The price of bitcoin appeared close to recovering above $60,000 over the weekend but has slipped once again at the start of the week, falling below $58,000 on Monday morning.
Several other leading cryptocurrencies also suffered losses, including Ethereum (ether), Binance Coin and Cardano (ada).
Of the top 10 most valuable cryptocurrencies, only Solana (SOL) saw any positive action, with a 3 per cent gain since Sunday.
The downturn saw the overall crypto market fall by more than 2 per cent overnight, though it remains above the $2.5 trillion mark.
It places the market in a kind of limbo, with analysts divided over whether the market has lost its momentum and is entering a bearish phase, or instead the latest price dip is a result of a minor correction that will precede new all-time highs before the end of 2021.
You can follow all the latest news, analysis and expert crypto price predictions right here.
President Bukele to keynote major bitcoin conference
After barely catching his breath from belting out his ambition to build Bitcoin City, El Salvador President Nayib Bukele has said he will appear at one of the biggest cryptocurrency conferences on the calendar.
Bitcoin 2022 will take place in Miami next April, providing a platform for many of the leading figures within the crypto industry. Up to 35,00 people are expected to attend the four-day event, one year after President Bukele first announced that his country would be the first in the world to introduce bitcoin as a legal form of tender.
Anthony Cuthbertson22 November 2021 17:16
‘PayPal for crypto’ startup MoonPay raises $555 million
Cryptocurrency firm MoonPay is now valued at a staggering $3.4 billion after just announcing a $555 million funding round.
The Miami-based fintech firm has described itself as “similar to PayPal, but for crypto”, as its software allows users to buy and sell cryptocurrency using traditional payment methods like bank transfer, credit and debit cards, and mobile apps like Apple Pay and Google Pay.
At just three years old, it is the latest company to benefit from a record-breaking year for cryptocurrency.
Anthony Cuthbertson22 November 2021 16:38
‘Bitcoin Standard’ adopted by Canadian restaurant
A restaurant in Canada is up 460 per cent on a bitcoin investment made last year after deciding to plough all of its profits into the cryptocurrency.
Tahinis, which specialises in Middle Eastern cuisine, adopts a ‘Bitcoin Standard’ strategy, which sees it operate in traditional fiat currency and put all its cash reserves into BTC. The strategy has so far “worked like a charm”, restaurant co-founder Aly Hamam, told Business Insider.
MicroStrategy CEO Michael Saylor, whose software firm is the largest corporate investor in bitcoin ahead of Tesla, tweeted: “Their story is inspirational.”
Anthony Cuthbertson22 November 2021 14:40
‘Cryptocurrency is not a fad’, says Australian minister
Australia’s financial services minister Jane Hume has warned finance leaders in the country that cryptocurrency is “not a fad”.
Speaking at the Australian Financial Review summit today, Hume said that government and industry should not ignore the crypto industry.
She said: “This is not a fad. We should tread cautiously, but not fearfully. Don’t be the person in 1995 who said the internet was just a place for geeks and criminals and would never become mainstream. And don’t be the person who argued that email was a passing fad.”
Anthony Cuthbertson22 November 2021 13:00
El Salvador announces ‘Bitcoin City’
El Salvador has announced plans to build a new city in the shadow of a volcano, whose geothermal energy is used to mine bitcoin.
The aptly-named Bitcoin City will be financed by a bond offering taking place in 2022 entirely in BTC, President Nayib Bukele told a crowd at the Latin American Bitcoin and Blockchain Conference over the weekend.
It comes just over two months after El Salvador became the first country in the world to adopt the cryptocurrency as legal tender.
You can read more about the news here.
Anthony Cuthbertson22 November 2021 10:39
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Anthony Cuthbertson22 November 2021 09:24