The price of bitcoin appeared close to recovering above $60,000 over the weekend but has slipped once again at the start of the week, falling below $58,000 on Monday morning.
Several other leading cryptocurrencies also suffered losses, including Ethereum (ether), Binance Coin and Cardano (ada).
Of the top 10 most valuable cryptocurrencies, only Solana (SOL) saw any positive action, with a 3 per cent gain since Sunday.
The downturn saw the overall crypto market fall by more than 2 per cent overnight, though it remains above the $2.5 trillion mark.
It places the market in a kind of limbo, with analysts divided over whether the market has lost its momentum and is entering a bearish phase, or instead the latest price dip is a result of a minor correction that will precede new all-time highs before the end of 2021.
You can follow all the latest news, analysis and expert price predictions for the crypto market right here.
El Salvador announces ‘Bitcoin City’
El Salvador has announced plans to build a new city in the shadow of a volcano, whose geothermal energy is used to mine bitcoin.
The aptly-named Bitcoin City will be financed by a bond offering taking place in 2022 entirely in BTC, President Nayib Bukele told a crowd at the Latin American Bitcoin and Blockchain Conference over the weekend.
It comes just over two months after El Salvador became the first country in the world to adopt the cryptocurrency as legal tender.
You can read more about the news here.
Anthony Cuthbertson22 November 2021 10:39
Hello and welcome…
to The Independent’s live coverage of the cryptocurrency market.
We’ll have all the latest news and developments for bitcoin, Ethereum (ether) and other leading cryptocurrencies, as well as broader market analysis and expert price predictions.
Anthony Cuthbertson22 November 2021 09:24
