Bitcoin Price News – Cryptocurrency Markets Swing Towards Temporary Recovery

Bitcoin price plunged more than 50 percent in May 2022 after hitting its peak in November 2021 (Getty Images)

Bitcoin managed to rebound after crashing to an 18-month low over the weekend.

The cryptocurrency is trading around $30,000 at the start of the week, down 56 percent from its all-time high last November, while other major cryptocurrencies have also fallen off record highs.

The economic downturn has seen more than $1.5 trillion wiped off the market and led to warnings from analysts that another similar “crypto winter” of 2018 may be in the works.

The unstable bitcoin price comes as El Salvador President Neb Bokl hosts 44 countries on Monday to discuss the merits of the cryptocurrency and the benefits of its adoption.

Eight months after El Salvador launched a legal tender for bitcoin, it appears that several other countries are on the cusp of adopting the cryptocurrency despite warnings from the International Monetary Fund and some figures in the industry.

You can follow the latest news, analysis and expert predictions for the price of Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL) and other leading cryptocurrencies in our live coverage below.

the main points

  • El Salvador hosts 44 countries to discuss Bitcoin

  • Bitcoin advocates defend cryptocurrency against exchange chief

  • Terra (LUNA) price crash continues

Terra (LUNA) price keeps dropping

17:08 And Anthony Cuthbertson

Since giving up almost completely last week, Terra’s LUNA cryptocurrency has continued to experience huge losses at the start of the week,

After losing more than 99 percent of its value, any further losses won’t mean much to investors at this point, although another 46 percent drop in the past 24 hours seems to indicate that confidence in the crypto project is not yet back.

Terra (LUNA) still holds nearly $1 billion in capital, so it’s not quite dead yet, although it has slipped from the top 10 cryptocurrencies out of the top 200.

Crypto chief sees no future for bitcoin as a currency

15:59 And Anthony Cuthbertson

The founder of cryptocurrency exchange FTX claims that Bitcoin has no future as a payments network due to the power-intensive Proof of Work system.

Sam Bankman Fried told financial times Although bitcoin offers a useful function as a store of value, P0W means that it is not scalable for use as a currency.

“Things that you do at millions of transactions per second have to be very efficient, lightweight and have lower energy costs,” he said. “Proof of equity networks are.”

His comments prompted immediate criticism from bitcoin advocates, who pointed out that the Lightning Network is already being used to solve these problems nationwide, as is the case in El Salvador.

“Bitcoin is the future of money,” said Michael Saylor, CEO of MicroStrategy. “Lightning is the future of payments.”

Memes crash the price of bitcoin

15:46 And Anthony Cuthbertson

I’ve been reporting on bitcoin for nearly a decade now, and one of the things I’ve noticed is that there’s always a lot more interest in stories when the market crashes than when it’s up.

While some of these readers may be wary of investors checking whether the economic downturn is the “big downturn” and thus time to pull back, the majority of clicks seem to be those indulging in a bit of schadenfreude — at least judging by the comments and memes. (One popular Twitter account dedicated to just this is Crypto Bros Taking Ls, who has gained nearly half a million followers since joining the platform this time last year.)

You know it’s a big crash when even unencrypted accounts step in, and the recent downturn has been a feeding frenzy. You seemingly scoffed at the least likely sources, even with Ryanair – consistently voted among the worst of which airlines? Polls – get a pop:

El Salvador hosts 44 countries to discuss Bitcoin

14:24 And Anthony Cuthbertson

Far from being dismayed by the recent price crash, El Salvador President Najib Bukele has announced that he will instead host 44 countries to discuss the benefits of bitcoin.

Representatives of Africa’s two largest economies – Egypt and Nigeria – will be among the attendees, and one of the main topics for discussion will be financial inclusion and unbanked banking.

You can read the full story here:

El Salvador urges 44 countries to adopt Bitcoin

Hello and welcome…

13:53 And Anthony Cuthbertson

to independentLive coverage of Bitcoin and the rest of the cryptocurrency market.

After crashing to $26,350 last week, Bitcoin is back above $30,000 – but only. It is the same price level that BTC has been able to hold during the previous two drops, although it is too early to say if this is the bottom of the current cycle.

We’ll bring you the latest news, market analysis and expert price predictions here.

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