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.
Bitcoin price dragged down by regulatory concerns
Fears of an increased crackdown on cryptocurrencies in China are partly to blame for today’s mini price crash.
The People’s Bank of China warned that it would be working “to prevent and control the risk of speculation in virtual currency transactions, and protect the safety of the public’s assets”.
Bitcoin continues to trade below $33,000 on Thursday afternoon, having reached close to $35,000 on Wednesday.
You can read the full story from The Independent’s Technology Editor Andrew Griffin right here:
Anthony Cuthbertson8 July 2021 15:03
Visa facilitates $1 billion of crypto payments
Visa has revealed that more than $1 billion of transactions were made using cryptocurrency in the first half of 2021 through crypto-linked cards.
Speaking to CNBC, Visa’s chief financial officer Vasant Prabhu said that partnerships with Coinbase, Circle and BlockFi have given millions of customers access to their crypto wallets to make payments.
Recent research from Mastercard found that 93 per cent of North American customers plan to use bitcoin and other cryptocurrencies in the next 12 months. Visa’s rival plans to launch a crypto card linked to the digital currency exchange Gemini.
Here’s the full comments from Prabhu:
Anthony Cuthbertson8 July 2021 14:33
Flash crash wipes $100bn from crypto market
The price of bitcoin has plummeted by more than 6 per cent overnight, leading a market-wide flash crash that has wiped nearly $100 billion from the overall market since this time yesterday.
Ethereum (ether), Cardano (ada), Ripple (XRP) and dogecoin all fell by between 5-10 per cent since Wednesday, with the heaviest losses of all the leading cryptocurrencies coming from Uniswap. The virtual token dropped by nearly 14 per cent, though recent gains means it is still up week-on-week.
Despite the price fall, bitcoin continues to trade within the relatively narrow band between $32,000 and $36,000 that it has been stuck in since the end of June.
Anthony Cuthbertson8 July 2021 09:42
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…