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Bitcoin news – live: BTC price steadies after El Salvador adoption hit by dramatic crash

·13-min read

Bitcoin slid in price from above $52,000 to below $44,000 on Tuesday following issues with the adoption of the cryptocurrency as legal tender in El Salvador, but has recovered slightly on Wednesday.

Bitcoin’s nosedive has also had an impact on other cryptocurrencies, including Ethereum (ether), Cardano (ada), and dogecoin.

Currently the global crypto market is worth $2.03 trillion, which is about 11 per cent lower than its value a day earlier.

According to a model-based prediction by pseudonymous Dutch analyst PlanB, bitcoin may reach a value of $100k+ before the end of 2021.

British banking giant Standard Chartered also noted in a recent report that Bitcoin’s value would peak around late 2021 or early 2022 to above $100k.

Other forecasts say current trends could result in lows below $20k for the cryptocurrency by the end of the year.

You can follow all the latest news, updates and expert predictions right here.

Read More

Bitcoin price prediction model running ‘like clockwork’ towards new record highs in 2021

Bitcoin price suddenly collapses, wiping billions off people’s investments

El Salvador could be hit by a ‘crypto crash’ after it adopts bitcoin – and would be powerless to do anything

Key points

  • Bitcoin price crash causes Coinbase to go down

  • El Salvador president ‘buying the dip'

  • Bitcoin price volatility dismissed by long-term holders

Bitcoin price steadies

15:07 , Anthony Cuthbertson

The price of bitcoin finally appears to have steadied after yesterday’s sudden crash.

It remains around $46,000 - roughly $8,000 down from yesterday’s peak but more the $2,000 up from the price it bottomed out at.

It seems to have had a calming affect on the rest of the market, with Ethereum (ether), Cardano (ada) and Binance Coin all levelling out over the last few hours.

There have been a few altcoins that actually bucked the trend, most notably Near Protocol (NEAR). The token saw gains of more than 40 per cent over the last 24 hours, ranking it in the top 30 most valuable cryptocurrencies on CoinMarketCap.

SEC to sue Coinbase

14:07 , Anthony Cuthbertson

The SEC has warned Coinbase that it is planning to sue the exchange over its planned ‘Lend’ feature, which will allow users to earn interest from their holdings.

The regulator served a Wells notice to signal its intention to take legal action, though Coinbase’s chief legal officer Paul Grewal claims to not know what the issue is.

“Rather they have now told us that if we launch Lend they intend to sue. We asked if the SEC would share their reasoning with us... they refused,” he wrote in a blog post.

“Mystery and ambiguity only serve to unnecessarily stifle new products that customers want and that Coinbase and others can safely deliver.”

You can read the full story here.

Coinbase faces SEC lawsuit over ‘mystery’ issues with crypto lending

Bitcoin price volatility dismissed by long-term holders

13:35 , Anthony Cuthbertson

Long-term holders of bitcoin have urged investors to remain patient following the latest price crash.

Michael Saylor, whose software company MicroStrategy owns more than 100,000 bitcoins, believes bitcoin will continue to rise in price over the long term and has the potential to rise in value by more than 100-times. He also revealed he personally bought $30 worth of the cryptocurrency yesterday in support of El Savador’s Bitcoin Law coming into effect.

Today he tweeted: “If you aren’t willing to own bitcoin for 10 years, don’t even think about owning it for 10 minutes.”

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12:20 , Vishwam Sankaran

Bitcoin’s value is still down by about 9 per cent compared to its price 24 hours earlier.

Almost all cryptocurrencies are down compared to yesterday’s prices, and it’s still all red with very little signs of recovery.

 (Coin Market Cap)
(Coin Market Cap)

Global crypto market prices are almost down by 10 per cent compared to values 24 hours earlier.

Bitcoin woes continue into second day

08:09 , Andrew Griffin

Bad news for anyone hoping for a swift return after yesterday’s crash: there’s been no recovery yet. Though hasn’t fallen lower than it did in the wild moments after the crash, either. Here’s the latest from Coinbase:

 (Coinbase)
(Coinbase)

That has left everything looking very red. Prices are down almost 15 per cent over the last 24 hours, according to CoinMarketCap. And nothing – not even the much-hyped Solana – has been left untouched.

 (CoinMarketCap)
(CoinMarketCap)

Bitcoin buys McDonald’s and Starbucks in El Salvador

Tuesday 7 September 2021 17:59 , Anthony Cuthbertson

The price crash has distracted from the big news of the day, which is the roll out of bitcoin as a legal form of currency in El Salvador.

People in the country have been sharing their experiences across social media, with global franchises like McDonald’s and Starbucks now forced to accept the cryptocurrency as a form of payment.

“This is to all the critics who said bitcoin would never be used to buy coffee,” tweeted Mario Aguiluz. “Just paid for mine at Starbucks in El Salvador.”

It seems issues with the Chivo bitcoin wallet have now been resolved.

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El Salvador president ‘buying the dip'

Tuesday 7 September 2021 17:30 , Anthony Cuthbertson

El Salvador President Nayib Bukele has added to the country’s crypto holdings by purchasing a further 150 bitcoins during this afternoon’s crash.

“Buying the dip,” he tweeted.

El Salvador bought its first 200 bitcoins yesterday ahead of the Bitcoin Law coming into effect today, plus a further 100 a few hours later. That brings El Salvador’s total holdings to 550 bitcoin, worth roughly $25 million at the current exchange rate.

President Bukele added that the “discount” from the price crash saved the country roughly $1 million.

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Bitcoin price crash causes Coinbase to go down

Tuesday 7 September 2021 16:46 , Anthony Cuthbertson

Bitcoin’s price crash has caused issues with leading cryptocurrency exchange Coinbase, as users go online to either cash out their crypto holdings or buy the dip.

The company said it was “aware transactions are currently delayed or cancelled at elevated rates and our apps may be experiencing errors.”

It is not the first time Coinbase, which went public earlier this year, has suffered problems during periods of extreme market volatility.

You can read the story here.

 (AFP via Getty Images)
(AFP via Getty Images)

Bitcoin price crash ‘the start of something much worse’?

Tuesday 7 September 2021 16:27 , Anthony Cuthbertson

Crypto experts are rushing to explain the latest bitcoin price crash, with some fearing it could get worse before it recovers.

Prominent analyst and cryptocurrency author Glen Goodman describes it as “horrible horrible chart damage” That could be “the start of something much worse”, while pseudonymous investor CryptoWhale - who has frequently questioned the recent bull run - took the opportunity to mock people hoping bitcoin’s price could sky rocket “to the Moon” in 2021.

Having reached all the way below $44,000, bitcoin is now back above $46,000. The next few hours could prove key for the future trajectory of the market.

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Bitcoin price crashes below $50,000

Tuesday 7 September 2021 16:01 , Anthony Cuthbertson

The price of bitcoin has suffered the second sudden flash crash in the space of just a few hours, falling from above $52,500 to below $48,000.

The reason for the falling price is not immediately clear but may be linked to the previously mentioned issues with the roll out of bitcoin as a form of legal tender in El Salvador.

A price pump to support the momentous occasion has also been planned, with leading bitcoin figures calling on people to buy $30 worth of the cryptocurrency on 7 September in support and celebration of the Bitcoin Law coming into effect. Those who took part may now be looking to take any profits they gained from the slight price rise that ensued.

 (CoinMarketCap)
(CoinMarketCap)

We’re reaching out for some expert analysis and will bring more updates when they come.

El Salvador runs into problems with Chivo bitcoin wallet

Tuesday 7 September 2021 15:53 , Anthony Cuthbertson

It’s not all going smoothly in El Salvador with the official introduction of bitcoin as a form of legal tender.

President Nayib Bukele announced that the Chivo wallet app has been temporarily disabled due to network capacity issues.

“For a few moments Chivo wallet won’t work, we have disconnected it while increasing the capacity of the servers,” he tweeted in Spanish. “The installation problems that some people had were for that reason. We prefer to correct it before reconnecting.”

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You can read more about it here.

Solana price hits ATH

Tuesday 7 September 2021 15:12 , Anthony Cuthbertson

It may be Bitcoin Day but the so-called “Alt-Coin Season” is showing no sign of ending.

Solana is the latest crypto to hit a new all-time high, reaching close to $200 on Tuesday – up from around $3 this time last year.

The price surge has taken it above dogecoin to rank as the seventh most valuable cryptocurrency listed on CoinMarketCap.

You can read the full story here.

Solana price overtakes dogecoin in record-breaking suge

‘Bitcoin earthquake’ expected as El Salvador adopts crypto as legal tender

Tuesday 7 September 2021 11:27 , Anthony Cuthbertson

With Bitcoin Day finally here, some analysts are predicting a “bitcoin earthquake” as people participate in the call from industry figures to buy $30 of the cryptocurrency in support and celebration of El Salvador adopting it as legal tender.

“There is also increased chatter about a supposedly planned ‘Bitcoin day’ or ‘Bitcoin earthquake’ due to happen on Tuesday the 7th as El Salvador adopts the digital currency as legal tender,” says Daniela Hathorn, an analyst from foreign exchange site DailyFX.

“So far the online forums are suggesting a worldwide increase of $30 in every holder’s BTC stake in what is being considered as a move of solidarity with Salvadorans, which seems slightly confusing as to how it would help. But anyway, leaving the technicalities aside this may be a ‘buy the rumour, sell the fact’ situation.”

El Salvador buys 200 bitcoins as crypto becomes legal tender

Tuesday 7 September 2021 08:47 , Anthony Cuthbertson

Today marks one of the momentous days in bitcoin’s 12-year history, as El Salvador becomes the first country in the world to adopt the cryptocurrency as legal tender.

President Nayib Bukele announced that El Salvador bought its first 200 bitcoins ahead of the new Bitcoin Law coming into effect today, saying the country’s brokers would be buying “a lot more” as the deadline approaches.

In an effort to encourage nationwide adoption, every citizen is also being offered $30 worth of the cryptocurrency if they download the government’s digital wallet app Chivo.

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Bitcoin price pump gains momentum

Monday 6 September 2021 15:52 , Anthony Cuthbertson

Prominent bitcoiners are preparing for a major price pump to celebrate El Salvador adopting the cryptocurrency as legal tender.

CoinCorner CEO Danny Scott and MicroStrategy boss Michael Saylor are among those encouraging people to buy $30 of bitcoin on 7 September – the same amount that citizens are being offered through the Chivo wallet app to encourage mass adoption.

Reddit’s /r/Bitcoin forum also has several posts supporting the price pump, while other bitcoin fans are using Twitter to promote the “mass buying” event.

Massive bitcoin price pump planned to celebrate El Salvador adopting crypto

New all-time high for bitcoin’s 200 week moving average

Monday 6 September 2021 13:29 , Anthony Cuthbertson

Bitcoin’s 200 week moving average has just hit a new all-time high, reaching above $15,100.

The latest high, spotted by pseudonymous Dutch analyst PlanB, follows a trend that has seen the price of bitcoin grow over the long term.

“Nobody who bought bitcoin and [held] for four-plus years lost money,” PlanB said last week. “Ever.”

The 200WMA was below $100 in 2014 and only crossed $1,000 in 2017. If another major bull run occurs, as PlanB predicts, the moving average would be on track to pass $100,000 within the next five years.

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Bitcoin ‘bypasses oppressive power structures’ in Taliban-run Afghanistan

Monday 6 September 2021 12:19 , Anthony Cuthbertson

While a lot of the recent focus on bitcoin has been centred on its price, there have been some positive news stories focussing on the cryptocurrency’s technology and how it can prove life-changing for those cut off by traditional financial services.

A first-hand account by an individual on the ground in Afghanistan has offered a glimpse into how bitcoin can benefit those living under Taliban rule.

“Just like our personal freedom, our economic freedom is quickly disappearing, as many anticipate we’re on the brink of an all-out economic collapse,” the person writes anonymously in the article for The Tokenist.

“Fortunately, developments around technology have provided us with an alternative. Digital assets, while no guarantee of freedom, can assist in obtaining some level of freedom.

“They can be beneficial in bypassing oppressive power structures by offering users 24/7 access to funds in a permissionless manner. With legacy finance in Afghanistan on the brink of collapse, a vacuum for another system is already felt. Surely, crypto can’t fix Afghanistan, but it suggests an alternative financial system for every Afghan man and woman who has been cut off from the world.”

Bitcoin adoption in Afghanistan has sky rocketed in 2021 (Getty Images/iStockphoto)
Bitcoin adoption in Afghanistan has sky rocketed in 2021 (Getty Images/iStockphoto)

Bitcoin price at highest since May

Monday 6 September 2021 10:48 , Anthony Cuthbertson

A fresh bitcoin price rally overnight has taken the cryptocurrency to its highest point since May.

With El Salvador set to officially recognise the crypto as a form of currency tomorrow, there are hopes that a price pump from btc advocates could help it rise even further. Notable figures within the industry have called on people to buy $30 of bitcoin to celebrate the legislation coming into effect on 7 September.

Taking a longer-term view, bitcoin is up by more than five-times since this time last year.

Hello and welcome...

Monday 6 September 2021 10:31 , Anthony Cuthbertson

To The Independent’s live coverage of the crypto market. We’ll have all the latest news, analysis and expert price predictions for bitcoin, Ethereum (ether) and other leading cryptocurrencies.

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