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Bitcoin continues to hover around $ 40,000 on Wednesday morning, with some price analysts describing the latest rally as a dead cat rebound.
Other leading cryptocurrencies, including Ethereum (ether), Cardano (ada) and dogecoin, also stagnated, after rising in value alongside bitcoin earlier this week.
Market experts seem divided over whether the rebound was part of a longer-term uptrend that will see bitcoin hit new highs in 2021, or whether it simply follows the same pattern seen after the price spikes in 2017.
There has been a lot of good news in the crypto space in recent days which has contributed to positive forecasts and price predictions in the order of $ 250,000.
The Tanzanian president has expressed interest in adopting bitcoin as legal tender, the Tunisian finance minister wants to decriminalize cryptocurrency and MicroStrategy plans to invest an additional half a billion dollars in BTC.
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Well, all the latest news, analysis and price predictions are here.
Key pointsView the last update 1623836527Bitcoin vs. Elon musk
Elon Musk responded with laughing face emojis to a meme shared by Billy Markus, the co-founder of dogecoin, referring to the involvement of Tesla CEOs in space.
Musks’ impact on the market was demonstrated more recently when he said his electric car maker would consider accepting cryptocurrency again if his network improves its reliance on renewable energy sources.
Some seem happy to have the tech billionaire’s backing, even if only part-time. Others are less enthusiastic and see it as unnecessary interference. Either way, it doesn’t look like he’s going to be going anytime soon.
Anthony Cuthbertson June 16, 2021 10:42 AM
Bitcoin price recovery mirrors dead cat rebound pattern
A popular market analyst has warned that bitcoin may have already seen its record price in 2021.
Nickname Mr Whale, whose Twitter account @cryptowhale has nearly a quarter of a million subscribers, compared the latest recovery to the rebound pattern of dead cats seen after the record price of 2017.
If so, then bitcoin could drop to $ 7,000 later this year or early 2022. However, if that rebound leads to new price records this year, the new all-time high could be significantly higher.
Anthony CuthbertsonJune 16, 2021 9:35 AM
1623788415 Bitcoin Super Spreader Event 2021?
Dozens of attendees at the 2021 Bitcoin conference, held in Miami earlier this month, have reportedly tested positive for Covid-19.
12,000 people attended the event, without a mask warrant or proof of vaccination required. Many attendees have since said they tested positive on social media, although it is still too early to determine if this was a so-called super spreader event.
We have no reason to believe the conference was a Super Spreader. At this point, with the information we are aware of, this characterization of the event is not only unfair but also irresponsible, the Miami mayor’s office said in a statement.
Bitcoin 2021 conference took place in Miami from June 4-6, 2021
(Bitcoin 2021)
Anthony CuthbertsonJune 15, 2021 9:20 PM
Tunisia decriminalizes bitcoin
A senior Tunisian minister has called for the decriminalization of bitcoin in the country after a teenager was reportedly arrested for using cryptocurrency to buy something online.
Finance Minister Ali Kooli said in a TV interview with Carthage + that the current law is outdated and does not represent changes in the global economy.
He said: is it conceivable that a young man could be jailed for using digital currency? I do not agree with this law and I will work to change it.
The news comes after politicians in several countries have expressed interest in following El Salvador’s lead by adopting bitcoin as legal tender.
Anthony CuthbertsonJune 15, 2021 4:27 PM
Tim Draper Sticks To Bitcoin Price Prediction Of $ 250,000
Billionaire investor Tim Draper has maintained his prediction that the price of bitcoin will hit $ 250,000 next year.
Draper is one of the most prominent figures in the crypto space, having already purchased 30,000 bitcoins seized by US Marshalls for less than $ 20 million in 2014. That same stash is now worth more than $ 1 billion.
As the top funder of Skype, Tesla, and Twitter, Draper is famous for its forward-looking investments and has made billions of dollars in the process.
I think I’m going to be right on this one, Draper told CNBC. I’m gonna be really right or really wrong [but] I’m pretty sure it’s going in that direction.
Anthony CuthbertsonJune 15, 2021 2:43 PM
Tanzania the next to embrace bitcoin?
The Tanzanian president called on the country’s financial chiefs to prepare for the arrival of bitcoin and cryptocurrency.
Speaking in Mwanza, President Samia Suluhu Hassan said the Central Bank of Tanzania should explore the use of bitcoin after El Salvador announced last week that it was adopted as legal tender.
We have seen the emergence of a new journey through the internet, she said, according to local newspaper The Citizen.
I know that all over the country, including Tanzania, they have not accepted or started using these roads. However, my appeal to the Central Bank is that you should start working on this development. The central bank must be ready for change and not be caught off guard.
Tanzanian President Samia Suluhu Hassan
(AFP via Getty Images)
Anthony CuthbertsonJune 15, 2021 2:02 PM
The price of bitcoin has yet to make a convincing breakthrough ‘
Bitcoin fell back below $ 40,000, with analysts warning the market is facing a key test point.
Bitcoin is at its highest level since May, a notable rally, but the cryptoasset has yet to make a convincing breakthrough and, most importantly, has passed the $ 41,000 mark, said Simon Peters, market analyst. on the eToro online trading platform.
We saw the price face resistance earlier in the year at this level as it traded around what was then an all-time high, and I would really need to see a bigger rise to be bullish. as to the price recovery and maybe push to $ 50,000 and beyond.
Paolo Ardoino, chief technology officer at cryptocurrency exchange Bitfinex is confident that the trajectory of bitcoins will remain positive.
He told The Independent: Sentiment towards the king of crypto continues to turn into positive territory. It remains to be seen whether we are on the verge of seeing a resurgence in the crypto bull market or a return to a longer term trend. While the past few days have shown once again that celebrities and influencers in space can impact the price, it won’t last forever. The momentum that has earned bitcoin growing recognition as an asset class continues to accelerate.
Anthony CuthbertsonJune 15, 2021 11:58 AM
Bitcoin upgrade strengthens network
Bitcoin received its first major upgrade in four years, after miners approved a protocol known as Taproot.
Miners claim this will make the bitcoin network more robust and stronger, while also making it more private by essentially making every transaction appear to be of the same type on the blockchain.
Crypto Exchange OKcoin Explains: BTC transactions are broadcast publicly on the blockchain, and because different types of transactions have different fingerprints, it is quite easy to get credentials on specific transactions.
How is this a problem? Well, being able to track the past use of certain coins can mar them and make them less valuable than clean coins. This directly affects the fungibility of bitcoins.
The upgrade will be officially activated in November.
A programmer prepares a bitcoin mining platform
(Getty Images)
Anthony CuthbertsonJune 15, 2021 10:17 AM
MicroStrategy to buy another half a billion dollars in bitcoin
MicroStrategy Set To Increase Vast Bitcoin Holdings After Completing $ 500 Million Secure Ticket Offer
The software company owns nearly 100,000 bitcoins, valued at nearly $ 4 billion, or roughly four-fifths of the company’s market capitalization, making it by far the largest cryptocurrency investor. By comparison, Tesla holds around 43,000 bitcoins.
MicroStrategy estimates that the net proceeds from the sale of the Notes and related collateral will be approximately $ 488 million, after deducting the original buyer’s rebates and commissions and the estimated offering fees payable by MicroStrategy, the company said. company in a press release.
MicroStrategy intends to use the net proceeds from ticket sales to acquire additional bitcoin.
Anthony CuthbertsonJune 15, 2021 8:51 AM
Goldman Sachs Expands Crypto Trading to Ethereum
Global banking giant Goldman Sachs plans to expand its cryptocurrency trading options beyond bitcoin.
Mathew McDermott, head of digital assets at Goldman Sachs, said the investment bank will offer options and futures on ether – the digital currency that powers the Ethereum network and the second most valuable cryptocurrency in the world. world behind bitcoin.
We’ve actually seen a lot of interest from clients wanting to trade as they find these levels a slightly more acceptable entry point, McDermott told Bloomberg.
We see it as a cleanup exercise to reduce some of the leverage and excess in the system, especially from a retail perspective.
Anthony CuthbertsonJune 15, 2021 8:06 AM
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