The price of bitcoin is once again surging at the start of the week, spurred on by comments from Elon Musk about his crypto holdings.
The tech billionaire confirmed that he bought a significant amount of bitcoin, Ethereum (ether) and dogecoin, though denied owning any other altcoins like Shiba Inu or Floki Inu.
The two meme-inspired cryptocurrencies fell in price following the tech billionaire’s revelation, though remain up by more than 450 per cent 50 per cent respectively since the start of October.
The price boost for bitcoin, ether and dogecoin helped push the overall crypto market above $2.6 trillion on Monday, taking it to within a fraction of a per cent away from the all-time high it experienced last week.
BTC is around $4,000 away from its record price high, with some analysts predicting new all-time highs before the end of 2021.
We’ll have all the latest news, analysis and expert price predictions in our live coverage of the crypto market below.
Where does bitcoin go from here?
Crypto experts predict when bitcoin price will peak
Crypto market overtakes world’s most valuable company
Analyst predicts ‘parabolic’ price rally
BREAKING: Solana price hits new all-time high
17:39 , Anthony Cuthbertson
Amid a resurgent crypto market, Solana (SOL) has just hit a new all-time price high.
The cryptocurrency reached above $2.18 on Monday afternoon, according to CoinMarketCap’s price index, pushing its market cap above $65 billion. Its total gains for 2021 now top 12,000 per cent.
Solana’s founders claim its real competition is financial markets, rather than just other cryptocurrencies.
“Literally the goal of Solana is to carry transactions as fast as news travels around the world – so speed of light through fibre. Who we’re competing with is Nasdaq and the New York Stock Exchange,” Solana Labs CEO Anatoly Yakovenko said last month.
You can read all about Solana and its astonishing rise right here.
What is Solana? The crypto that is rising 200-times faster than bitcoin in 2021
Bitcoin price prediction model hints at ‘months of record gains’
13:50 , Anthony Cuthbertson
Pseudonymous Dutch analyst PlanB has shared the latest update to his much-vaunted Stock-to-Flow price prediction model for bitcoin.
The latest all-time high means the chart has returned to the red zone, which can typically mean months of new record highs.
“When bitcoin is in all-time high mode (colour turns red), it usually stays in ATH mode (red) for a couple of months,” he previously tweeted.
According to PlanB’s analysis, bitcoin is on track to hit six figures before Christmas and could eventually command a market cap of $100 trillion.
Dogecoin price responds to Musk comments
12:15 , Anthony Cuthbertson
Dogecoin has shot up more than 15 per cent following Musk’s comments about his crypto holdings, which he followed up with a succession of tweets specifically about the meme-inspired crypto.
He described it as “the people’s crypto”, revealing that “lots of people” on the production lines at Tesla and SpaceX own Doge. He also offered advice on how to improve dogecoin and make it more suitable for use as a mainstream form of payment.
“What matters imo is lowering fees, decreasing block time and increasing block size,” he said. “A single layer network with exchanges as de facto layer 2 seems like the simplest solution for a medium of exchange.”
Musk’s exact dogecoin holdings are unknown, though he previously said his crypto stash was the only thing of “significant value” that he owns, beyond SpaceX and Tesla stock. He is currently the wealthiest person on the planet, with a net worth in excess of $250 billion. Jeff Bezos, his closest rival, is worth less than $200bn, according to the Bloomberg Billionaires Index.
You can read the full story about how Elon Musk became fascinated with dogecoin right here.
How did Dogecoin become Elon Musk’s favourite cryptocurrency?
Elon Musk confirms bitcoin, Ethereum and dogecoin holdings
11:39 , Anthony Cuthbertson
Elon Musk has confirmed his personal crypto portfolio includes bitcoin, Ethereum (ether) and dogecoin – but no Shiba Inu or Floki Inu.
“Out of curiosity, I acquired some ascii hash strings called ‘Bitcoin, Ethereum and Doge’. That’s it,” he tweeted. “As I’ve said before, don’t bet the farm on crypto! True value is building products and providing services to your fellow human beings, not money in any form.”
As the CEO of Tesla, Musk became the most high-profile executive to invest company cash reserves into BTC earlier this year, buying $1.5 billion worth of the cryptocurrency. The electric car maker has benefitted massively from the price rally, with its investment nearly doubling over the last few months.
04:38 , Vishwam Sankaran
The global crypto market has almost remained unmoved in the last 24 hours, currently valued at about $2.58 trillion. Bitcoin has risen in value by about 1 per cent over the last day while Ethereum remains unmoved.
Other cryptocurrencies, including Dogecoin and Solana have also grown compared to their prices a day earlier while Cardano has marginally slipped in value during this period.
Markets trading up, in contrast to crypto
Friday 22 October 2021 13:17 , Andrew Griffin
As crypto trades down, stocks are up. Here’s the latest from AP:
Shares were mostly higher in Europe on Friday after a mixed session in Asia.
Benchmarks rose in Paris, London, Tokyo and Hong Kong. Shares fell in Shanghai and Seoul.
An official newspaper, the Securities Times, and other state media said China Evergrande Group made an overdue bond payment on Friday.
Evergrande wired $83.5 million to account for a bond payment that was due Sept. 23, the reports said. The company’s Hong Kong-traded shares gained 4.3%.
The property developer’s struggle to reduce its 2 trillion yuan ($310 billion) of debt to comply with tighter official curbs on borrowing has prompted fears a default might trigger a financial crisis.
The news of the payment followed Evergrande’s announcement a day earlier that it was running into difficulties selling assets to alleviate its liquidity crisis and that a plan to sell its property services arm had fallen through.
Germany’s DAX gained 0.4% to 15,535.16. In Paris, the CAC 40 jumped 1.1% to 6,759.46, while Britain’s FTSE 100 added 0.4% to 7,220.57. The future for the S&P 500 was nearly unchanged while the future for the Dow industrials gained less than 0.1%.
On Thursday, the S&P 500 rose 0.3% to 4,549.78, its seventh straight gain. That eclipsed the record high it set on Sept. 2. It is on pace for its third straight weekly gain.
The Dow slipped less than 0.1%, to 35,603.08. It is just below its all-time high set on Aug. 16. The Nasdaq gained 0.6% to 15,215.70, while the Russell 2000 rose 0.3%, to 2,296.18.
Market turns red
Friday 22 October 2021 13:14 , Andrew Griffin
It’s a red day in the cryptocurrency market – rare over the last few weeks. Bitcoin is down 1.9 per cent, and the other coins that had benefited from bitcoin’s rally such as Cardano and Ethereum are down too.
Solana is the standout. It’s up more than 10 per cent today, taking up almost 30 per cent this week.
But overall it’s negative. The market is down 4.4 per cent over the last day, according to CoinMarketCap, and the amount being traded has dropped by almost 17 per cent.
Crypto experts predict where bitcoin goes from here
Friday 22 October 2021 06:18 , Anthony Cuthbertson
After the astonishing price gains bitcoin has seen over the last few weeks, the question is whether it can maintain this momentum.
We’ve reached out to several cryptocurrency experts to hear their thoughts on where the market goes from here, with some speculating that the latest all-time high could be eclipsed before the end of the year. Comparisons were even drawn to the first gold ETF in 2004, when the market cap of the precious metal was roughly the same as bitcoin’s today. It has since risen 11-fold.
You can read the full story here.
Where does bitcoin go from here?
Bitcoin price dips amid warning of over-leveraged traders
Thursday 21 October 2021 16:33 , Anthony Cuthbertson
The price of bitcoin has slid to below $63,000, having peaked earlier today at close to $67,000.
The flash crash comes amid warnings that the market was overbought during the launch of the first ever bitcoin futures exchange-traded fund earlier this week.
Crypto analyst and author Glen Goodman said that there could be a short-term dip due to over-leveraged traders buying bitcoin with funds borrowed at high interest rates.
PayPal co-founder Peter Thiel laments ‘underinvesting’ in bitcoin
Thursday 21 October 2021 15:36 , Anthony Cuthbertson
PayPal co-founder Peter Thiel has revealed that he regrets not investing more money in bitcoin following its latest price record.
The billionaire venture capitalist, who was one of the earliest investors in Facebook, told Bloomberg that he should follow fellow PayPal founder Elon Musk’s lead by buying a significant amount of the cryptocurrency and holding it for the long term.
“You’re supposed to just buy bitcoin,” he said. “I feel like I’ve been underinvested in it… I think the answers are still to go long.”
He also warned that bitcoin’s latest rally is a major concern for the traditional financial system, saying that BTC’s gains “surely tells us that we are at a complete bankruptcy moment for the central banks”.
Bitcoin now world’s 13th largest currency
Thursday 21 October 2021 13:46 , Anthony Cuthbertson
Bitcoin’s record-breaking price rally has pushed its market cap ahead of the Swiss Franc, making it the world’s 13th most valuable currency.
Data from CoinMarketCap also ranks Ethereum (ether) in the top 25 fiat currencies, just below the Swedish Krona.
With a market cap in excess of $1.2 trillion, bitcoin is also worth more than some of the world’s most valuable companies, including Facebook and Tesla. The overall crypto market is now worth more than Apple – the world’s most valuable company – at more than $2.5 trillion.
Read the full story here.
Bitcoin overtakes Swiss Franc to become world’s 13th biggest currency
Crypto market smashes record high
Thursday 21 October 2021 10:41 , Anthony Cuthbertson
It’s been a massive 24 hours for the cryptocurrency market, with several other leading altcoins looking to follow bitcoin’s all-time high with a record-breaking price run of their own.
Ethereum is now less than $100 from its ATH, while Solana is also fast approaching its own with gains of more than 20 per cent since this time yesterday.
All of the action has pushed the overall crypto market above its previous record, breaking above $2.6 trillion for the first time in its history this morning.
Jack Dorsey: 🌕
Wednesday 20 October 2021 16:53 , Adam Smith
Twitter CEO Jack Dorsey, a long-time advocate of crypto, tweeted a moon emoji when bitcoin hit its peak.
The emoji likely references the phrase ‘to the moon’, signifying a rapidly high rise.
Elon Musk made a similar reference in June 2021, causing an adult-themed cryptocurrency to increase nearly 400 per cent in ten minutes.
Should bitcoin EFTs even exist?
Wednesday 20 October 2021 16:01 , Adam Smith
While the first bitcoin futures exchange trade has excited many, it has its critics, including the Financial Times’ Robert Armstrong.
Armstrong says that many investors want the cryptocurrency process to operate like a standard financial product. Quoting an unnamed executive in the bitcoin fund industry, he argues that the “heart of the matter” is that investors’ pools of capital are in a 401k or brokerage accounts, and the ways to access bitcoin is outside of that system.
“Lots of investors want access and don’t want to do research into the myriad custodial options”, the executive says.
But Armstrong says that bitcoin is not a standard financial product; it is supported by complex technology and its source of value is a “vehicle for the purest speculation”, he writes.
“If you can’t be bothered to learn the unique subtleties involved in owning this stuff, you can’t possibly understand the risks, and so you should not own it at all. Bitcoin ETFs should not exist.”
Bitcoin reaches all-time high
Wednesday 20 October 2021 15:20 , Andrew Griffin
After a remarkable October, bitcoin has reached an all-time high. It’s smashed through its $64,000 previous record, and continued to trade up.
Full story here.
ProShares rings NYSE bell on first bitcoin futures ETF
Tuesday 19 October 2021 18:05 , Anthony Cuthbertson
ProShares rings the bell on the first ever bitcoin futures exchange-traded fund in the US, which has now officially launched on the New York Stock Exchange.
The price of bitcoin appears to have received a big boost already, rising by more than $1,000 to reach a new six-month high of $63,400 on CoinMarketCap’s price index just a couple of minutes ago.
This is tantalisingly close to its all-time high from mid April, which is now just over $1,000 away from being hit.
Bitcoin price hits fresh six-month high
Tuesday 19 October 2021 11:01 , Anthony Cuthbertson
Bitcoin has hit a fresh six-month price high, reaching $62,944 on Tuesday morning, according to CoinMarketCap’s price index.
It has dipped slightly in the last few minutes but anticipation of the bitcoin futures ETF remains high and some analysts are expecting more gains.
Other crypto market experts are warning that the milestone could be a case of the old trading adage “buy the rumour, sell the news”.
This was the case when El Salvador introduced bitcoin as a legal form of tender in September, though it subsequently rebounded far stronger than the dip.
Bitcoin futures ETF launches today
Tuesday 19 October 2021 07:36 , Anthony Cuthbertson
Today is the day that the long-awaited, first-of-its-kind bitcoin futures exchange-traded fund (ETF) launches on the New York Stock Exchange.
It’s a massive milestone for the crypto industry and will open up BTC to a whole new realm of investors, while also paving the way for more cryptocurrency ETFs in the future. There could even be a further three this month.
We’ve heard from Paolo Ardoino, CTO of cryptocurrency exchange Bitfinex, who describes the launch as a “turning point” for bitcoin.
“As the digital token space evolves, we are seeing increased interest in the concept of a bitcoin ETF, as evidenced by some high-profile global launches. This has not only marked a turning point for the onboarding of institutional investors but is also a clear sign of bitcoin‘s maturity,” he says.
“Bitcoin ETFs may be a significant stimulant for the future of digital token uptake, bringing more investors as well as inspiring the sharing of knowledge within the space. Institutional investors are already driving volumes on exchanges and many expect adoption to skyrocket now that exposure and access to bitcoin will be so readily available.”
Bitcoin price hits all-time – in Japan
Tuesday 19 October 2021 07:22 , Anthony Cuthbertson
The price of bitcoin has hit a record all-time high on Tuesday, though not officially.
The cryptocurrency achieved the feat on an exchange in Japan, where demand appears to be soaring ahead of the launch of the bitcoin futures ETF later today in the US. Investment podcaster Preston Pysh registered bitcoin above $70,000 on one Japanese exchange, but going by CoinMarketCap’s more representative price index, BTC is still just under $2,000 away from hitting a new all-time high this morning.
Bitcoin price up more than 100% since July
Monday 18 October 2021 17:23 , Anthony Cuthbertson
Bitcoin’s remarkable gains this month mean it has now more than doubled in price since the April-July crash took it below $30,000.
After cresting and dipping in September, bitcoin has followed the form of previous years by shooting up in price in October. Historically, November has been its strongest month, with average gains of 53 per cent since 2011, while December also typically sees a significant price increase for the cryptocurrency. Many investors will be hoping it will do the same again this year to cap off a record-breaking 2021.
Crypto experts predict new record bitcoin price this week
Monday 18 October 2021 17:07 , Anthony Cuthbertson
With bitcoin still teasing its all-time high, we’ve reached out to two crypto experts to hear their thoughts on whether we’ll see a new record price high in the coming days.
“A lot of good news has already been price in, although with bitcoin’s all-time high just $2,000 away a fresh attempt to break this is very likely to happen in the short term,” says Nicholas Cawley, an analyst at foreign exchange firm DailyFX, who believes there could be “repeated fresh bitcoin highs” over the next couple of months.
You can read the full story here.
Bitcoin could be about to hit all-time record high
When will bitcoin price peak?
Monday 18 October 2021 13:22 , Anthony Cuthbertson
For many bitcoin advocates, breaking the price record in 2021 is a question of if, not when. For them, the real questions are how high will it go and when will it crash?
By one analyst’s estimations, the peak of this current market cycle will be hit at some point in mid December, as this is 150 days from the mid-cycle low seen in July – presuming the all-time high is breached.
By TechDev’s calculations, bitcoin will reach $70,000 at some point next week, before hitting $90,000 in November. There will then be a slight dip back to the $60,000 range, he claims, before a “parabolic run up” to a peak of $250,000.
How bitcoin and crypto market caps stack up
Monday 18 October 2021 12:25 , Anthony Cuthbertson
With the cryptocurrency market now above $2.5 trillion, it is now worth more than all of the world’s most valuable companies.
Bitcoin alone ranks ahead of Facebook and Tesla, with only Amazon, Alphabet (Google), Saudi Aramco, Microsoft and Apple beating its market cap. Its recent price surge means its market cap is now just $20 billion away from its all-time high.
Excluding precious metals – gold and silver have a market cap of $11.19 trillion and $1.3 trillion respectively – here’s how the top assets stack up.
Bitcoin price and crypto market tease all-time high
Monday 18 October 2021 09:41 , Anthony Cuthbertson
Bitcoin has hit a new six-month high, hitting $62,614 on Monday morning according to CoinMarketCap’s price index, leaving it less than $2,000 away from its all-time high.
It has helped push the overall crypto market cap above $2.5 trillion, which is now also teasing its own record high.
The cryptocurrency space is no longer dominated by bitcoin in the same way it was when the last peak was seen back in April.
Today, BTC only represents just over 40 per cent of the total crypto market capitalisation thanks to massive gains seen by Ethereum (ether), Cardano (ada) and other leading altcoins. This means we’ll likely see the crypto market hit a new high before bitcoin does.
Hello and welcome…
Monday 18 October 2021 09:19 , Anthony Cuthbertson
to The Independent’s live coverage of the crypto market. Bitcoin appears to be closing in on a new all-time high on Monday after experiencing a huge price surge in the first half of October 2021.
The world’s leading cryptocurrency is up more than 40 per cent over the last two weeks, with other top cryptocurrencies like Ethereum (ether) and Cardano (ada) also seeing major gains.
We’ll have all the latest news, market analysis and expert price predictions throughout the day right here.