The bitcoin price is once again surging, pulling the rest of the crypto market up with it.
Leading cryptocurrencies, including Ethereum (ether), Cardano (ada) and dogecoin were all in the green at the start of the week, pushing their combined value above $1.75 trillion for the first time since May.
The turn-around was triggered by Tesla boss Elon Musk, who tweeted on Sunday that the electric car maker would begin accepting the cryptocurrency again “when there’s confirmation of reasonable (~50 per cent) clean energy usage by miners with positive future trend”.
Positive news for Ethereum also helped boost its price on Monday (which is still rising today): Goldman Sachs revealed plans to offer ether options.
The investment banking giant already offers options and futures trading in bitcoin but now wants to expand to its next closest rival.
You can follow all the latest news, analysis and price predictions right here.
Tunisia to ‘decriminalise bitcoin’
A senior minister in Tunisia has called for bitcoin to be decriminalised in the country after a teenager was reportedly arrested for using the cryptocurrency to buy something online.
Finance Minister Ali Kooli said in a TV interview with Carthage+ that the current law was outdated and “did not represent changes in the global economy”.
He said: “Is it conceivable that a young man is imprisoned for using digital currency? I do not agree with this law and I will work to change it.”
The news comes after politicians in several countries expressed interest in following El Salvador’s lead by adopting bitcoin as legal tender.
Anthony Cuthbertson15 June 2021 16:27
Tim Draper sticks by $250k bitcoin price prediction
Billionaire investor Tim Draper has stood by his prediction that the price of bitcoin will hit $250,000 next year.
Draper is one of the most prominent figures in the crypto space, having previously purchased 30,000 bitcoins seized by US Marshalls for less than $20 million back in 2014. That same stash is now worth more than a billion dollars.
As an early backer of Skype, Tesla and Twitter, Draper is famed for his future-facing investments, and has made billions of dollars in the process.
“I think I’m going to be right on this one,” Draper told CNBC. “I’m either going to be really right or really wrong [but] I’m pretty sure that it’s going in that direction.
Anthony Cuthbertson15 June 2021 14:43
Tanzania next to adopt bitcoin?
The president of Tanzania has called on financial chiefs in the country to prepare for the arrival of bitcoin and cryptocurrency.
Speaking in Mwanza, President Samia Suluhu Hassan said Tanzania’s Central Bank should explore the use of bitcoin following El Salvador’s announcement last week that it would be adopted as legal currency.
“We have witnessed the emergence of a new journey through the internet,” she said, according to local newspaper The Citizen.
“I know that throughout the nation, including Tanzania, they have not accepted or started using these routes. However, my call to the Central Bank is that you should start working on that development. The Central Bank should be ready for the changes and not be caught unprepared.”
Bitcoin upgrade strengthens network
Bitcoin has received its first major upgrade in four years, after miners approved a protocol known as Taproot.
Miners claim it will make bitcoin’s network more robust and strong, while making it more private by essentially making every transaction appear to be of the same kind on the blockchain.
Crypto exchange OKcoin explains: “BTC transactions are publicly broadcasted on the blockchain, and since different types of transactions have different digital fingerprints, it’s pretty easy to obtain identifying information about specific transactions.
“How’s that an issue? Well, being able to track the past use of certain coins can ‘taint’ them and make them less valuable than ‘clean’ coins. It directly hurts bitcoin’s fungibility.”
The upgrade will officially activate in November.
Goldman Sachs expands crypto trading to Ethereum
Global banking giant Goldman Sachs is planning to expand its cryptocurrency trading options beyond bitcoin.
Mathew McDermott, head of digital assets at Goldman Sachs, says the investment bank will offer options and futures trading in ether – the digital currency driving the Ethereum network and the world’s second most valuable cryptocurrency behind bitcoin.
“We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point,” McDermott told Bloomberg.
“We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective.”
Anthony Cuthbertson15 June 2021 08:06
Billionaire hedge fund manager Paul Tudor Jones has said he sees bitcoin as an important way for investors to diversify their portfolios, ranking it alongside gold in terms of total allocation.
“I like bitcoin. Bitcoin is math, and math has been around for thousands of years,” the head of the $44.6 billion Tudor Investment Corporation told CNBC’s Squawk Box.
“I like the idea of investing in something that’s reliable, consistent, honest and 100 per cent certain. So bitcoin has appealed to me, as it’s a way for me to invest in certainty.
“The only thing that I know for certain is I want to have 5 per cent in gold, 5 per cent in bitcoin, 5 per cent in cash, 5 per cent in commodities, at this point in time. I don’t know what I want to do with the other 80 per cent, I want to wait and see what the Fed’s going to do.”
Anthony Cuthbertson15 June 2021 07:42
Bitcoin price rally boosts crypto market
Good morning and welcome to The Independent’s live coverage of the crypto market.
Bitcoin has bounced back above $40,000 at the start of the week, which has helped fuel a recovery across the rest of the market.
After a volatile few weeks, the leading cryptocurrency is now trading at its highest level since May, while Ethereum (ether), Cardano (ada), dogecoin and other leading digital currencies are all in the green on Tuesday morning.
Stay with us and we’ll bring you all the latest news, analysis and expert predictions from the crypto space.
Anthony Cuthbertson15 June 2021 07:29