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Bitcoin price live: Ethereum and Dogecoin join crypto bounce back

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The crypto market has bounced back on Wednesday, with bitcoin, Ethereum (ether), Cardano (ada) and dogecoin all showing signs of recovery following a major price crash at the start of the week.

The cryptocurrencies were boosted by news from El Salvador that BTC will officially be recognised as legal tender, allowing people to use it to pay for goods and services in the Central American country.

Bitcoin’s price immediately shot up by 5 per cent following the announcement, while other leading cryptos also rose by a couple of points.

The uptick pushed the overall market cap for all cryptocurrencies combined back above $1.5 trillion and has -for the moment at least – halted a price slide that began in mid April.

Bitcoin has stubbornly refused to drop below $30,000 throughout the downturn, with some analysts seeing this mark as a point of no return and the final signal that it has entered a bear market.

You can follow all the latest news from the crypto market right here.

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Dogecoin founder asks new GameStop chairman to accept crypto

One of the co-founders of dogecoin has asked the new chairman of fellow meme asset GameStop to begin his new tenure by accepting payments in the cryptocurrency.

Billy Markus tweeted new GME boss Ryan Cohen to “plz add dogecoin to purchase stuff online”.

GameStop’s share price rose sharply following the announcement of Cohen’s new tenure, and is once again approaching the record highs it reached in January this year. The price of dogecoin also rose by around 10 per cent in the hours after the news, though this may also be a reflection of bitcoin’s recovery.

Anthony Cuthbertson9 June 2021 20:18

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Could other countries follow El Salvador?

El Salvador may be the first to adopt bitcoin, but many are betting that it won’t be the last.

Several other countries in Latin America could soon follow suit, with politicians in Argentina, Brazil, Mexico, Panama and Paraguay all expressing an interest in the cryptocurrency.

There are numerous obvious benefits to formally recognising bitcoin as legal tender, such as slowing inflation, enticing crypto entrepreneurs, and increasing financial inclusion of those forgotten by the formal economy. But there are also some risks that come with it – not least incurring the wrath of the US.

You can read the full story here:

Anthony Cuthbertson9 June 2021 17:33

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Bitcoin price back above $35,000

The price of bitcoin has just crossed back above the $35,000 mark, up nearly $5,000 since yesterday’s lows.

The cryptocurrency is still down by around 6 per cent, week-on-week, but it represents a solid bounce back from the flash crash that hit the whole market at the start of this week.

It’s also still a long way off the $64,000 price peak that bitcoin saw in mid April, but zooming even further out, it’s up by nearly 300 per cent year-on-year.

(CoinMarketCap)

Anthony Cuthbertson9 June 2021 13:57

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‘A new step for bitcoin global adoption’

What does El Salvador’s landmark ruling actually mean for bitcoin, cryptocurrency, and the global financial system?

We’ve heard from Ross Middleton, chief financial officer of decentralised ethereum exchange DeversiFi to hear his thoughts on the implications of this milestone.

He says it may be easy to dismiss this ruling as not significant, given that the El Salvador GDP is only $27 billion, but the ruling could signal “a new step for bitcoin global adoption” and is “huge” for ordinary Salvadorians who may not have access to traditional financial services.


Governments and central banks around the world will be watching the El Salvador experiment to see if bitcoin becomes part of daily life for payments, remittance and a reserve asset for banks and corporations in the country.

Bitcoin being classed as legal tender in El Salvador means that every-day Salvadorians can easily make cross border payments without having to rely on the USD. Over 20 per cent of GDP was made up from remittances back to El Salvador last year and therefore if El Salvador can attract even a small amount of crypto economic activity to the country, it could be huge. We may even see crypto-native companies setting up in El Salvador now that banking relationships in the country will be easier

Bitcoin, Ethereum and other cryptocurrencies are destined for the balance sheets of more countries, central banks and corporations. El Salvador was the first country to make bitcoin legal tender and the floodgates are now open.

Ross Middleton, CFO at DeversiFi

Anthony Cuthbertson9 June 2021 12:37

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The Bitcoin Law in full

The president of El Salvador, Nayib Bukele, has shared the full text of the Bitcoin Law.

It states: “The purpose of this law is to regulate bitcoin as unrestricted legal tended with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out… Every economic agent must accept bitcoin as payment when offered to him by whoever acquires a good or service.”

In a peculiar twist, this part of the law means that Tesla will be forced to accept bitcoin as a form of payment when selling cars in El Salvador – just over a month after rejecting the cryptocurrency.

Anthony Cuthbertson9 June 2021 11:21

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El Salvador formally adopts bitcoin as legal tender

This is big news for bitcoin. The congress of El Salvador has passed a law that will officially make the cryptocurrency legal tender in the country.

The Bitcoin Law is aimed at improving financial inclusion, while also enticing crypto entrepreneurs to the Central American country. Being classed as a currency means it won’t be subject to capital gains tax.

The decree will take effect in 90 days.

Bitcoin’s price bounced back 5 per cent on the positive news.

Read the full story here.

Anthony Cuthbertson9 June 2021 09:16

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Bitcoin price faces ‘moment of truth’

His model foresaw bitcoin’s massive price gains and predicted a peak of $288,000 for this current cycle. While his model allows for price corrections, the scale of this current dip is proving a major test.

Right now, the market could be following similar patterns to the 2013 and 2017 bull runs – or it could be about to replicate the patterns seen in the subsequent “crypto winter” crashes.

If bitcoin falls any lower, or remains at this price for much longer, PlanB said it could be a “death cross” for the cryptocurrency.

In a poll of his half a million Twitter followers today, PlanB asked if bitcoin’s price would bounce back or cross this potential point of no return. The response favoured a bounce back, but not by much.

One commenter referred to it as the “moment of truth” for bitcoin.

Anthony Cuthbertson8 June 2021 20:57

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Bitcoin seized by FBI discovered

It looks like the address holding the bitcoins seized by the FBI during the agency’s investigation into a ransomware attack on a gas pipeline in the US has been tracked down.

Antoine Le Calvez, the self-proclaimed “Indiana Jones of the cryptosphere”, used info from the warrant to find the bitcoin wallet holding the illegally gotten gains. It seems the hackers did not move them into cold storage, where they would have been safe, but instead left them on an exchange or custodial wallet based in the US that was subject to interference from law enforcement.

The $2.3 million seized by the Department of Justice has been attributed by some as the cause of the latest price crash, though it amounts to just 69 bitcoins – and is no reflection on the network’s overall strength or security.

Anthony Cuthbertson8 June 2021 18:56

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Bitcoin expert ‘still extremely bullish’

Despite the sudden drop in the market, many bitcoin price analysts and crypto experts remain overwhelmingly positive about the cryptocurrency’s future.

Paolo Ardoino, the chief technology officer at the exchange Bitfinex, tells The Independent that he is “extremely bullish” about bitcoin in the long term.

Here’s what he had to say:


This current market pause is not unexpected. Everyone needs time to assess and digest what the community has built.

We’re waiting for a new momentum to gather as we continue to build upon the foundations created by some of the greatest minds in fintech. I’m still extremely bullish in the long term about bitcoin and the long-term fundamentals and use cases of the technology.

Paolo Ardoino, CTO at Bitfinex

Anthony Cuthbertson8 June 2021 17:42

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Crypto market turns red

The latest crypto market crash is showing no signs of slowing down, with bitcoin falling by more than $1,000 over the last hour.

All other major cryptocurrencies have followed its lead, with Ethereum (ether), Binance Coin, Cardano (ada), dogecoin, Ripple (XRP), Polkadot, Uniswap and bitcoin cash all registering losses of between 10-25 per cent over the last 24 hours.

It means all of them are now also down when looking at their price charts on a week-by-week basis. (Only the stablecoins Tether and USD Coin, whose value is tied to that of the US dollar, have prevented the entire top half of the market from turning red.)

(CoinMarketCap)

Anthony Cuthbertson8 June 2021 16:45

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