LIVE – Updated at 14:11
The price of bitcoin is hovering around $37,000 on Friday, having risen more than $5,000 since Tuesday.
The broader crypto market has mirrored btc’s latest movements but the recovery of Ethereum (ether), dogecoin and Cardano (ada) appears to have stalled. Cryptocurrency analysts have described it as a “make or break” moment for the market, with the next few days being potentially crucial in determining its longer term trajectory.
The bounce back was spurred on by a succession of positive news in the space, including El Salvador officially declaring bitcoin legal tender, as well as more interest from leading banks and hedge funds.
There has also been promising news in terms of bitcoin’s environmental impact, with China cracking down on mining in coal-heavy regions and El Salvador revealing plans to mine cryptocurrency using 100 per cent renewable geothermal energy from volcanos.
Follow all the latest news, analysis and developments right here.
- Bitcoin price jumps $2k after global banking regulator’s proposal
- Iran looks to legalise crypto ‘as soon as possible’
Bitcoin Lightning Network added to Twitter?
14:10 , Anthony Cuthbertson
The CEO of Twitter has said it is “only a matter of time” before Twitter integrates the Bitcoin Lightning Network.
The Layer 2 payments network significantly improves the efficiency of bitcoin transactions, with some claiming it is the key to transforming the cryptocurrency into a day-to-day currency. (You can read more about it here.)
Jack Dorsey, whose Twitter bio simply reads “Bitcoin”, was responding to a follower’s suggestion to “build LN into BlueSky or Twitter please and thank you”.
Bitcoin Mining Council will not include Elon Musk
10:27 , Anthony Cuthbertson
Elon Musk will not be involved with the Bitcoin Mining Council, which has been set up to address the environmental concerns surrounding the cryptocurrency.
The newly formed group describes itself on its website as a “voluntary and open forum of bitcoin miners committed to the network and its core principles”. It is open to any bitcoin miner and will hold quarterly meetups to discuss industry trends.
Musk spoke with North American bitcoin miners last month, describing the initiative as “potentially promising”.
Clarifying his involvement with the group, the Bitcoin Mining Council’s website states: “Elon Musk has no role at the BMC. The extent of his involvement was joining an educational call with a group of North American companies to discuss bitcoin mining.”
These are the founding members:
Iran looks to legalise crypto ‘as soon as possible’
Thursday 10 June 2021 16:42 , Anthony Cuthbertson
The president of Iran has become the latest world leader to propose a legal framework for cryptocurrencies.
President Hassan Rouhani told the government’s Economic Coordination Board that there should be cooperation between “agencies in the field of capital markets” and people within “the field of information, education and public awareness”.
According to his official website, President Rouhani said: “For legalizing the activity of cryptocurrencies and protecting people’s capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions.”
State Street bank launches crypto division
Thursday 10 June 2021 15:21 , Anthony Cuthbertson
State Street, the second oldest bank in the US, has announced plans to launch a “multi-asset platform” that will support cryptocurrency trading.
The custody bank, which oversees more than $40 trillion in assets, said the move was driven by customer demand.
“We are at a tipping point now where this is moving fast,” Nadine Chakar, who will head State Street Digital, told the Financial Times.
“We are getting calls from endowments and foundations that are getting donations in crypto and saying ‘what do we do with this?’ We are seeing companies that are thinking of adding crypto to their balance sheets.”
$160bn asset management firm enters crypto market
Thursday 10 June 2021 11:31 , Anthony Cuthbertson
Yet another multi-billion dollar asset management company has announced plans to enter the cryptocurrency space.
Victory Capital, which manages nearly $160 billion in assets, established exclusive agreements with Nasdaq and crypto-focussed asset manager Hashdex in order to launch a private fund for accredited investors that will track the Nasdaq Crypto Index (NCI).
“We continually strive to provide our clients with the forward-thinking choices they want and believe cryptocurrency is a viable asset class that can be part of a well-diversified portfolio,” said Mannik Dhillon, CFA, CAIA, President, VictoryShares and Solutions.
“By investing in a portfolio designed to track the NCI, investors can seek returns that align with the cryptocurrency market in a diversified manner, gaining exposure to multiple digital assets as this market continues to evolve and mature. We are actively considering other vehicles and wrappers to bring these capabilities to a broader set of investors.”
El Salvador president plans 100% green bitcoin mining
Thursday 10 June 2021 09:18 , Anthony Cuthbertson
More positive news coming out of El Salvador this morning, this time relating to bitcoin’s environmental impact.
President Nayib Bukele has instructed the head of the country’s state-owned geothermal electricity company to offer facilities for bitcoin mining, to allow the cryptocurrency to be created using 100 per cent renewable energy.
“This is going to evolve fast!” he tweeted.
Engineers are reportedly already working on designs for the project, while mining firms appear to be keen to offer any help they can in setting up rigs.
I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos 🌋
This is going to evolve fast! 🇸🇻 pic.twitter.com/1316DV4YwT
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
Dogecoin founder asks new GameStop chairman to accept crypto
Wednesday 9 June 2021 20:18 , Anthony Cuthbertson
One of the co-founders of dogecoin has asked the new chairman of fellow meme asset GameStop to begin his new tenure by accepting payments in the cryptocurrency.
Billy Markus tweeted new GME boss Ryan Cohen to “plz add dogecoin to purchase stuff online”.
GameStop’s share price rose sharply following the announcement of Cohen’s new tenure, and is once again approaching the record highs it reached in January this year. The price of dogecoin also rose by around 10 per cent in the hours after the news, though this may also be a reflection of bitcoin’s recovery.
noice! plz add dogecoin to purchase stuff online @ryancohen
— Shibetoshi Nakamoto (@BillyM2k) June 9, 2021
Could other countries follow El Salvador?
Wednesday 9 June 2021 17:33 , Anthony Cuthbertson
El Salvador may be the first to adopt bitcoin, but many are betting that it won’t be the last.
Several other countries in Latin America could soon follow suit, with politicians in Argentina, Brazil, Mexico, Panama and Paraguay all expressing an interest in the cryptocurrency.
There are numerous obvious benefits to formally recognising bitcoin as legal tender, such as slowing inflation, enticing crypto entrepreneurs, and increasing financial inclusion of those forgotten by the formal economy. But there are also some risks that come with it – not least incurring the wrath of the US.
You can read the full story here:
Bitcoin price back above $35,000
Wednesday 9 June 2021 13:57 , Anthony Cuthbertson
The price of bitcoin has just crossed back above the $35,000 mark, up nearly $5,000 since yesterday’s lows.
The cryptocurrency is still down by around 6 per cent, week-on-week, but it represents a solid bounce back from the flash crash that hit the whole market at the start of this week.
It’s also still a long way off the $64,000 price peak that bitcoin saw in mid April, but zooming even further out, it’s up by nearly 300 per cent year-on-year.
‘A new step for bitcoin global adoption’
Wednesday 9 June 2021 12:37 , Anthony Cuthbertson
What does El Salvador’s landmark ruling actually mean for bitcoin, cryptocurrency, and the global financial system?
We’ve heard from Ross Middleton, chief financial officer of decentralised ethereum exchange DeversiFi to hear his thoughts on the implications of this milestone.
He says it may be easy to dismiss this ruling as not significant, given that the El Salvador GDP is only $27 billion, but the ruling could signal “a new step for bitcoin global adoption” and is “huge” for ordinary Salvadorians who may not have access to traditional financial services.
Governments and central banks around the world will be watching the El Salvador experiment to see if bitcoin becomes part of daily life for payments, remittance and a reserve asset for banks and corporations in the country.
Bitcoin being classed as legal tender in El Salvador means that every-day Salvadorians can easily make cross border payments without having to rely on the USD. Over 20 per cent of GDP was made up from remittances back to El Salvador last year and therefore if El Salvador can attract even a small amount of crypto economic activity to the country, it could be huge. We may even see crypto-native companies setting up in El Salvador now that banking relationships in the country will be easier
Bitcoin, Ethereum and other cryptocurrencies are destined for the balance sheets of more countries, central banks and corporations. El Salvador was the first country to make bitcoin legal tender and the floodgates are now open.
The Bitcoin Law in full
Wednesday 9 June 2021 11:21 , Anthony Cuthbertson
The president of El Salvador, Nayib Bukele, has shared the full text of the Bitcoin Law.
It states: “The purpose of this law is to regulate bitcoin as unrestricted legal tended with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out… Every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service.”
In a peculiar twist, this part of the law means that Tesla will be forced to accept bitcoin as a form of payment when selling cars in El Salvador – just over a month after rejecting the cryptocurrency.
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
El Salvador formally adopts bitcoin as legal tender
Wednesday 9 June 2021 09:16 , Anthony Cuthbertson
This is big news for bitcoin. The congress of El Salvador has passed a law that will officially make the cryptocurrency legal tender in the country.
The Bitcoin Law is aimed at improving financial inclusion, while also enticing crypto entrepreneurs to the Central American country. Being classed as a currency means it won’t be subject to capital gains tax.
The decree will take effect in 90 days.
Bitcoin’s price bounced back 5 per cent on the positive news.
Read the full story here.
Bitcoin price faces ‘moment of truth’
Tuesday 8 June 2021 20:57 , Anthony Cuthbertson
Pseudonymous crypto analyst PlanB, most noted for his stock-to-flow price prediction model, has received a lot of attention throughout the bull run of 2020-21.
His model foresaw bitcoin’s massive price gains and predicted a peak of $288,000 for this current cycle. While his model allows for price corrections, the scale of this current dip is proving a major test.
Right now, the market could be following similar patterns to the 2013 and 2017 bull runs – or it could be about to replicate the patterns seen in the subsequent “crypto winter” crashes.
If bitcoin falls any lower, or remains at this price for much longer, PlanB said it could be a “death cross” for the cryptocurrency.
In a poll of his half a million Twitter followers today, PlanB asked if bitcoin’s price would bounce back or cross this potential point of no return. The response favoured a bounce back, but not by much.
One commenter referred to it as the “moment of truth” for bitcoin.
What do you think about a possible “death cross” (when 50day moving average goes below 200DMA)?
1) Will 50DMA indeed cross 200DMA, like it did after 2013 and 2017 ATH?
2) Or will 50DMA bounce off 200DMA, like it did during 2013 and 2017 bull runs?
Poll below pic.twitter.com/Y1RTtPM4H5
— PlanB (@100trillionUSD) June 8, 2021
Bitcoin seized by FBI discovered
Tuesday 8 June 2021 18:56 , Anthony Cuthbertson
It looks like the address holding the bitcoins seized by the FBI during the agency’s investigation into a ransomware attack on a gas pipeline in the US has been tracked down.
Antoine Le Calvez, the self-proclaimed “Indiana Jones of the cryptosphere”, used info from the warrant to find the bitcoin wallet holding the illegally gotten gains. It seems the hackers did not move them into cold storage, where they would have been safe, but instead left them on an exchange or custodial wallet based in the US that was subject to interference from law enforcement.
The $2.3 million seized by the Department of Justice has been attributed by some as the cause of the latest price crash, though it amounts to just 69 bitcoins – and is no reflection on the network’s overall strength or security.
— Antoine Le Calvez (@khannib) June 8, 2021
Bitcoin expert ‘still extremely bullish’
Tuesday 8 June 2021 17:42 , Anthony Cuthbertson
Despite the sudden drop in the market, many bitcoin price analysts and crypto experts remain overwhelmingly positive about the cryptocurrency’s future.
Paolo Ardoino, the chief technology officer at the exchange Bitfinex, tells The Independent that he is “extremely bullish” about bitcoin in the long term.
Here’s what he had to say:
This current market pause is not unexpected. Everyone needs time to assess and digest what the community has built.
We’re waiting for a new momentum to gather as we continue to build upon the foundations created by some of the greatest minds in fintech. I’m still extremely bullish in the long term about bitcoin and the long-term fundamentals and use cases of the technology.
Crypto market turns red
Tuesday 8 June 2021 16:45 , Anthony Cuthbertson
The latest crypto market crash is showing no signs of slowing down, with bitcoin falling by more than $1,000 over the last hour.
All other major cryptocurrencies have followed its lead, with Ethereum (ether), Binance Coin, Cardano (ada), dogecoin, Ripple (XRP), Polkadot, Uniswap and bitcoin cash all registering losses of between 10-25 per cent over the last 24 hours.
It means all of them are now also down when looking at their price charts on a week-by-week basis. (Only the stablecoins Tether and USD Coin, whose value is tied to that of the US dollar, have prevented the entire top half of the market from turning red.)
PayPal sees bitcoin record
Tuesday 8 June 2021 15:45 , Anthony Cuthbertson
Online payments giant PayPal, which began supporting crypto payments earlier this year, has registered a new daily volume record in excess of $300 million.
The new peak surpasses the previous record seen in January this year, according to ItBit, the cryptocurrency firm that serves as the custodian for PayPal’s bitcoin funds.
Some analysts have speculated that this could be a bullish sign for the market, as it could suggest that investors are stocking up on bitcoin while the price is around half that of the $64,000 peak it saw in mid April.
Biden adviser reveals he owns bitcoin
Tuesday 8 June 2021 14:43 , Anthony Cuthbertson
One of Joe Biden’s top technology advisers has a major stake in bitcoin, according to a new report.
Tim Wu, who also serves as one of the White House’s leading anti-trust experts, owns between $1 million and $5 million of bitcoin, as well as hundreds of thousands of dollars worth of Filecoin (FIL).
The holdings were first reported by Politico, who cited a personal financial disclosure made by Wu. The US President appointed Wu the special assistant for technology and competition policy at the National Economic Council in March 2021.
Elon Musk responds to crypto criticism from Anonymous
Tuesday 8 June 2021 12:39 , Anthony Cuthbertson
Tesla CEO and occasional bitcoin enthusiast Elon Musk has responded to a video purportedly posted by the hacking group Anonymous.
After warning Musk to stop tweeting about cryptocurrency, the tech billionaire continued to interact with dogecoin memes on Twitter and even responded with a crying laughing face emoji to a spoof of the Anonymous video.
The masked figure in the video, which was posted over the weekend, accused Musk of “destroying lives” through his various market-moving posts and comments.
You can read the full story here:
Analysts unpick latest crypto price crash
Tuesday 8 June 2021 08:36 , Anthony Cuthbertson
While there has been a lot of positive news in the crypto space in recent days, some less headline-grabbing developments could be behind the latest market movements.
A crackdown in China on trading and revelations that some institutional investors have been withdrawing means “caution remains the watchword”, according to Simon Peters, an analyst at the online trading platform eToro.
“Professional investors remain concerned about the near-term outlook. A note from Goldman Sachs said their meetings with 25 chief investment officers of long-only and hedge funds revealed bitcoin as the least favourite asset for investment,” he says.
“Investment director at Ruffer, Hamish Baillie, revealed that the London-based asset management firm closed out its bitcoin position for more than $1.1 billion in profit during April. The firm has moved the profits it made on the BTC trade into other ‘protective’ assets such as inflation-linked government bonds. However, Baillie is confident that major financial institutions, including Ruffer and Goldman Sachs, will continue to buy bitcoin, stating that another purchase is ‘certainly not off the menu’.”
Bitcoin price crashes 10 per cent
Tuesday 8 June 2021 07:43 , Anthony Cuthbertson
The market has taken a sudden downwards turn on Tuesday morning, with leading cryptocurrencies all losing around 10 per cent of their value overnight.
Bitcoin, Ethereum (ether), Cardano (ada), Binance Coin and dogecoin all fell by between 10-15 per cent, though the immediate cause of the crash is unknown.
Many analysts had predicted a more positive trajectory at the start of the week due to a slew of positive news in the crypto space.
NHL’s San Jose Sharks join bitcoin bandwagon
Monday 7 June 2021 21:18 , Anthony Cuthbertson
Yet another US sports team has announced payment support for bitcoin and other cryptocurrencies.
From next season, fans of the San Jose Sharks will be able to buy tickets and suite leases using btc, Ethereum (ether) and dogecoin, the president of the NHL franchise announced.
The Sharks have partnered with BitPay in order to process transactions, with PayPal’s recent move into the space acting as the catalyst.
“We’re accepting PayPal, so then by definition, we’re accepting cryptocurrency,” Sharks president Jonathan Becher said. “Why not embrace it and make it more visible as opposed to just doing it through a third party.”
Bitcoiners look to move to El Salvador
Monday 7 June 2021 17:29 , Anthony Cuthbertson
Interest in El Salvador real estate has spiked after President Nayib Bukele declared bitcoin legal tender and detailed the benefits of moving to the country.
“Great weather, world class surfing beaches, beach front properties for sale,” he tweeted.
“No capital gains tax for #Bitcoin, since it will be a legal currency… Immediate permanent residence for crypto entrepreneurs.”
Even Changpeng Zhao (known as CZ), the CEO of Binance, described the offer as “enticing”, while sharing an animated gif of Mickey Mouse frantically packing.
Donald Trump calls bitcoin a ‘scam’
Monday 7 June 2021 15:25 , Anthony Cuthbertson
Former US president and social media pariah Donald Trump has claimed bitcoin is a “scam”, while simultaneously referring to it as a currency.
“Bitcoin, it just seems like a scam. I was surprised – you know, with us, it was at $6,000 and, much lower,” he told Fox News.
“I don’t like it because it’s another currency competing against the dollar, essentially it’s a currency competing against the dollar. I want the dollar to the currency of the world. That’s what I’ve always said.”
His comments come just a day after the president of El Salvador declared it legal tender in the country, alongside the US dollar.
TRUMP TODAY 🌞
Varney: Mr President what do you think of Bitcoin?
Trump: it just “seems” like a scam. I don’t like it because its competing against the U.S. Dollar 💵 and i want the dollar to be the currency of the world pic.twitter.com/zund7whn2I
— poetWOAgun (@poetWOAgun) June 7, 2021
Bitcoin price to hit $500,000, Winklevoss twin predicts
Monday 7 June 2021 14:21 , Anthony Cuthbertson
Among those most consistently bullish about bitcoin’s future have been the Winklevoss twins, who bought into the cryptocurrency back in 2014 after their social network misadventures saw them clash with fellow Harvard student and Facebook co-founder Mark Zuckerberg.
They now own and operate the crypto exchange Gemini and have estimated holdings of around $1.4 billion in bitcoin each.
Speaking at the Bitcoin 2021 conference in Miami, they explained why they believe the price of bitcoin is heading towards $500,000.
“Bitcoin is gold 2.0, it will disrupt gold, so it’s market cap has to be $10 trillion or more because that’s the market cap of gold,” one of the twins said.
“So even at $35,000 it feels like a really good buying opportunity long term, because we think at a $10 trillion market cap, we think one bitcoin will be worth $500,000, and we think that could happen inside this decade.”
Bitcoin investors bullish on price as exchanges empty
Monday 7 June 2021 13:47 , Anthony Cuthbertson
The rate at which bitcoins are being removed from crypto exchanges is at its highest since November.
The trend, noted by on-chain analyst William Clemente (@WClementeIII), is viewed by some as a bullish signal for the market.
The price of bitcoin was trading below $20,000 the last time this many bitcoins were being taken off exchanges and put into cold storage. It then proceeded to break its previous all-time high and continued setting new price highs for the next six months, before the subsequent crash.
Paraguay to follow El Salvador?
Monday 7 June 2021 13:18 , Anthony Cuthbertson
A congressman from Paraguay has followed the lead of El Salvador’s president by adding bitcoin laser eyes to his Twitter profile picture.
Carlitos Rejala posted the updated profile pic alongside the words: “As I was saying a long time ago, our country needs to advance hand in hand with the new generation.
“The moment has come, our moment. This week we start with an important project to innovate Paraguay in front of the world! The real one to the moon #Bitcoin”
Como ya lo decía hace un buen tiempo, nuestro país necesita avanzar de la mano de la nueva generación.
Llegó el momento, nuestro momento.
Esta semana empezamos con un proyecto importante para innovar a Paraguay frente al mundo!
— Carlitos Rejala 🙏🇵🇾🙌 (@carlitosrejala) June 7, 2021
Market mostly flat
Monday 7 June 2021 10:25 , Andrew Griffin
It’s an uncharacteristically flat day in the markets today: ethereum, which is up 1.42 per cent, is the most volatile of all the big coins. The rest – bitcoin, cardano, even the perennially excitable doge – have all moved about 0.5 per cent or less.
El Salvador president adds laser eyes to his profile picture and declares bitcoin legal tender
Monday 7 June 2021 10:25 , Andrew Griffin
President Nayib Bukele is the first world leader to formally adopt bitcoin or any other decentralised cryptocurrency, and emphasised his enthusiasm for the digital currency by adding “laser eyes” to his Twitterprofile picture.
‘A new space race has begun’
Monday 7 June 2021 10:25 , Andrew Griffin
Elon Musk is famously planning to put a “literal Dogecoin on the literal moon”, and hopes to launch a mission both financed by and carrying the cryptocurrency.
Now cryptocurrency exchange Bitmex says it is planning its own moon mission: to put bitcoin there first.
Elon Musk has comented on the plans on Twitter. “A new space race has begun!” he wrote.