Bitcoin’s price collapse last week reverberated throughout the crypto market, with leading cryptocurrencies continuing suffering heavy losses.
BTC fell more than $10,000 between Friday and Monday, reaching as low as $33,184, according to CoinMarketCap’s price index – less than half the record peak it experienced in November.
The world’s most valuable cryptocurrency has since staged a steady recovery, reaching above $38,000 on Wednesday amid news that Russian President Vladimir Putin is interested in exploring crypto mining.
The overall market also bounced back slightly, though the price rise slowed down considerably on Thursday.
Ethereum (ETH), Cardano (ADA), Binance Coin (BNB) and Ripple (XRP) have all failed to recover from the crash, though analysts are divided over which way the market is heading from here.
You can follow all the latest news, analysis and expert price predictions in our live blog below.
Bitcoin price takes another tumble
El Salvador responds to IMF plea to ditch bitcoin
Vladimir Putin expresses interest in crypto mining
Bitcoin price prediction panel revises forecast
19:24 , Anthony Cuthbertson
The third Finder’s Bitcoin Price Predictions Report is out, and unsurprisingly the panel of crypto experts and academics are slightly less bullish than the two previous editions in July 2021 and October 2021.
Nevertheless, the average forecast for 2022 from the panel is above the record high seen last November, while the predictions for 2025 and 2030 are even higher.
You can read the full story here.
Bitcoin adoption in Turkey would be ‘Earth shattering'
10:34 , Anthony Cuthbertson
It’s still way too early to know whether Turkey and ErdoÄan are actually serious about making bitcoin a legal form of tender, but industry figures are already getting excited.
Fernando NikoliÄ, marketing director at blockchain firm Blockstream said that Turkey following El Salvador’s lead would be “earth shattering” and could lead to more countries making that step.
Turkey is currently experiencing some of the highest inflation rates in decades, with the Lira crisis currently threatening to destabilise the country’s economy. An anti-inflationary digital currency like bitcoin could perhaps be one solution.
If Turkey adopts Bitcoin as legal tender it is not inconsequential.
It will be earth shattering. Dominos across the Middle East and Africa would soon fall.
— Fernando Nikolić 🇷🇺⏰ (@fernikolic) January 26, 2022
Turkey looks into crypto
10:20 , Anthony Cuthbertson
Turkey has become the latest country to take a closer took at the potential benefits of cryptocurrency.
Turkish president Recep Tayyip ErdoÄan has advised the country’s ruling Justice and Development Party to examine the use of virtual currencies, according to a report in The Street.
It comes just a week after ErdoÄan met with El Salvador President Nayib Bukele, who of course is the first ever world leader to usher in bitcoin as a legal form of tender in the Central American country.
02:48 , Vishwam Sankaran
Bitcoin, ethereum prices drop by 3 per cent
The prices of bitcoin and ethereum have slid down by about 3 per cent with the overall crypto market dropping in value at a similar rate over the last 24 hours.
The leading cryptocurrency is down by nearly 14 per cent compared to its price last week, and is currently valued at about $36,000.
Ethereum is down by about 25 per cent compared to its value a week earlier and is currently priced at $2,400.
Meanwhile, meme coins dogecoin and its spinoff shiba inu are down by over 3 per cent in the last day with the latter dropping in value by over 25 per cent in the last week.
Solana is down by nearly 7 per cent and cardano by a per cent in the last 24 hours.
The chart is still all red with no signs of recovery yet.
Putin says Russia has ‘some advantages’ in bitcoin mining
Wednesday 26 January 2022 16:56 , Anthony Cuthbertson
Russian President Vladimir Putin has asked government officials to hold talks on the subject of bitcoin and cryptocurrency, as he claims Russia has “certain competitive advantages” when it comes to crypto mining.
In a video conference today, Putin said Russia has a “surplus in electricity and well-trained teams” that could take advantage of a shut down in operations in neighbouring China and Kazakhstan.
The move comes after the country’s central bank revealed a proposal to ban cryptocurrency transactions and mining in cryptocurrency.
El Salvador responds to IMF’s bitcoin plea
Wednesday 26 January 2022 15:18 , Anthony Cuthbertson
The president of El Salvador has responded to calls from the International Monetary Fund to drop bitcoin as legal tender in the country.
Nayib Bukele tweeted a Simpsons gif, with bitcoin and IMF logos superimposed, together with the condescending line, “I see you, IMF. That’s very nice.”
I think it’s safe to say Bukele has no plans to abandon the experiment any time soon.
Bitcoin price up 15% from start of week
Wednesday 26 January 2022 14:28 , Anthony Cuthbertson
Bitcoin’s recovery is showing no signs of slowing down, rising above $38,000 after another price surge this morning.
The cryptocurrency is now up more than 15 per cent since the lows it reached at the start of the week, though analysts have warned that trading data suggests there is still fear in the market ahead of today’s meeting of the Federal Open Market Committee (FOMC).
We’ve heard from Marcus Sotiriou, an analyst at the UK based digital asset broker GlobalBlock, who explains what this might mean for bitcoin and the broader crypto market:
Federal Reserve Chairman Jerome Powell will outline any changes to monetary policy. If he announces an earlier than anticipated end to QE or rate hike, markets may fall much lower in the short term.
However, if Powell confirms no changes to plans announced in December, equity and crypto markets may see some relief as protective positions unwind, and we could see a short squeeze to the upside.
Marcus Sotiriou, GlobalBlock
IMF urges El Salvador to remove bitcoin as legal tender
Tuesday 25 January 2022 20:27 , Anthony Cuthbertson
The International Monetary Fund (IMF) is once again applying pressure on El Salvador over its decision to adopt bitcoin as a legal form of tender.
In a report issued on Tuesday, IMF directors “stressed that there are large risks associated with the use of bitcoin on financial stability, financial integrity, and consumer protection, as well as the associated fiscal contingent liabilities”.
It follows a similar warning from the IMF in November, which urged the Central American country to strengthen regulation and supervision over the cryptocurrency.
Elon Musk urges McDonald’s to accept dogecoin
Tuesday 25 January 2022 12:56 , Anthony Cuthbertson
Elon Musk has said he will eat a Happy Meal on television if McDonald’s follows Tesla’s lead by accepting dogecoin payments.
The world’s richest person made the plea on Twitter, causing an instant surge in the price of the meme-inspired cryptocurrency.
Dogecoin rose from below $0.13 to above $0.14, though remains a long way off the record high it saw last year, when a Musk-fuelled rally briefly pushed it above $0.70.
You can read the full story here.
Tuesday 25 January 2022 03:00 , Vishwam Sankaran
Bitcoin shows signs of recovery
The price of bitcoin has grown by over 2 per cent in the last 24 hours after plummeting to its lowest in six months.
The leading cryptocurrency is still down by over 14 per cent compared to its value a week earlier, and by more than 50 per cent compared to its November high price of $69,000.
Meanwhile, other leading cryptocurrencies, including ethereum, cardano, and solana are down by 2 to 3 per cent in the last day.
Ethereum is currently valued at $2,400 and is still down by over 25 per cent compared to its value a week earlier.
Memecoins dogecoin and shiba inu are also down compared to their respective values a day earlier.
Dogecoin has dropped in value by about 1.5 per cent in the last day while shiba inu is down by over 5 per cent during this period.
The chart is still all red with marginal signs of recovery.
Bitcoin price crash compared to previous corrections
Monday 24 January 2022 20:22 , Anthony Cuthbertson
Bitcoin may have dropped in price by more than 50 per cent since its all-time high in November, but its latest collapse still isn’t as big as previous long-term corrections.
There are four other major corrections since 2013 that have seen bitcoin fall further in price, however it’s too early to say whether this one is over yet.
What happened on bitcoin’s ‘Black Friday’ crash – and what comes next?
Monday 24 January 2022 17:56 , Anthony Cuthbertson
It’s always tricky to attribute bitcoin’s demise to a single event, however crypto analysts appear to be largely in agreement on what caused the latest sell-off.
While a crackdown in Kazakhstan and fears of a ban in Russia both contributed to the price collapse, the main driver was the plunge in the stock market amid concerns of the US Federal Reserve hiking interest rates this week. We heard from a range of cryptocurrency experts and industry insiders to hear their thoughts on the crash, and where they think the market will go from here.
You can read the full piece here.
Bitcoin price crash prompts McDonald’s memes
Monday 24 January 2022 14:04 , Anthony Cuthbertson
As is customary now following a severe price dip, McDonald’s memes are doing the rounds on social media.
The meme became popular following last year’s crash, after a screengrab of a fake tweet from the fast food giant went viral. It stated: “Hey crypto bro’s we got you... Apply below.”
Among those sharing the meme this time around is El Salvador President Nayib Bukele, who went as far as changing his profile picture on Twitter, and prominent market analyst PlanB. Both have predicted big things for bitcoin in 2022, though not necessarily in this direction.
Bitcoin price ‘at most oversold’ since pandemic crash
Monday 24 January 2022 12:48 , Anthony Cuthbertson
We’ve heard from Marcus Sotiriou, an analyst at the UK-based digital asset broker GlobalBlock, who claims certain market indicators could actually signal a good buying opportunity.
“Bitcoin has reached its lowest level on the daily RSI (Relative Strength Indicator) technical indicator since March 2020, which was the time of the Covid crash,” he says.
“Also, the weekly RSI currently sits at 37, which is usually considered as indicating the price is oversold. The fact that every bear market bottom for bitcoin has ranged between 29-35 on the weekly RSI suggests that the risk/reward is advantageous for buying in this area if you believe in the long-term value of this asset class.”
Bitcoin price takes another tumble
Monday 24 January 2022 11:49 , Anthony Cuthbertson
Bitcoin is now down more than 50 per cent from the all-time high it experienced in November, after taking another tumble on Monday morning.
The latest slide marks a dramatic reversal in fortunes for the cryptocurrency, mirroring a similar fall in mid 2021. BTC went on to recover to new record highs, but not before falling by another 10 per cent or so. The next few hours and days will prove crucial to determining whether bitcoin can ride this storm as well as it did last year.
We’ve reached out to some crypto market experts and should be hearing from them shortly.
Hello and welcome...
Monday 24 January 2022 11:38 , Anthony Cuthbertson
to The Independent’s live coverage of the crypto market. Following a dramatic price crash at the end of last week, we’ll be bringing you all the latest news, analysis and expert price predictions for bitcoin (BTC), Ethereum (ETH) and other leading cryptocurrencies.