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, having surged in value alongside bitcoin earlier in the 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 peaks in 2017 awards.
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.
We’ll have all the latest news, analysis and price predictions here.
Salvadoran Bitcoin Law Receives No World Bank Help
El Salvador’s mission to introduce bitcoin as a common currency form over the next three months will not receive any assistance from the World Bank, the international lender said.
By passing the Bitcoin Law by Congress last week, El Salvador became the first country in the world to adopt cryptocurrency as legal tender. The 90-day deadline put in place can be difficult without help from the World Bank, which has raised environmental and transparency concerns.
“We are committed to helping El Salvador in many ways, including currency transparency and regulatory processes,” a World Bank spokesperson told Reuters.
“Although the government has approached us for help on bitcoin, this is not something the World Bank can support given the gaps in environment and transparency.”
Anthony CuthbertsonJune 17, 2021 8:21 AM
The price of Bitcoin goes up or down?
The opposite of the “dead cat rebound” argument is that bitcoin’s price trajectory has yet to peak in 2021.
The most prominent advocate for this story is pseudonymous Dutch analyst PlanB, who is best known for his Stock-to-Flow price prediction model.
According to one version of it, bitcoin is slated for a “second round of this bull market,” which could push the price of the cryptocurrency north of $ 250,000 in the near future. Market turmoils similar to the one currently underway were seen in 2013 and 2017, before new all-time highs were finally reached.
PlanB remains firmly behind its model.
Anthony CuthbertsonJune 16, 2021 8:25 PM
Panama seeks to follow El Salvador with bitcoin adoption
Panamanian Congressman Gabriel Silva hopes his country could be next to follow El Salvador in adopting bitcoin as legal tender.
Silva plans to introduce a bill next month that will begin the process of opening up the country’s economy to cryptocurrency.
“I found El Salvador’s project positive, ambitious, interesting and well accepted,” he said following El Salvador’s announcement, and said today that there is a “Strong citizen support” for the project.
Anthony CuthbertsonJune 16, 2021 4:29 PM
Ask an expert anything
In order to make sense of this tumultuous time for the crypto market, we invited a few experts to answer readers’ questions.
Dr Paul Ennis, assistant professor at University College Dublin whose research focuses on cryptocurrency, and Fred Schebesta, crypto advocate and founder of comparison platform Finder.com, will join us tomorrow morning to give readers of The independent an opportunity to ask everything they love about bitcoin and the crypto space.
You can read more – and ask your questions in the comments – here:
Anthony CuthbertsonJune 16, 2021 2:23 PM
Kim Kardashian promotes Ethereum Max
Kim Kardashian shared a post with her 200 million plus followers on Ethereum Max cryptocurrency earlier this week.
The paid promotion doubled its price and follows similar posts from other celebrities, including Floyd Mayweather – who was previously fined for promoting questionable pieces.
So, is it worth the investment and what does it actually do? CoinDesk chief ideas columnist David Morris spent some time dig into Ethereum Max to try to answer these questions.
Firstly, it is in no way affiliated with the most famous Ethereum (ether) cryptocurrency. Most of the deals its creators claim to have made aren’t all they seem to be. The moral of the story? Do your own research before investing in celebrity-promoted cryptocurrencies.
Anthony CuthbertsonJune 16, 2021 12:50
Bitcoin vs. Elon Musk
Elon Musk responded with laughing face emojis to a meme shared by dogecoin co-founder Billy Markus, referring to Tesla CEO’s involvement in space.
Musk’s impact on the market was demonstrated recently when he said his electric car maker would again consider accepting cryptocurrency if his network increases 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 leaving anytime soon.
Anthony CuthbertsonJune 16, 2021 10:42 AM
Bitcoin Price Recovery Reflects ‘Dead Cat Bounce’ Pattern
A popular market analyst has warned that bitcoin may have already seen its record price in 2021.
Mr Whale’s pseudonym, whose Twitter account @cryptowhale has nearly a quarter of a million subscribers, compared the latest revival to the ‘dead cat bounce’ pattern seen following the record 2017 price tag.
If so, then bitcoin could drop to $ 7,000 later this year or early 2022. However, if this rebound leads to new price records this year, the new all-time high could be significantly higher.
Anthony CuthbertsonJune 16, 2021 9:35 AM
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 know, this characterization of the event is not only unfair but also irresponsible, ”Miami City Hall said in a statement.
Anthony CuthbertsonJune 15, 2021 9:20 PM
Tunisia will “decriminalize bitcoin”
A senior Tunisian minister has called for the decriminalization of bitcoin in the country after a teenager was reportedly arrested for using the cryptocurrency to buy something online.
Finance Minister Ali Kooli said in a television 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 important figures in the crypto space, having already bought 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 going to be really right or really wrong [but] I’m pretty sure it goes that way.
Anthony CuthbertsonJune 15, 2021 2:43 PM