After a surge in Bitcoin’s value on Monday following a major upgrade to its network, the cryptocurrency has plunged by over 6 per cent in the last 24 hours to below $61,000 on Tuesday.
Several other leading cryptocurrencies, including Ethereum (ether), Solana (SOL), and Cardano (ada), as well as the meme coins dogecoin and shib inu, have also dropped in value in the last day.
Most of the top 10 cryptocurrencies are down by between 6 to 10 per cent, with the mini crash coming less than a week after several of them hit all-time highs.
Bitcoin’s price is yet to dip below $60,000 and appears to be bolstered by the rollout of the long-awaited Taproot update over the weekend, which improves both the privacy and security of BTC.
The price falls wiped more than a hundred billion dollars from the overall crypto market, though it remains above $2.5 trillion.
You can follow all the latest news, analysis and expert price predictions right here.
Bitcoin is better than gold, Michael Saylor says
As bitcoin continues to steadily clamber back the losses it suffered earlier today – it just returned above $61,000 – MicroStrategy boss Michael Saylor has claimed that the cryptocurrency is better than gold.
Under his leadership, the software company has become the biggest corporate investor in bitcoin, holding roughly $7 billion worth of the cryptocurrency.
It means the company’s value tends to fluctuate with the price of BTC, put this hasn’t put Saylor off his belief that bitcoin is a better store of value over the long term than traditional assets like gold.
Anthony Cuthbertson16 November 2021 15:14
Bitcoin continues to hold above the $60k mark, but only just.
As is customary following sudden price falls, the staunchest BTC advocates and most optimistic bulls are celebrating the opportunity to “buy the dip” and stock up on the cryptocurrency while its price is relatively cheap – at least compared to last week.
I’ve lost count of how many times bitcoin and other altcoins have suffered flash crashes during the various market rallies in 2021. It seems I’m not the only one:
If it is just a dip, and not a sustained drop, then the key is always timing:
Anthony Cuthbertson16 November 2021 14:23
Bitcoin price bounces back above $60,000
Bitcoin is back above $60,000 – at least for now.
It is currently trading at around $60,500, having achieved the first significant reversal of this dip. The next hour or so will prove crucial to see whether the recovery can be sustained .
(CoinMarketCap)
Anthony Cuthbertson16 November 2021 11:55
Crypto crash caused by ‘excessive optimism’
Social media is filling with hot takes from analysts and market commentators on what caused the crypto crash.
Market analyst and crypto author Glen Goodman believes bitcoin’s latest dip is caused by “excessive optimism”.
He tweets: “Corrections last as long as it takes for most traders to start losing hope and stop buying dips.”
The current bitcoin Fear and Greed Index, which measures crypto market sentiment, is currently swinging more towards greed than fear.
(Bitcoin Fear & Greed Index)
Anthony Cuthbertson16 November 2021 11:24
BREAKING: Bitcoin price plunges below $60k
Bitcoin has dropped below $60,000, taking the total price losses to more than 10 per cent in this latest crash.
It is the first time since late October that BTC has fallen below this level, and it is not yet clear where the bottom of this dip is.
The world’s most valuable cryptocurrency fell to $59,016, according to CoinMarketCap’s price index, though it is too early to tell if there is any significant support at this level to prompt a rebound.
Anthony Cuthbertson16 November 2021 10:27
Bitcoin price crash explained
At this stage, there doesn’t appear to be one single reason for this mini price crash, with several factors potentially coming into play. There was the rejection by the SEC of the spot bitcoin ETF at the end of last week, though that had little market impact at the time and there are several more in the pipeline.
China has also tightened restrictions on crypto mining, though the crackdown earlier this year means the number of operations left in the country are negligible.
Finally, there is the possibility that long-term holders are taking the opportunity of the recent all-time high to skim off profits from their stash. A falling price also brings out the panic sellers, who are typically new to cryptocurrency investing and more prone to being spooked by sudden market movements.
Anthony Cuthbertson16 November 2021 09:43
Bitcoin has plunged by over 6 per cent in the last 24 hours as the overall crypto market has lost over 7 per cent of its value in the last day.
The price of several leading cryptocurrencies including bitcoin, ethereum, solana, and cardano have plunged by 6 to 8 per cent in the last day, with the global crypto market valued at about $2.65 trillion.
Meme coins dogecoin and its spinoff shiba inu have also dropped in value by over 5 per cent in the last 24 hours.
The chart is all red with no signs of recovery yet.
Prices of cryptocurrencies over last 24 hours
(Coin Market Cap)
Vishwam Sankaran16 November 2021 03:59
Satoshi Nakamoto’s net worth among world’s wealthiest
Bitcoin’s record-breaking price rally means Satoshi Nakamoto is now in the top 15 of the wealthiest people on the planet.
The mysterious bitcoin creator has anywhere between 750,000 and 1.1 million bitcoins in their various crypto wallets, which haven’t been touched since 2010. In that time, their value has risen by more than 10 million per cent, giving a US dollar value of up to $73 billion.
There is also a legal battle currently underway in Florida seeking to uncover the true identity of Nakamoto.
You can read the full story here.
Anthony Cuthbertson15 November 2021 18:20
PlanB says $135k price prediction ‘still in play’
Pseudonymous Dutch analyst PlanB has said his “worst case scenario” price prediction model is still on track.
The forecast, which he made back in June when bitcoin was below $34,000, puts BTC on course to hit $98,000 before the end of November before going on to reach $135,000 next month.
This would require a 50 per cent price rise over the next two weeks, which seems inconceivable unless you look at previous record-breaking rallies. Bitcoin is already up more than 300 per cent since this time last year and has already seen monthly gains of more than 50 per cent during the 2021 bull run.
You can read the full story here:
Anthony Cuthbertson15 November 2021 14:59
Bitcoin receives biggest upgrade in four years
Bitcoin has received a major upgrade to its network through the roll out of the long-awaited Taproot update.
It is the biggest improvement to bitcoin’s underlying network since 2017 and will serve to bolster the privacy and security of the cryptocurrency.
The upgrade will also unlock the possibility of smart contracts through bitcoin’s network, while also improving scalability – a crucial element for BTC to succeed as a mainstream form of currency, as it has become in El Salvador.
Here’s what Paolo Ardoino, CTO at the crypto exchange Bitfinex, told us about what the Taproot upgrade means for bitcoin:
Bitcoin’s Taproot upgrade comes timely as development on the bitcoin blockchain has been accelerating quickly this year. Taproot will deliver more scalability, privacy and smart contract functionality on the bitcoin blockchain and greatly expands upon what has been possible so far.
We can expect Taproot to unlock the power of Lightning Network to bring true scalability to the bitcoin blockchain, readying it for use in more complex operations.
Paolo Ardoino, Bitfinex
Anthony Cuthbertson15 November 2021 10:34
