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The price of bitcoin suffered a crash in mid November, causing the rest of the cryptocurrency market to slide

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Bitcoin price news live: BTC and Ethereum tumble, leaving crypto market in limbo

Latest updates, analysis and prediction forecasts for the cryptocurrency market

Anthony Cuthbertson
Tuesday 23 November 2021 03:01

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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.

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You can follow all the latest news, analysis and expert crypto price predictions right here.

Key points

  • El Salvador announces Bitcoin City'
  • Cryptocurrency is not a fad, says Australian minister
Show latest update

Bitcoin climbs above $56,000

After dropping below $56,000, bitcoin is inching back to $57,000, but is still down by about 2 per cent compared to its value a day earlier.

The overall crypto market is down by about 1 per cent over the last day, and is currently valued at about $2.56 trillion.

Other top cryptocurrencies, including ethereum, solana, and cardano are also down by about 1 to 2 per cent in the last 24 hours.

Meme coins doge coin and its spinoff shiba inu are also down by over 11 per cent in the last week, but show signs of stabilising in the last 24 hours.

The chart still looks all red with marginal signs of recovery.

Prices of cryptocurrencies over last 24 hours

(Coin Market Cap)
Vishwam Sankaran23 November 2021 03:01

Bitcoin price dips below $56,000

The price of bitcoin has fallen to its lowest level since mid October following a sudden dip.

It is currently trading just below $56,000 but there is no clear sign that it has reached the bottom of this price fall. Some analysts are saying there is resistance at this level, though during periods of price discovery the market can be particularly volatile.

Other leading cryptocurrencies are also seeing heavy losses, with Ethereum (ether), Binance Coin, Solana (SOL) and Cardano (ada) all falling in price by between 5- 8 per cent on Monday.

Heres what Simon Peters, an analyst at the online trading platform eToro, has to say about the latest market correction: With bitcoin and other cryptoassets having reached fresh all-time highs, there was always likely to be a measure of profit-taking from investors which then translates into price weakness. Both BTC and ETH go from strength to strength, and the ups and downs of the market are a part of this story.

Anthony Cuthbertson22 November 2021 21:08

President Bukele to keynote major bitcoin conference

After barely catching his breath from belting out his ambition to build Bitcoin City, El Salvador President Nayib Bukele has said he will appear at one of the biggest cryptocurrency conferences on the calendar.

Bitcoin 2022 will take place in Miami next April, providing a platform for many of the leading figures within the crypto industry. Up to 35,00 people are expected to attend the four-day event, one year after President Bukele first announced that his country would be the first in the world to introduce bitcoin as a legal form of tender.

After virtually announcing my intention to make Bitcoin legal tender in El Salvador at Bitcoin 2021, I am pleased to be speaking at Bitcoin 2022 in person to deliver an update on the progress we have made as the worlds first Bitcoin-native country.

El Salvador President Nayib Bukele
Anthony Cuthbertson22 November 2021 17:16

PayPal for crypto' startup MoonPay raises $555 million

Cryptocurrency firm MoonPay is now valued at a staggering $3.4 billion after just announcing a $555 million funding round.

The Miami-based fintech firm has described itself as similar to PayPal, but for crypto, as its software allows users to buy and sell cryptocurrency using traditional payment methods like bank transfer, credit and debit cards, and mobile apps like Apple Pay and Google Pay.

At just three years old, it is the latest company to benefit from a record-breaking year for cryptocurrency.

Anthony Cuthbertson22 November 2021 16:38

'Bitcoin Standard adopted by Canadian restaurant

A restaurant in Canada is up 460 per cent on a bitcoin investment made last year after deciding to plough all of its profits into the cryptocurrency.

Tahinis, which specialises in Middle Eastern cuisine, adopts a Bitcoin Standard strategy, which sees it operate in traditional fiat currency and put all its cash reserves into BTC. The strategy has so far worked like a charm, restaurant co-founder Aly Hamam, told Business Insider.

MicroStrategy CEO Michael Saylor, whose software firm is the largest corporate investor in bitcoin ahead of Tesla, tweeted: Their story is inspirational.

Anthony Cuthbertson22 November 2021 14:40

Cryptocurrency is not a fad, says Australian minister

Australias financial services minister Jane Hume has warned finance leaders in the country that cryptocurrency is not a fad.

Speaking at the Australian Financial Review summit today, Hume said that government and industry should not ignore the crypto industry.

She said: This is not a fad. We should tread cautiously, but not fearfully. Dont be the person in 1995 who said the internet was just a place for geeks and criminals and would never become mainstream. And dont be the person who argued that email was a passing fad.

Anthony Cuthbertson22 November 2021 13:00

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.

El Salvador to build crypto-fuelled Bitcoin City

Nayib Bukeles announcement comes just two months after cryptocurrency was adopted as legal tender in the country

Anthony Cuthbertson22 November 2021 10:39

Hello and welcome...

to The Independents live coverage of the cryptocurrency market.

Well 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

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The price of bitcoin suffered a crash in mid November, causing the rest of the cryptocurrency market to slide

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