Bitcoin Price Live: Mysterious Whale Makes Huge BTC Buy As Crypto Market Value Closer To Apple

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The price of bitcoin is on the rise again at the start of the week, amid a new wave of positive news in the crypto space.

The cryptocurrency reached over $ 57,000 on Monday to hit a new five-month high, bringing its total gains for October to 32%. It briefly fell below $ 57,000 on Tuesday morning before continuing its rally.

The other major cryptocurrencies do not yet reflect the fortunes of bitcoin, with Ethereum (ether), Cardano (ada) and dogecoin all remaining relatively stable over the past week.

Bitcoin gains have pushed the overall crypto market cap above $ 2.3 trillion, surpassing the value of tech giants like Amazon, Alphabet (Google) and Microsoft. Apple alone is worth more than the cryptocurrency market, but only less than $ 50 billion.

The recent surge has strengthened the beliefs of some crypto analysts, who predicted earlier this year that new records would be reached before the end of 2021.

Well, all the latest expert price news, analysis, and predictions are here.

Bitcoin price drops but remains up 10%

The price of bitcoin has fallen slightly over the past few hours, from over $ 57,000 to below $ 56,000.

Despite the losses, BTC remains up more than 10% on weekdays and remains in a relatively tight trading window that has proven to be remarkably stable since the sudden rise in early October. Bitcoin market cap also remains above $ 1,000 billion, although the overall crypto market cap has fallen just over 2% to $ 2.29 billion in the past 24 hours.

Here’s what the price chart looks like for the past seven days, courtesy of CoinMarketCap.

(CoinMarketCap)

Anthony CuthbertsonOctober 12, 2021 7:11 PM

Bitcoin Price Really Benefits From Chinese Crackdown, Experts Say

After bitcoin hit a record high of just over $ 64,000 in mid-April, the cryptocurrency suffered one of the most devastating price drops in its history, which brought it back to below $ 30,000.

One of the main causes was China’s crackdown on the cryptocurrency, which forced miners – who made up over 70% of the network – to shut down their operations and leave the country. But while this has had a negative impact on the price of bitcoin in the short term, some crypto experts believe it will actually be beneficial in the long term.

Periodic shock tests only appear to make bitcoin stronger, Paolo Ardoino, chief technology officer of the Bitfinex exchange, told The Independent.

The hashrate is recovering to near historic highs following China’s ban … We see the crypto king once again showing his resilience. If bitcoin is banned or restricted, there will always be someone left to fill the void. We expect others to step up as China’s power wanes. It’s a true testament to the scope and resilience of the industry.

Anthony CuthbertsonOctober 12, 2021 1:27 PM

Five countries will accept bitcoin as legal tender in 2022, crypto boss predicts

In the wake of El Salvador’s pioneering Bitcoin law, which made cryptocurrency legal tender in the Central American country last month, there has been a lot of speculation about which countries could follow suit. .

A bold new prediction has just been made by Alex Hoeptner, CEO of the cryptocurrency exchange Bitmex, who estimates that at least five countries will adopt bitcoin by the end of next year.

Hoeptner says all will be developing countries, citing transfer fees, inflation and politics as the top three factors driving adoption.

Over the next year, and as El Salvador resolves its deployment issues, savvy politicians will be thinking about how they can take a similar path and how it could benefit them, as well as their constituents, he said. What El Salvador has done is take the first leap of faith, making similar moves by other countries much easier to consider.

(Getty Images)

Anthony CuthbertsonOctober 12, 2021 11:27 AM

1634029064JPMorgans Jamie Dimon Says Bitcoin Is Worthless, Revealing A Glaring Lack Of Knowledge

JPMorgan CEO Jamie Dimon said he believes bitcoin is worthless, while revealing that his customers disagree.

He said JPMorgan would provide customers with as clean access to bitcoin as possible, saying his personal opinion of the world’s most valuable cryptocurrency is irrelevant when there is such a high demand.

This isn’t the first time the controversial CEO has spoken out against bitcoin, although his latest comments have revealed a fundamental misunderstanding about cryptocurrency. He wondered if the fixed supply of bitcoin – there will never be more than 21 million coins – will magically increase in the future, asking: how do you know it ends at 21 million? Do you read all algorithms? Do you all believe that? I don’t know, I’ve always been skeptical about stuff like that?

If he bothered to read the algorithms himself, he would realize that it is only five lines of code that limits the supply of bitcoin.

Anthony CuthbertsonOctober 12, 2021 9:57 AM

Bitcoin ETF speculation drives the price up?

Widely reported speculation that the U.S. Securities and Exchange Commission (SEC) is looking at four separate bitcoin exchange-traded funds (ETFs) are cited as one of the factors behind the astonishing rise in crypto prices. currencies since early October.

We heard from Konstantin Anissimov, executive director of crypto exchange CEX.IO, who said that rumors are just one of many factors pushing the price of bitcoin higher.

Here is what he had to say:

There are several reasons why bitcoin is currently experiencing a bullish surge. October has been a good month for crypto investors. El Salvador decided to embrace bitcoin because legal tender was viewed in a positive light. President of El Salvador Nayib Bukele has announced that he will use excess funds from the Bitcoin Trust to build a veterinary hospital. The use of bitcoin for such a noble cause has surely played a role in public approval and price gain. Another reason for the rise in the value of Bitcoins is JPMorgans recent note to investors – it said the prized crypto asset appears to be a better hedge against inflation than gold. I think the latest bitcoin rally is a direct result of the inflation issues and investors are using cryptocurrency as a hedge against it. Another contributing factor is the positive US stance on cryptocurrencies in recent weeks. Public opinion is optimistic at the moment and there does not appear to be any obstacles in the near future. 2021 has been a year in reverse for cryptocurrencies as is generally the case, we could be in for a good end of the year!

Konstantin Anissimov, CEX.IO

Anthony CuthbertsonOctober 12, 2021 09:31

Mysterious whale buys $ 1.6 billion worth of bitcoin

A mysterious investor, or group of investors, has placed an order to buy $ 1.6 billion worth of bitcoin on a cryptocurrency exchange.

Such a large volume of trading inevitably contributed to the spike in bitcoin prices, pushing them above $ 57,000 for the first time since May.

Ki Young, crypto analyst and CEO of on-chain data firm CryptoQuant, speculated that traders could take large positions ahead of U.S. Securities and Exchange Commission approval of an exchange-traded fund Bitcoin (ETF) based on futures contracts. . This kind of announcement would be huge for bitcoin and almost certainly lead to new price highs.

Anthony CuthbertsonOctober 12, 2021 7:58 AM

Bitcoin Price Closes To ATH As Crypto Market Shuts Down On Apple

Bitcoin has risen by nearly a third in value since the start of the month, with price hikes pushing the overall crypto market cap above the value of tech giants like Amazon, Alphabet (Google) and Microsoft.

The cryptocurrency market is currently worth $ 2.32 trillion, which means Apple alone is worth more at $ 2.36 trillion.

Bitcoin’s market value alone exceeds $ 1 trillion, meaning another price rally could push it above silver. Some analysts and investors, such as MicroStrategys Michael Saylor, believe the world’s most valuable cryptocurrency will one day return gold, due to its inherent scarcity. That would bring the price of a single bitcoin to around half a million dollars.

(CompaniesMarketCap)

Anthony CuthbertsonOctober 12, 2021 7:51 AM

Hello and welcome …

to live coverage of the crypto market by The Independents. With another bull run seemingly underway, get all the latest news, updates, and analysis throughout the week for bitcoin, Ethereum (ether), and other major cryptocurrencies.

We will also bring you expert price predictions, and seek to answer the question of whether we are really ready to see a new all-time high for bitcoin in the next 10 weeks. It is currently less than $ 7,000 to hit a new all-time high, with its notorious volatility meaning that such a jump could be achieved in just a few hours – although such a large price move could go the other way as well. sense.

Anthony CuthbertsonOctober 12, 2021 7:35 AM

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