Bitcoin managed to rebound after crashing to an 18-month low over the weekend.
The cryptocurrency is trading at just under $30,000 on Thursday, which is a 56 percent drop from its all-time high last November, while other major cryptocurrencies have also pulled back from 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 submitted 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.
Coinbase responds to ‘crypto is dead’ comments
Crypto exchange Popukar Coinbase published a blog post this morning in response to the recent market turmoil.
The post, titled “Long Live Crypto,” explains why such downturns should not be seen as disheartening if the focus remains on the “long-term vision.”
The publicly traded company, whose share price has halved since the beginning of the month, shared a video on its social media channels criticizing all the times the cryptocurrency’s death was announced.
“It’s easy to write an obituary,” the blog concluded. “It’s hard to bring something new to life.”
Anthony CuthbertsonMay 19, 2022 10:07
Bitcoin Price Collapse Doesn’t Prevent MicroStrategy
MicroStrategy will not sell any of its massive bitcoin holdings or even adjust its crypto acquisition strategy, despite the recent downturn in the market.
The software company is the largest institutional investor in bitcoin, driven by CEO and co-founder Michael Saylor’s belief that it is the world’s largest store of value.
The company’s new chief financial officer told The Wall Street Journal: “There are no scenarios that I know of [in which] We will sell.
He added, “Some of the recent volatility has definitely been related to some activity outside of bitcoin. For us, we’re watching that from a market perspective, but there is [isn’t] Anything fundamental to bitcoin that we think presents any issues against our strategy.”
Anthony CuthbertsonMay 19, 2022 08:51
Bitcoin and altcoins drop in price
Bitcoin is down more than 4 percent in the past 24 hours and is currently valued at around $29,000.
Ethereum has also fallen in value by more than 6 percent in the past day and by nearly 7 percent compared to its price last week.
Other major cryptocurrencies including solana, cardano and polkadot are also down more than 10 to 13 percent in the past day.
Meme, dogecoin, and their own Chiba Inu are also down 8 to 10 percent in the past 24 hours.
The overall crypto market fell about 6 percent in the last day and was valued at $1.22 trillion.
Vishwam SankaranMay 19, 2022 03:50
Bitcoin Mining Booms In China Despite Ban
After a complete crackdown by the authorities in China, clandestine operations in the country appear to be thriving, according to new data from the Cambridge Center for Alternative Finance (CCAF).
The share of bitcoin mining in China fell from around 75 percent to virtually zero last year, but recent numbers show that it has since rebounded to become the world’s second largest mining hub.
“This strongly suggests that significant underground mining activity has formed in the country, empirically confirming what industry insiders have long assumed,” CCAF wrote in a blog post detailing its findings.
“Off-grid access to electricity and small, geographically dispersed operations are among the main means underground miners use to hide their operations from authorities and circumvent the ban.”
Anthony CuthbertsonMay 18 2022 14:21
What really happened to Terra LUNA and UST?
With Bitcoin (BTC) and Ethereum (ETH) still dropping near 18-month lows, one of the reasons for the cryptocurrency’s crash has yet to be resolved.
Nearly $60 billion of the combined market value of Terra’s LUNA and UST has been wiped out, as their fall triggered mass selling across the entire crypto space. Now, the developers claim that they have now come up with a revival plan.
Here is a full summary of how the disaster happened and what might happen next:
Anthony CuthbertsonMay 18 2022 12:38
Bitcoin Price Sends Crypto Market Into ‘Extreme Fear’
Bitcoin Fear & Greed Index has reached its lowest level in 2.5 years, dropping to single digits to register “extreme fear”.
Gauging sentiment Using data from cryptocurrency exchanges, social media posts, and market momentum, the indicator acts as a rough indicator of how investors and traders will behave.
The last time it was that low was during a market downturn in 2019, some investors took the index as a measure of whether they wanted to buy, sell or hold.
As its developers explain:
- Extreme fear can be a sign that investors are very anxious. It could be a buying opportunity.
- When investors become very greedy, it means that the market is ripe for a correction.
Anthony CuthbertsonMay 17 2022 19:59
Bitcoin price drops again below $30,000
Bitcoin (BTC) price has taken another trip south of $30,000, although it continues to trade in the $28,000-$32,000 range it has been within for most of the past week.
Ethereum (ETH) is also dangerously close to dropping below the $2000 level which it has been able to hold quite well in recent days.
A period of relative stability may come as a respite for investors and traders, at least given the recent market turmoil.
Anthony CuthbertsonMay 17 2022 19:49
Bitcoin addresses with 0.01 BTC pass 10 million
The number of bitcoin addresses with a balance of at least 0.01 BTC has crossed 10 million for the first time, according to data from Glassnode.
At current exchange rates, this comes to a balance of just over $300, indicating a major milestone for retail investors.
While it serves as a rough guide to seeing Bitcoin’s growth, it is not an entirely accurate measure of how widespread dependence is. , as some people have multiple addresses with this balance.
Anthony CuthbertsonMay 17 2022 10:17
Bitcoin price continues to test the $30,000 level
The price of Bitcoin (BTC) and Ethereum (ETH) are hovering precariously above the key levels of $30,000 and $2,000 respectively on Tuesday morning.
The most valuable cryptocurrencies have briefly fallen below those levels in recent days but we’ve managed to get back into that support zone every time. If the support fails and they experience a steady flow below these prices, crypto market analysts fear that the massive selling could lead to a more sustainable pullback and a long-term bear market. Alternatively, bullish momentum can be built from this level, which leads to a broader recovery.
Until either of them happens, it remains an uncertain time for the crypto space.
Anthony CuthbertsonMay 17 2022 09:03
Bitcoin Discussions Begin in El Salvador
The largest ever meeting of international delegates to discuss Bitcoin is being held in El Salvador, with representatives from 44 countries participating.
President Neb Bukele is hosting the event, after he oversaw El Salvador’s move to become the first country in the world to adopt bitcoin as a legal tender form last year. The Central African Republic has since followed, and more countries in Asia, Africa and Latin America seem to be considering at least that.
“Bitcoin is good for the world,” President Bukele wrote on Twitter with a photo of the delegation.
Anthony CuthbertsonMay 17 2022 08:48