Bitcoin price – LIVE: Cryptocurrency value steadies after spectacular ‘cooling off’ crash – The Independent

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Bitcoin has experienced a remarkable price resurgence in recent months, rising close to a record all-time high after more than two years of plummeting prices.

The latest rally of the notoriously volatile cryptocurrency comes amid a flurry of institutional investment news, which has taken btc close to the peak it reached in December 2017 of $20,052 (£15,025).

Other major cryptocurrencies  – including Ethereum (ether), Ripple (XRP) and bitcoin cash  – are also climbing in value, though remain a long way off their record highs. A flash crash saw an expected market cool off, though some analysts still predict positive movement leading up to Christmas.

Follow all the latest news, analysis and expert price predictions here.

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Calm after the storm

The price of bitcoin appears to have plateaued, at least for now. The cryptocurrency has been hovering around the $17,000 mark since its stunning crash 24 hours ago.

Other major cryptocurrencies – including Ethereum (ether), Ripple (XRP) and bitcoin cash – have largely mirrored bitcoin’s fortunes, leaving the markets relatively calm this morning.

Anthony Cuthbertson27 November 2020 08:48

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‘Digital gold’

The outbreak of the coronavirus pandemic proved to be a critical test for this theory, as geopolitical uncertainty and economic instability saw investors look towards safe haven assets. 

Gold has seen its price rise steadily throughout the year, though its performance compared to bitcoin is relatively unremarkable. Even with today’s price crash, the world’s most valuable cryptocurrency is worth more than double its value in March.

We’ve put together this chart to illustrate the fortunes of gold and “digital gold”.

(The Independent)

Anthony Cuthbertson26 November 2020 16:32

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Expert analysis

We’ve been reaching out to various market analysts and cryptocurrency experts to hear their thoughts on the latest sell-off. 

Here’s a selection of the best takes on the market crash:

‘A welcome cooling off’

I think this sell-off is healthy for the market which has been over-heated and very optimistic for some time. This pullback is expected and provides a welcome cooling off period for investors that is likely to be met with relief as opposed to despair. As we saw in 2017, nothing can go up in a straight line.

Soravis Srinawakoon, CEO and co-founder of blockchain data provider Band Protocol

‘A new bitcoin all-time high still probable before end of the month’

Recent bitcoin price dynamics do not create much of a change to the bigger picture. The general picture remains strongly bullish making a new Bitcoin all-time high highly probable before the end of the month.

Konstantin Anissimov, executive director of CEX.IO

‘Volatility driven by derivative market’

When the price of bitcoin (btc) fluctuates from $4k to $19k over just nine months, it is not unusual to see a correction. This recent leg up was driven by the derivatives market as evidenced by the fairly high funding rate, leading to a small long squeeze. While the all time high price of btc reached in 2017 has not been surpassed, the total market capitalization of btc is much higher as there are significantly more btc in circulation than ever before.

Gunnar Jaerv, COO at First Digital Trust, a Hong Kong-based digital asset custody provider

Anthony Cuthbertson26 November 2020 14:38

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The crash in context

Bitcoin has rebounded slightly and is currently hovering around $17,000. Some advocates are calling it an early Black Friday sale, encouraging people to buy while the price is low. However it is still too early to tell if this is part of a longer downward trend or if it was just a flash crash prompted by sell-offs from investors as the cryptocurrency approached its all-time high.

More than $2,000 of losses in a couple of hours is big but not unprecedented for the notoriously volatile asset. Putting it in a broader context, bitcoin is still way up from one year ago, and even one month ago.

(CoinMarketCap)

Anthony Cuthbertson26 November 2020 12:07

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What goes up…

The price of bitcoin has crashed spectacularly overnight, dropping more than 12 per cent to below $17,000.

Some analysts had predicted significant market drops before reaching the record high due to investors selling off at the landmark price point approaches.

“Bitcoin’s price history suggests taking a precautionary approach,” Konstantin Anissimov, executive director at London-based cryptocurrency exchange CEX.IO. told The Independent this week.

“During the last bull run, 30 to 40 per cent corrections were the norm. Each time prices rose to new highs, a steep correction followed.”

Anthony Cuthbertson26 November 2020 08:54

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Teasing all-time high

Bitcoin price is up by around 1 per cent over the last 24 hours. 

These modest gains add to the substantial 9 per cent rally over the last week and the remarkable 50 per cent price rise it has experienced since last month.

At just over $19,000, bitcoin is nearly four-times what it was in March.

Bitcoin’s 2020 bull run has been more steady than the sudden spike seen in late 2017

(CoinMarketCap)

Anthony Cuthbertson25 November 2020 14:31

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Welcome to The Independent’s bitcoin live blog.

We’ll be bringing you all the latest news and analysis from the world of cryptocurrency, as well as price updates from all the major altcoins.

Anthony Cuthbertson25 November 2020 13:33

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