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Bitcoin price - LIVE: Value rises despite China crackdown on cryptocurrency
Bitcoin price - LIVE: Value rises despite China crackdown on cryptocurrency
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Bitcoin is recovering after reaching close to its lowest price of 2018, which resulted in a cryptocurrency market crash that saw ethereum, ripple and other digital currencies to tumble in value.
The collapse followed bitcoin's worst ever start to a year, having traded close to $20,000 as recently as December.
The notoriously volatile cryptocurrency continues to behave unpredictably – this live blog will be regularly updated with the latest news and significant changes.
The price of bitcoin has seen slight gains over the last 24 hours, rising by around $100 to $6,550.
This comes despite a crack down on cryptocurrency in China, where more than 120 exchanges have been blocked.
China to block more than 120 offshore cryptocurrency exchanges
China is poised to block more than 120 foreign cryptocurrency exchanges as part of the government’s broader crackdown on activities related to digital money, Latest Cryptocurrency News In Hindi
Bitcoin's brief resurgence didn't last long, dropping back to the same price it was trading at at the beginning of the week.
The rest of the major cryptocurrencies experienced similar dips in value, according to CoinMarketCap, dropping by between 3 and 5 per cent over the last 24 hours.
Bitcoin has started the day well, climbing to a two-week high after shooting up by $400 in just 20 minutes.
Bitcoin Price Climbs $400 In 20 Minutes to Reach 2-Week High - CoinDesk
Bitcoin, the world's largest cryptocurrency by market capitalization has jumped 6.6 percent in quick succession pushing prices well above $6,600.
Bitcoin shifted in price by just 0.1 per cent since this time yesterday, Bitcoin shifted in price by just 0.1 per cent since this time yesterday Latest Cryptocurrency News In Hindi
The remarkable lack of market movement has been largely reflected by other major cryptocurrencies, according to CoinMarketCap, with ethereum, ripple and bitcoin cash all holding firm over the last 24 hours.
The first -ever state-backed cryptocurrency is proving integral in Venezuela's plans to rescue its collapsing economy.
Venezuela president announced that the country's bolivar currency will now be pegged to the petro cryptocurrency in the hope that it will increase economic stability.
Venezuela turns to cryptocurrency to try and save its economy
Hyper-inflation of more than 1,000,000 per cent means 1 US dollar is now worth 6 million sovereign bolivar
Bitcoin has managed to remain relatively stable over the weekend, slipping by less than 1 per cent in value since Friday, according to CoinMarketCap.
Stability reigned across the rest of the major cryptocurrencies, with bitcoin cash and EOS actually experiencing modest gains over the past two days.
The UK's Financial Conduct Authority warned today of a rise in cryptocurrency scams. Fraudsters have been using social media and fake celebrity endorsements to tempt victims.
"In recent months, the FCA has received an increasing number of reports about cryptocurrency investment scams, some of which may involve regulated activities, others which don’t, but all of which use similar tactics," the FCA said.
Bitcoin scammers are using fake celebrity endorsements to tempt victims
Dragons' Den star Deborah Meaden previously spoke out about fraudulent investment websites claiming to be endorsed by her
Cryptocurrency analyst Danny Scott, the co-founder of crypto exchange CoinCorner, says he expects bitcoin to stay around the $6,000 in the short term, but that by Christmas it will have almost trebled in price.
"For the last few months, the price of Bitcoin has been at $6,000 which we believe will continue for a while but we predict the price will reach $15,000 by the end of the year. We take this view because the retail market is continuing to expand at a very healthy rate based on both our own data and industry trends," Scott said in a statement shared with
"To add to this, we are also seeing huge amounts of investment coming through from High Net Worth individuals and institutes purchasing Bitcoin in high volumes. This all adds to the increase and interest of the cryptocurrency.”
Bitcoin briefly peaked above $6,500 over night, before slipping slightly back below this morning. The positive movement builds on the mid-week stability to add 2 per cent to bitcoin's value since this time yesterday.
Other significant price points have been reached by ethereum and bitcoin cash, breaking above $300 and $500 respectively. The gains signal a market-wide recovery for the world's top cryptocurrencies.
A new study of the top 100 most valuable cryptocurrencies has found that only 40 of them serve any useful function or provide "real value" to the public.
More than half of top cryptocurrencies have no function, study shows
The study comes amid a market-wide crash for bitcoin, ethereum and other cryptocurrencies
Cryptocurrency markets have stabilized, with the top five shifting in price by less than 2 per cent since this time yesterday.
After experiencing one of the biggest losses in its history, ethereum actually saw some modest gains over the last 24 hours, pushing back close towards $300.
from Phillip Nunn, chief executive officer of investment firm Wealth Chain Capital, suggests the bitcoin boom may be finally over.
He said: “The bitcoin boom seems to be over for now, it’s currently trading at $6,472 and I personally welcome it. The market is telling us something loud and clear, we do not need 1000 different alt coins (alternative currencies) and the crash will most certainly get rid of these. A consolidation of quality projects within crypto will bring about the start of true bitcoin dominance. I firmly believe the market will sustain itself, now is the time for investment, while prices fall.
“Contributing factors to this fall has been the incredible interest in bitcoin future contracts which expire in a day’s time. Bitcoin shorts are stacked to the ceiling. Its value is determined by little more than supply and demand and added publicity. Momentum will pick up and values will rise, once confidence returns to the market.”
Bitcoin and other cryptocurrencies have managed to remain relatively stable over the last few hours, shifting in price by less than a per cent since this morning. Latest Cryptocurrency News In Hindi
Some analysis of the most recent cryptocurrency market crash, coming from Chris Yoo, a portfolio manager at Black Square Capital.
: "The crypto market appears to be in its final stretch of its bearish state. This correction is not unexpected due to the over-valued nature of many blockchain projects and regulatory uncertainty. Most importantly, the ecosystem will continue to develop and grow from the increase in talent and public awareness, leading to the recovery of the market in the near future."
Cryptocurrency investors who may have lost out in the latest price dive can be thankful they're not Aarni Otava Saarimaa
The 22-year-old from Finland lost 5,564.4 bitcoins – worth $35 million at today's prices – after falling for a scam by fraudsters in Thailand.
Bitcoin millionaire loses $35m in cryptocurrency scam
22-year-old from Finland tricked by huge investment fraud plot in Thailand
Some good news coming out of the cryptocurrency space: Japanese messaging app Line has launched a new $10 million fund to invest in blockchain startups.
The reason behind the most recent gains is that the markets are readjusting themselves after the price falls, according to analysts.
Some analysts even suggest that there may be more gains to come, depending on whether bitcoin's price can break past key barriers, including $6,500 and $6,800. Stay tuned...
Bitcoin has rebounded in price, dragging all other major cryptocurrencies with it.
The top five experienced value gains of between 5 per cent and 15 per cent over the last 24 hours, according to CoinMarketCap.
The market-wide price crash is not the first, and probably won't be the last.
And what goes down, at least in the cryptocurrency world, can come back up.
Here's a reminder of bitcoin's last price resurgence in July:
The digital currency has surged by almost $2,000 over the last month
The market-wide collapse has prompted concerns surrounding the mental health of investors.
forum on Reddit saw users share helpline numbers and website links for the US Suicide Hotline and the National Alliance on Mental Illness.
Bitcoin price crash prompts suicide concern in Reddit cryptocurrency forum
A major market downturn has seen massive losses for investors of ethereum and other digital currencies
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