The price of bitcoin is rising once again at the start of the week, prompted by Elon Musk’s comments about his crypto holdings.
The tech billionaire confirmed that he bought large amounts of bitcoin, ethereum (ether) and dogecoin, though denied owning any other altcoins such as Shiba Inu or Floki Inu.
The tech billionaire’s revelation followed the price drop of the two meme-inspired cryptocurrencies, though have risen 50 percent to more than 450 percent, respectively, since the beginning of October.
Price increases for Bitcoin, Ether and Dogecoin helped push the overall crypto market above $2.6 trillion on Monday, taking it to within a fraction of a percentage point from last week’s highs.
BTC is nearly $4,000 away from its all-time high, with some analysts predicting a new all-time high before the end of 2021.
We’ll have all the latest news, analysis and expert price forecasts in our live coverage of the crypto market below.
Elon Musk Confirms Bitcoin, Ethereum and Dogecoin Holdings
Elon Musk has confirmed that his personal crypto portfolio includes Bitcoin, Ethereum (Ether) and Dogecoin – but there is no Shiba Inu or Floki Inu.
“Out of curiosity, I found some ascii hash string called ‘Bitcoin, Ethereum & Doge’. That’s it,” he tweeted. True value is to manufacture products and provide services to fellow human beings, not money in any form.”
As Tesla CEO, Musk earlier this year became the most high-profile executive to invest the company’s cash reserves in BTC, having bought $1.5 billion worth of the cryptocurrency. The electric carmaker has benefited massively from the price rally, with its investments nearly doubling in the past few months.
The global crypto market has remained virtually unchanged over the past 24 hours, currently valued at around $2.58 trillion. Bitcoin has gained about 1 percent in value over the past day, while Ethereum has remained unchanged.
Other cryptocurrencies including Dogecoin and Solana have also risen in comparison to their prices the day before, while Cardano’s value has declined marginally during the period.
The market is traded unlike crypto
As crypto trades down, stocks are up. Here’s the latest from the AP:
European stocks were mostly up on Friday after a mixed session in Asia.
Benchmarks rose in Paris, London, Tokyo and Hong Kong. Shares fell in Shanghai and Seoul.
An official newspaper, the Securities Times and other state media said China Evergrande Group made an overdue bond payment on Friday.
The report said Evergrande paid $83.5 million for the bond payment due on September 23. Hong Kong-traded shares of the company rose 4.3%.
The property developer’s struggle to comply with strict official restrictions on borrowing to reduce its 2 trillion yuan ($310 billion) debt has prompted fears that a default could trigger a financial crisis.
News of the payment followed Evergrande’s announcement a day earlier that it was running into difficulties selling assets to ease its liquidity crisis and plans to sell its property services had fallen through.
Germany’s DAX rose 0.4% to 15,535.16. In Paris, the CAC 40 jumped 1.1% to 6,759.46, while Britain’s FTSE 100 rose 0.4% to 7,220.57. The future of the S&P 500 remained virtually unchanged, while the future of the Dow Industrials rose less than 0.1%.
On Thursday, the S&P 500 rose 0.3% to 4,549.78, its seventh consecutive gain. It eclipsed the record high set on September 2. It is on pace for its third straight weekly gain.
The Dow slipped less than 0.1% to 35,603.08. This is just below its all-time high set on 16 August. The Nasdaq rose 0.6% to 15,215.70, while the Russell 2000 rose 0.3% to 2,296.18.
market turned red
It’s been a red day in the cryptocurrency market – a rarity in the past few weeks. Bitcoin is down 1.9 percent, and other coins that benefited from bitcoin’s rally such as Cardano and Ethereum are also down.
Solana is the standout. It’s up over 10 percent today, up about 30 percent this week.
But overall it is negative. According to CoinMarketCap, the market is down 4.4 percent over the previous day, and the amount traded is down about 17 percent.
Crypto Experts Predict Where Bitcoin Goes From Here
After the astonishing rise in bitcoin price over the past few weeks, the question is whether it can sustain this momentum.
We’ve reached out to several cryptocurrency experts to hear their thoughts on where the market is headed from here, with some speculating that the latest all-time high could be eclipsed before the end of the year. Comparisons were also made to the first gold ETF in 2004, when the precious metal’s market cap was nearly identical to that of today’s bitcoin. Since then it has increased 11 times.
You can read the full story here.
Where does bitcoin go from here?
BTC on Track for Record-Breaking End of 2021 After Latest Record High Cryptocurrency Price Predictions
Bitcoin price falls amid warnings from traders over leverage
Bitcoin price dropped below $63,000, reaching its all-time high near $67,000 today.
The flash crash came amid warnings of the market being overbought during the launch of the first ever bitcoin futures exchange-traded fund earlier this week.
Crypto analyst and author Glenn Goodman said a short-term downside could be due to more leveraged traders buying bitcoin with borrowed funds at higher interest rates.
PayPal co-founder Peter Thiel laments ‘underinvesting’ in bitcoin
PayPal co-founder Peter Thiel has revealed that he regrets not investing more money in bitcoin following its latest price record.
The billionaire venture capitalist, who was one of Facebook’s early investors, told Bloomberg that he should follow the lead of fellow PayPal founder Elon Musk by buying a significant amount of the cryptocurrency and holding it for the long haul.
“You just have to buy bitcoin,” he said. “I feel like I’m less invested in it… I think the answers still go on for a long time.”
He also warned that bitcoin’s latest rally is a major concern for the traditional financial system, adding that BTC’s gains “certainly tell us that we are in a moment of complete bankruptcy for central banks”.
Bitcoin is now the 13th largest currency in the world
Bitcoin’s record-breaking price rally has pushed its market cap past the Swiss franc, making it the 13th most valuable currency in the world.
Data from CoinMarketCap also ranks Ethereum (ether) among the top 25 fiat currencies, just below the Swedish krona.
With a market cap of over $1.2 trillion, bitcoin is worth more than even some of the world’s most valuable companies, including Facebook and Tesla. The overall crypto market is now worth more than Apple – the world’s most valuable company – by more than $2.5 trillion.
Read the whole story here.
Bitcoin surpasses Swiss franc to become 13th largest currency in the world
BTC market cap surpasses $1 trillion in record-breaking price rally
Crypto market breaks record high
This has been a big 24 hours for the cryptocurrency market, with many other major altcoins looking to follow bitcoin’s all-time high with record-breaking price runs of their own.
Ethereum is now below $100 from its ATH, while Solana is also bullish on its own with gains of over 20 percent from yesterday’s time.
All the actions have pushed the overall crypto market above its previous record, breaking above $2.6 trillion for the first time in its history this morning.
Twitter CEO Jack Dorsey, a longtime crypto advocate, tweeted a moon emoji on bitcoin’s peak.
The emoji likely refers to the phrase ‘to the moon’, which refers to increasingly high growth.
Elon Musk made a similar reference in June 2021, showing an adult-themed cryptocurrency rising nearly 400 percent in ten minutes.
Credit: www.independent.co.uk /