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The price of bitcoin slumped again over the weekend, causing a market-wide tumble that shows no signs of slowing down on Monday morning.
Almost $ 200 billion has been wiped from the cryptocurrency market since Sunday, adding to another $ 200 billion in losses over the past week.
Bitcoin fell below $ 33,000 at the start of the week for the first time since early June, although it is still very high when looking at the year-over-year charts for 2021.
The latest drop has raised fears that more losses are underway as a pattern known as the Cross of Death has been achieved. This is where the 50-day moving price average falls below the 200-day moving average, potentially signaling the onset of a bear market.
Other leading cryptocurrencies suffered as well, with Ethereum (ether), Cardano (ada), Binance Coin, and dogecoin all falling by a similar margin to bitcoin.
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You can follow all the latest news, analysis, and expert price predictions for the crypto market here.
The death of the bitcoin price crosses an omen of the bear market?
Bitcoin went through a so-called death cross today, marking the first time in 2021 that such a price pattern has occurred.
Such events can prove catastrophic for traditional markets (seen both during the Wall Street Crash of 1929 and the Financial Crisis of 2008), but cryptocurrency can be more difficult to pin down.
This is actually the seventh death cross since 2013 for bitcoin, with the latter two actually resulting in massive gains. For an overview of what this step means, you can read the full story here:
Anthony CuthbertsonJune 21, 2021 6:42 PM
Learn more about MicroStrategys Big Bet on Bitcoin
MicroStrategys doubling down on bitcoin amid a price collapse has proven to divide market watchers. Bitcoin advocates see it as a strong show of faith for the cryptocurrency, while shareholders seem less convinced.
Software companies’ stock prices fell 8% on Monday in the wake of the news. The investment is also down by over $ 60 million from when it was made and when it was announced due to the current market downturn.
You can read more about the story of The Independents technical writer Andrew Griffin here.
Anthony CuthbertsonJune 21, 2021 4:21 PM
MicroStrategy buys another half a billion dollars in bitcoin
MicroStrategy CEO Michael Saylor said his company has invested another huge amount of money in bitcoin.
An additional 13,005 bitcoins bring the software company’s total holdings above 100,000, further strengthening its position as the largest corporate investor in cryptocurrency, ahead of Tesla.
Bought for $ 489 million, the current price slump means the latest batch is actually only worth around $ 422 million in loss of $ 67 million. Bitcoin would need to fall below $ 26,000 for MicroStrategy to be at a net loss on all of its holdings.
As of June 21, 2021, MicroStrategy holds a total of approximately 105,085 bitcoins, which were acquired at an aggregate purchase price of approximately $ 2.74 billion and an average purchase price of approximately $ 26,080 per bitcoin, fees and expenses included, the company said in a press release.
(MicroStrategy)
Anthony CuthbertsonJune 21, 2021 2:51 PM
Bitcoin price faces a moment of truth ‘
Glen Goodman, market analyst and author of The Crypto Trader, says bitcoin faces a moment of truth as it nears the end of a possible pricing model.
The head-and-shoulders pattern that began to form in January is approaching the end of the second neckline, meaning that future market moves could prove crucial to the future trajectory of bitcoins.
Completion would be a red arrow. Failure of the green arrow, he wrote at the end of May.
The left shoulder encountered resistance at around $ 30,000, which is what we are currently heading towards.
Anthony CuthbertsonJune 21, 2021 1:46 PM
Worst case scenario for bitcoin price in 2021 is still above $ 100,000
As the price of bitcoin continues to plummet, it has just fallen below $ 32,000, not everyone is pessimistic about their outlook.
Renowned bitcoin price analyst PlanB remains firmly optimistic about the future of cryptocurrencies, sticking to its Stock-to-Flow model which compares price to its inherent scarcity. (You can read more about this model here).
The pseudonymous Dutch expert claims the latest crash was caused by FUD (fear, uncertainty and doubt) brought on by negative news in the crypto space, but that could change in the second half of 2021. His prediction lays it down. more pessimistic? Over $ 100,000 by the end of the year.
Anthony CuthbertsonJune 21, 2021 12:51 PM
Billionaire says he thinks it’s still early for crypto
Billionaire investor Steve Cohen says he dove deep into cryptocurrency and is now fully converted.
The CEO of asset management firm Point72, which has more than $ 20 billion in assets under management, said in an interview that his interest is focused on the blockchain technology that underlies bitcoin.
Hopefully we can start to build something within Point72 … We’re starting to think about it, he said.
I don’t miss it. I won’t miss this. I already feel like I missed the first part, but I still feel like it’s early.
Anthony CuthbertsonJune 21, 2021 11:41
1624269233 Cross Signals of Bitcoin Price Death Support Market or End Losses?
The dreaded Death Cross was hit over the weekend, with the 50-day moving average of bitcoin prices surpassing its 200-day moving average.
For some analysts, this event is an indicator that the market has moved from a bull market to a bear market, meaning more losses are expected to follow.
To others, this pattern is a late signal that most of the damage is in fact already done.
During the 2019 Death Cross, bitcoin had already suffered a -47% drop before the Death Cross flashed, with a 52% recovery after that. And a -64% drop ahead of the 2020 Death Cross, with a rapid recovery of 150%, one crypto enthusiast noted on Twitter.
Ironically, death crosses are often a sign that the worst is already behind us.
This is what the so-called Cross of Death actually looks like:
(CoinMarketCap / The Independent)
Anthony Cuthbertson June 21, 2021 10:53 AM
Chinese crackdown on bitcoin mining
The latest losses may have been sparked by fears that China will continue to crack down on bitcoin mining.
The ban has already been extended to Sichuan province, where authorities ordered the closure of 26 mining facilities last week.
In the long run, this could actually be good news for cryptocurrency, as the majority of bitcoin mines in China have tapped non-renewable sources like coal. It is hoped that miners will move to countries and locations that promote clean energy.
You can read the full story here.
Anthony CuthbertsonJune 21, 2021 09:37
1624263487 Bitcoin price crash continues through Monday
Hello and welcome to The Independents’ live cryptocurrency market coverage.
The price of bitcoin continued to slump on Monday morning, after a market-wide drop over the weekend.
A 7% price drop in the past 24 hours for BTC has been mirrored by other leading cryptocurrencies, with Ethereum (ether), Cardano (ada), Binance Coin, and dogecoin all dropping 5 at 10% since Sunday.
Well, all the latest news and analysis from market experts is here.
Anthony CuthbertsonJune 21, 2021 09:18
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