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Bitcoin price – live: New crypto DubaiCoin shoots up 1,000% as market continues to tumble

Andrew Griffin and Anthony Cuthbertson
·1-min read
<p>The price of bitcoin, Ethereum (ether), litecoin and Ripple (XRP) have all taken a hammering in May 2021</p> (Getty Images)

The price of bitcoin, Ethereum (ether), litecoin and Ripple (XRP) have all taken a hammering in May 2021

(Getty Images)

The price of bitcoin and other cryptocurrencies such as Ethereum (ether), Cardano (ada), dogecoin is continuing to fall on Saturday, after a major crypto market slump.

That was despite the good fortunes of some smaller coins, such as DubaiCoin, which gained 1,000 per cent in 24 hours. The astonishing gains seen by DubaiCoin since launching led to the government of Dubai issuing a warning that it is not officially linked to the UAE city, and may well be an elaborate scam.

Bitcoin’s latest price fall means analysts remain divided over whether it is entering a bear market or is just suffering a brief correction on the road to more record highs. Despite being down overnight, it remains remarkably stable looking at it on a week-by-week basis.

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In other news, the final day of CoinDesk’s Consensus 2021 conference on Thursday saw NFL star Tom Brady discuss his bitcoin ‘laser eyes’, after being announced as a surprise guest at the leading crypto conference.

We’ll have all the latest live updates right here.