Bitcoin is enjoying a remarkable period of stability, with its price moving by less than half a per cent between Tuesday and Wednesday.
This takes its week-on-week gains to just 0.1 per cent, as it continues to consolidate at the start of July. The cryptocurrency’s price has stayed within the $33,000 to $36,000 range since the end of June and remains just below $35,000 this morning.
Other leading cryptocurrencies, including Ethereum (ether), dogecoin, and Cardano (ada) have seen a similar stint of stability in recent days, though current trends suggest price gains could be on their way.
The latest crypto market data from analytics firm Glassnode shows that there has been a significant uptick in so-called whale accounts, which is typically a bullish signal.
An increase in crypto whales – addresses holding more than 1,000 bitcoins – occurred in tandem with the record-breaking run that took bitcoin to its all-time high above $64,000 in April.
You can follow all the latest news, updates and expert price predictions right here.
Ask an expert anything
With the market in limbo, we’ve gathered together some experts to answer your questions about the current state of the market.
Dr Iwa Salami, a senior lecturer in financial law at the University of East London, and Fred Schebesta, a crypto advocate and founder of comparison platform Finder.com, will join us on Thursday at 11am (BST), giving Independent readers an opportunity to ask anything they like about bitcoin and the crypto space.
Has bitcoin entered a bear market or is this just a price correction in a longer term bull run? Which other cryptocurrencies are worth looking out for? What impact do the latest laws and regulations have on the overall market?
You can ask your questions in the comment section here.
Anthony Cuthbertson7 July 2021 17:27
Tiger King Coin proves controversial among crypto investors
The success of Tiger King Coin in recent days – it continues to buck market trends by hitting a new all-time high today – has divided crypto analysts and investors.
Antony Portno, founder of Traders of Crypto, has called for an end to “meme coins” and claims they will kill the cryptocurrency sphere.
Here’s what he told The Independent:
Anthony Cuthbertson7 July 2021 15:17
Bitcoin price in the ‘Disbelief’ or ‘Denial’ phase?
The question is: Which direction will this “big move” go?
According to this over-simplified graph charting the “psychology of a market cycle”, shared by equities analyst Barry Ritholtz, we could either be in the ‘Disbelief’ phase or the ‘Denial’ phase.
The classic move following the disbelief phase is a renewal of the bull run, whereas the denial phase is followed by even more losses through the ‘Panic’, ‘Capitulation’ and ‘Anger’ phases. It might not be long until we find out.
Anthony Cuthbertson7 July 2021 14:25
‘A big move is overdue’
Bitcoin looks close to peaking above above $35,000, though still continues to trade…