in a bull market.
The Dutch crypto advocate is best known for his stock-to-flow model, which is based on the relationship between the existing supply of bitcoin and the cyclical production rate of new bitcoins.
One version of the model puts the peak of this current cycle at $288,000. The price of bitcoin has a long way to go before it gets anywhere near that level, but the recent bump makes his latest proclamation that “$60k was not the top” seem a lot less far off.
Anthony Cuthbertson26 May 2021 14:05