What are cryptocurrencies? † decomplicated
Bitcoin has managed to bounce back after crashing to an 18-month price level over the weekend.
The cryptocurrency is trading at just under $30,000 on Thursday, down 56 percent from its all-time high in November, while other leading cryptocurrencies are also well below their record highs.
The downturn has wiped more than $1.5 trillion from the market and analysts have warned that another “crypto winter” like the one in 2018 may be underway.
Bitcoin’s precarious price comes as El Salvador’s president Nayib Bukele hosts 44 countries on Monday to discuss the cryptocurrency’s merits and the benefits of adoption.
Eight months after El Salvador made bitcoin legal tender, several other countries seem close to adopting the cryptocurrency, despite warnings from the IMF and some figures within the industry.
You can follow all the latest news, analysis and expert price predictions for bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL) and other leading cryptocurrencies in our live coverage below.
Bitcoin, altcoins recover slightly
Bitcoin is up about 5 percent in the past day and is currently valued at over $30,000 — up more than 1 percent from last week’s value.
Ethereum has also grown more than 5 percent in the past 24 hours, but is still down about 2 percent compared to its price 7 days earlier.
Other top cryptocurrencies, including cardano, solana, and polkadot, are up about 7 to 8 percent in the past day.
Dogecoin and its spin-off shiba inu also grew about 5 percent over the period.
The total crypto market is up 5 percent in the past 24 hours and is valued at nearly $1.28 trillion.
Vishwam SankaranMay 20, 2022 03:36
Billionaire tattoo mocked after crypto crashes to $0
Billionaire crypto investor Mike Novogratz has spoken for the first time since Terra’s LUNA crashed to $0.
The Galaxy Digital CEO was one of the project’s most vocal supporters, going so far as to get a LUNA tattoo on his left arm when the price hit $100.
That piece of body art has since been described as the “worst tattoo in history,” though Novogratz claims he won’t get rid of it.
“In retrospect, it always looks clearer,” he wrote in an open letter. “My tattoo will be a constant reminder that risk investing requires humility.”
You can read the full story here:
Anthony CuthbertsonMay 19, 2022 15:08
Bitcoin and Ethereum Dive Below Major Levels
Both bitcoin (BTC) and Ethereum (ETH) have fallen below the levels they have managed so well in recent days. BTC fell below $30k while ETH is currently trading below $2k, which analysts are blaming for the knock-on effect of a downturn with the US stock market.
Here’s what market analysts from crypto exchange Bitfinex had to say:
Anthony CuthbertsonMay 19, 2022 12:40 PM
Crypto features in the latest episode of Decomplicated
What are cryptocurrencies? If you’re reading this, you probably already know, but just in case I thought I’d share the latest video in the independent‘s Decomplicated series.
The first episode was about non-fungible tokens (NFTs), while this one looks more broadly at bitcoin and the rest of the crypto space. Even if you just want to know how it all works, it’s worth a look.
Cryptocurrency has grown from a fringe technology only popular with cryptographers to become one of the world’s most valuable assets by market capitalization within a decade of the first system going live. An estimated 2.3 million people in the UK owned cryptocurrency in 2021, according to a report by the Financial Markets Authority. But only 71 percent of UK adults familiar with crypto understand what it is. So what exactly is cryptocurrency and how does it work? Independent TV’s series Decomplicated explains cryptocurrency. Click here to sign up for our newsletters.
Anthony CuthbertsonMay 19, 2022 12:37
Coinbase hits back at ‘crypto is dead’ comments
Popukar crypto exchange Coinbase released a blog post this morning in response to the recent market turmoil.
The post, titled “Long Live Crypto,” explains why such a downturn should not be viewed as discouraging if the focus remains on “the long-term view.”
The publicly traded company, whose share price has halved since the beginning of the month, also shared a video on its social media channels criticizing all the times crypto was declared dead.
“It’s easy to write an obituary,” the blog post concluded. “It’s hard to bring something new to life.”
Anthony CuthbertsonMay 19, 2022 10:07
Bitcoin Price Crash Doesn’t Deter MicroStrategy
MicroStrategy is not going to sell any of its massive bitcoin holdings or even adjust its crypto acquisition strategy, despite the recent market decline.
The software company is the largest corporate investor in bitcoin, driven by CEO and co-founder Michael Saylor’s seemingly unwavering belief that it is the world’s largest store of value.
The company’s new chief financial officer told the… Wall Street Journal: “There are no scenarios I know of [in which] we would sell.”
He added: “Some of the more recent volatility has certainly been around some of the activity outside of bitcoin. For us, we monitor that from a market perspective, but there [isn’t] anything fundamental to bitcoin that we think poses problems against our strategy.
Anthony CuthbertsonMay 19, 2022 08:51
Bitcoin, altcoin prices plummet
Bitcoin is down more than 4 percent in the past 24 hours and is currently valued at around $29,000.
Ethereum has also fallen in value by more than 6 percent in the past day and nearly 7 percent compared to last week’s price.
Other top cryptocurrencies, including solana, cardano, and polkadot, have also fallen more than 10 to 13 percent in the past day.
Meme coins dogecoin and its spin-off shiba inu have also fallen 8 to 10 percent in the past 24 hours.
The total crypto market is down about 6 percent in the past day and is valued at $1.22 trillion.
Vishwam SankaranMay 19, 2022 03:50
Bitcoin mining in China thrives despite ban
Following a full crackdown by authorities in China, underground operations in the country appear to be thriving, according to new data from the Cambridge Center for Alternative Finance (CCAF).
China’s share of bitcoin mining fell from about 75 percent to virtually zero last year, but the latest figures show it has since recovered to become the world’s second largest crypto mining hub.
“This strongly suggests that significant underground mining activity has emerged in the country, empirically confirming what industry insiders have long assumed,” CCAF wrote in a blog post detailing its findings.
“Access to off-grid electricity and geographically dispersed, small-scale operations are among the primary means underground miners use to hide their activities from authorities and circumvent the ban.”
Anthony CuthbertsonMay 18, 2022 14:21
What actually happened to Terra LUNA and UST?
With bitcoin (BTC) and Ethereum (ETH) still languishing near 18-month lows, one of the causes of the crypto crash has yet to be resolved.
Nearly $60 billion has been wiped out of the combined market caps of Terra’s LUNA and UST, with their demise leading to a massive sell-off across the crypto space. Now developers are claiming that they have now come up with a revival plan.
Here’s a full rundown of how the catastrophe unfolded and what could come next:
Anthony CuthbertsonMay 18, 2022 12:38 PM
Bitcoin Price Sends Crypto Market Into ‘Extreme Fear’
The Bitcoin Fear & Greed Index has just hit a 2.5 year low and has fallen to single digits to register “extreme fear”.
By measuring sentiment using data from cryptocurrency exchanges, social media posts and market momentum, the index acts as a rough indicator of how investors and traders behave.
The last time it was this low was during the market’s downturn in 2019, with some investors using the index as a benchmark to buy, sell, or hold.
As the developers explain:
- Extreme fear can be a sign that investors are overly concerned. That could be a buying opportunity.
- When investors get too greedy, it means the market is ready for a correction.
Anthony CuthbertsonMay 17, 2022 19:59
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