Bitcoin price – live: Crypto market sees remarkable recovery after massive crash takes it to 2021 low

Bitcoin has bounced back well above $30,000, to the point that it is now trading higher than it was at this time yesterday.

It’s a remarkable recovery of more than 10 per cent over the last few hours, following a devastating crash that took bitcoin to lows not seen in 2021.

Any major movements in either direction are often followed by significant corrections in the crypto market, so this is not so unusual. Having broken the $30,000 resistance level, however, traders will still likely be looking down rather than up right now.

Dogecoin founder Billy Markus says he has bought some of the meme-inspired cryptocurrency for the first time since he helped create it eight years ago.

The announcement comes after a massive price fall for dogecoin, which has seen it lose more than a third of its value over the last week.

Markus sold or spent his original holdings soon after creating the cryptocurrency alongside fellow software developer Jackson Palmer back in 2013. He did not reveal how much he bought, but said that since acquiring his new stash he has followed the pattern of many a new-time crypto investor by incessantly checking the price.

You can read the full story here.

Bitcoin has fallen even further in the last few minutes, reaching below $29,000.

The cryptocurrency hit $28,893, meaning it has officially wiped out all the gains made in 2021.

It is still way up from this time last year, when it was trading below $10,000. It is, however, only up $8,000 from its 2017 price peak. At this rate, it won’t be long before we find out whether it will threaten that level.

We’ll have some expert reaction coming shortly, but for now here’s a graph showing bitcoin’s wild year so far.

Bitcoin has crashed below $30,000 for the first time since January, adding to the already staggering losses it has seen since hitting an all-time high back in April.

The cryptocurrency is now down 54 per cent since its record high. Other leading cryptocurrencies have been dragged down with it, including Ethereum (ether), Cardano (ada) and dogecoin.

In total, more than half a trillion dollars has been wiped from the market over the last week.

Read the developing story here:

Elon Musk is back to tweeting about cryptocurrency, though for once it doesn’t seem to have moved markets in the way it usually does.

The Tesla CEO responded to a tweet from Ross Nicoll, one of dogecoin’s core developers, about the new fee reduction code for the meme-based cryptocurrency.

“This is an important improvement,” Musk said.

Dogecoin’s price is yet to respond to the endorsement, and is actually trading slightly lower than it was before his tweet. It is currently at around $0.18 – down more than $0.50 since its all-time high in May.

An online poll soliciting bitcoin price predictions from Twitter users has yielded significantly different results from the exact same poll posted just three months ago.

Pseudonymous bitcoin analyst PlanB asked his half a million Twitter followers back in March what price they thought bitcoin would hit in 2021: $500k+, $288k+, $100k+ or remain below $100k.

Just 16 per cent said they thought it would remain below $100k – at the time bitcoin was worth more than $50k and was trending upwards.

The same poll yesterday found that 41 per cent now believed it would stay below $100k this year. Bitcoin is currently worth less than $32k and trending downwards.

The majority of respondents (59 per cent) still believe that bitcoin will go above $100,000 in 2021. It will be interesting to see what the same poll shows in another three months from now.

The People’s Bank of China (PBOC) has called on banks to block services related to cryptocurrencies.

The order will prevent banks from providing products like trading, clearing and settlement for crypto transactions. The Agricultural Bank of China and the Postal Savings Bank has already agreed to Monday’s order from the PBOC.

It comes after a crack down on bitcoin mining operations in the province of Sichuan, which was blamed on the latest market-wide price crash.

You can read the full story here.

Bitcoin and the broader crypto market are relatively calm on Tuesday morning, with no major movements from any of the leading cryptocurrencies overnight.

The respite gives an opportunity to take stock of the losses over the last seven days.

Of the top 10 cryptocurrencies by market cap, the hardest hit has been dogecoin, which has lost more than a third of its value in just one week. Ethereum (ether), Cardano (ada) and Binance Coin have all seen their price drop by around a quarter over the same time period.

Bitcoin’s losses seem relatively tame by comparison, and is the only one to fall by less than 20 per cent week-on-week.

Whether this is just a pause or a turn-around will be determined over the coming hours and days.

Bitcoin has passed through a so-called “death cross” today, marking the first time in 2021 that such a price pattern has occurred.

Such events can prove catastrophic for traditional markets (seen during both the Wall Street Crash of 1929 and the 2008 Financial Crisis) but cryptocurrency can be harder to pin down.

It is actually the seventh death cross since 2013 for bitcoin, with the last two actually resulting in massive gains. For a run down of what this milestone means, you can read the full story here:

MicroStrategy’s doubling down on bitcoin amid a price crash has proved divisive among market watchers. Bitcoin advocates see it as a strong show of faith for the cryptocurrency, while shareholders appear less convinced.

The software firm’s share price dropped 8 per cent on Monday following the news. The investment is also down more than $60 million since the time it was made and the time it was announced due to the current market downturn.

You can read more on the story from The Independent’s tech editor Andrew Griffin right here.