Despite major news in the crypto space, bitcoin has seen no major price movements in recent days
(Getty Images)
Bitcoin is experiencing a period of remarkable price stability, despite major developments within the crypto space in recent days.
With BTC hovering around $38,500 on Tuesday morning, it is currently right in the middle of the $33,000-$44,000 window that it has been trading within since early January.
There have been a few minor surges and crashes in that time, driven by major geopolitical events like Russia’s invasion of Ukraine, though a long-term trajectory is yet to emerge.
The broader cryptocurrency market has largely mirrored bitcoin’s price movements, though some leading cryptocurrencies like Ethereum (ETH), Cardano (ADA) and Solana (SOL) have suffered slightly heavier losses as investors turn to the more risk-averse bitcoin.
Bitcoin’s emerging role as a store of value during times of geopolitical and economic uncertainty was boosted by the European Parliament’s decision on Monday to not ban crypto mining, as well as US President Joe Biden’s executive order last week encouraging innovation and development in the space. Elon Musk has also said he will not sell his holdings.
You can follow all the latest news, analysis and expert price predictions in our live blog below.
PayPal CEO says crypto will ‘redefine financial world’
The head of one of the world’s largest payments processors has said that cryptocurrency will “redefine a lot of the financial world going forward”.
In a new interview with CTech, PayPal CEO Dan Schulman said: ““I think the initial things that everyone thinks about crypto, buying and selling it, and what the price of bitcoin is going to be tomorrow, that’s the least interesting part about digital currencies to me. That is thinking about digital currencies as an asset class. To me, the real exciting thing about digital currencies is what kind of utility can they provide in payments.”
The comments come just months after PayPal launched crypto buying and selling in the UK.
Anthony Cuthbertson15 March 2022 11:58
Bitcoin price ‘stuck’
Bitcoin’s muted price action can be attributed to continued economic uncertainty amid geopolitical crises, according to DailyFX strategist Nicholas Cawley.
He’s been in touch to offer his thoughts on why the crypto market is currently in limbo.
Bitcoin remains stuck under a prior level of resistance at $39.6k after a fairly lackluster trade over the weekend. BTC is still trying to push higher and positive sentiment is starting to return with a recent series of higher lows underpinning the belief that a fresh attempt at resistance may soon prove successful.
The Federal Reserve is expected to increase interest rates by 25 basis points on Wednesday and while this is seen as a negative for BTC, the markets have known about this hike for a few weeks now and have priced it in accordingly. If bitcoin can break above $39.6k with conviction then $42k becomes the next level of interest before a cluster of recent highs below $46k come into play. A break above here would turn the outlook for bitcoin positive.
Nicholas Cawley, DailyFX
Anthony Cuthbertson15 March 2022 10:31
Elon Musk HODLs and Europe votes against bitcoin ban
The price of bitcoin remains relatively static on Tuesday morning, despite some positive news for the cryptocurrency yesterday.
Fears of a ban on proof-of-work cryptocurrencies like bitcoin and Ethereum proved unfounded as the European Parliament voted against a draft proposal, while Elon Musk offered some investment advice from his position as the richest person in the world: Don’t sell your bitcoin, ETH or dogecoin.
You can read all about Europe’s refusal to ban bitcoin mining here, and more about Elon Musk’s HODLing here.
Elon Musk previously shared this image of a mock gold Tesla Cybertruck adorned with the dogecoin logo
(Twitter)
Anthony Cuthbertson15 March 2022 09:19
Bitcoin, altcoin prices drop over weekend
As Russia’s invasion of Ukraine intensified over the weekend, bitcoin dropped closer to the $38,000 mark, dropping by nearly 3 per cent in the last 24 hours.
Ethereum has also dropped in value at a similar rate and is currently priced close to $2,500.
Other altcoins including solana, polkadot, and avalanche have also dropped in value by 3 to 5 per cent over the last day.
Memecoins dogecoin and its spinoff shiba inu have also slipped in value by over 3 per cent during this period.
The overall crypto market is down by about 3 per cent in the last day, and is valued at $1.70 trillion.
The chart is mostly red with no signs of recovery yet.
Vishwam Sankaran14 March 2022 02:33
After surging above $41,000 on Thursday, Bitcoin has plunged by over 5 per cent in the last 24 hours and is now priced below $39,000.
Other leading cryptocurrencies, including ethereum, cardano, polkadot, and avalanche have also dropped in value by nearly 4 per cent in the last day.
Memecoins dogecoin and shiba inu have also lost value by over 2 to 4 per cent in the last 24 hours.
The overall crypto market plunged by nearly 5 per cent in the last day and is valued at $1.74 trillion.
Most of the top cryptocurrencies are in the red with no signs of recovery yet.
Vishwam Sankaran11 March 2022 02:11
Bitcoin, altcoin prices surge
Bitcoin has surged above $41,000, growing by more than 4 per cent in the last day with US President Joe Biden signing an executive order on cryptocurrency on Wednesday.
The new order acknowledges the popularity of cryptocurrencies and their potential to disrupt the traditional financial system.
“We must support technological advances that promote responsible development and use of digital assets,” it states.
Meanwhile, India’s finance minister Nirmala Sitharaman also said she’s expecting the country’s central bank digital currency (CBDC) to be rolled out this year.
Cryptocurrency prices surged on Wednesday with the overall crypto market rising by nearly 3 per cent in the last 24 hours, growing to a value of about $1.81 trillion.
Ethereum, cardano, and solana have all grown by over 2 per cent in the last day, while terra surged by over 7 per cent during the period.
The chart looks mostly green with signs of recovery after nearly five days of sagging prices.
Vishwam Sankaran10 March 2022 02:17
Bitcoin, altcoins stabilise ahead of Biden’s crypto executive order
Bitcoin rose above the $39,000 mark – growing by over 2 per cent in the last day – with US President Joe Biden expected to sign an executive order that would outline the government’s strategy for cryptocurrencies.
The White House is also expected to direct government agencies to study the legal and economic consequences of creating a US central bank digital currency following the signing of the order.
Amid these moves expected from the US government this week, ethereum has grown by over 3 per cent in the last 24 hours, but is still down by over 10 per cent compared to its value a week earlier.
The prices of altcoins cardano and solana, as well as memecoins dogecoin and shiba inu have risen by less than 1 per cent in the last day.
The overall crypto market has slightly stabilised, growing by over 2 per cent in the last day, and valued at about $1.76 trillion.
Vishwam Sankaran9 March 2022 02:29
Bitcoin, altcoins slightly recover
After trading close to the $37,000 mark early Tuesday, Bitcoin is inching closer to the $39,000 mark, growing by about 4 per cent in the last few hours.
The leading cryptocurrency has grown in price by over 2 per cent in the last day but is still down by over 10 per cent compared to its value a week earlier.
Ethereum has also marginally grown in value by about 1 per cent in the last 24 hours, while other top cryptocurrencies including solana and avalanche have risen in value by 2 to 4 per cent during this period.
Cardano, as well as memecoins dogecoin and its spinoff shiba inu have grown by less than a per cent in the last day.
The overall crypto market has grown by about 2 per cent and is valued at $1.73 trillion.
Vishwam Sankaran8 March 2022 03:13
Swiss city adopts bitcoin
The Swiss city of Lugano plans to make bitcoin, Tether and its own cryptocurrency legal tender, allowing people to buy goods and services.
Paolo Ardoino, CTO of Tether, said: “We envision a future where businesses of all sizes and scale are able to leverage blockchain platforms to improve the quality of life of local citizens providing more sustainable, transparent, and reliable financial and day-to-day services.”
You can read the full story here.
Anthony Cuthbertson7 March 2022 18:18
Bitcoin price swings explained
Simon Peters, an analyst at the online trading platform eToro, has offered his thoughts on what’s behind the “wild swing” from $35,000 to $44,000 and now back to $38,000.
“Price changes, like those in the stock markets, were driven by the geopolitical machinations in Russia, as uncertainty continued to rule and investors de-risked,” he says.
“That being said, the swings we’re seeing are more broadly being caused by uncertainty among investors around the world. Despite regional changes in demand, cryptoassets are ultimately global and reflect that in their price changes.”
Anthony Cuthbertson7 March 2022 11:10
