After a meteoric rise throughout the month of March, BTC saw a slight correction ahead of the Bitcoin 2022 conference geting underway in Miami.
The world’s most valuable cryptocurrency is enjoying a rare moment of stability but could be boosted by any major positive news coming out of the world’s largest bitcoin conference.
Other leading cryptocurrencies, including Ethereum (ETH), Binance Coin (BNB) and Ripple (XRP), have all mirrored bitcoin’s movements, however dogecoin has seen big gains in recent days.
The crypto market calm could be about to come to an end, according to some analysts, who anticipate big moves from announcements coming out of Bitcoin 2022.
The Miami event is the same one that El Salvador President Nayib Bukele announced last year that his country would be adopting BTC as a legal form of tender.
You can follow all the latest news and updates in our live blog below.
Nation-state bitcoin adoption ‘spreading’
16:12 , Anthony Cuthbertson
Islands, autonomous regions and potentially entire nation states are all turning to bitcoin, with President of Madeira in Portugal, a Mexican senator and the president of the island of Prospera in Honduras making announcements.
“I believe in the future and I believe in bitcoin,” said the president of Madeira, saying that people using bitcoin are not subject to personal income taxes.
Joel Bomgar, president of Prospera said bitcoin will be accepted as legal tender on the island, and Mexican senator Indira Kempis has a message for her president: “Bitcoin as legal tender in Mexico, now.”
She said:“67 million people aren’t involved in the traditional financial system. Bitcoin is the solution to this.”
Barstool Sports founder owns more than $1m bitcoin
15:53 , Anthony Cuthbertson
Barstool Sports founder Dave Portnoy just revealed that after selling all his bitcoin a few years ago he reinvested more than $1 million in BTC last year and now holds 29 bitcoins.
He also revealed that some ill-advised investments in altcoins saw his non-bitcoin crypto portfolio plummet from $40,000 to just $2,000.
Portnoy says he is now “diamond hands” and has no plans to sell any of his cryptocurrency.
Billionaires say bitcoin will replace US dollar as global reserve asset
15:24 , Anthony Cuthbertson
Some selected quotes from the aforementioned billionaires on the panel:
“We’re seeing bitcoin as the best way to maintain our wealth.”
“Bitcoin is going to become a global reserve asset.”
“Bitcoin represents a competitive system to those government owned monopolistic currency systems.”
“We’re going to be in the hands of the fed to figure out how to do it. If they overcorrect, we are going to move from inflation to recession very very fast.”
‘This is a bitcoin conference, not a shitcoin conference’
15:08 , Anthony Cuthbertson
Next up is the Billionaire Capital Allocators panel with Orlando Bravo, Dan Tapiero, Ricardo Salinas and Marcle Claure, hosted by Greg Foss.
“This is a bitcoin conference, not a shitcoin conference,” Foss opens with, saying he will not tolerate chat from his panellists of any other cryptocurrencies.
Aaron Rodgers is bullish on bitcoin
14:43 , Anthony Cuthbertson
Aaron Rodgers is saying all the things the crowd wants to hear. “The best defence against inflation is bitcoin,” he says to cheers from the crowd. He also encouraged people to “stack some sats”, though admits he’s still learning as he goes.
“I only learned what that means after I partnered with you guys [Cash App],” he says.
Odell Beckham Jr. adds: “I’m still learning each and every day.”
14:35 , Anthony Cuthbertson
Miles Suter has welcomed on the sports stars on stage.
These three have appeared in adverts and high-profile social media promotions in recent months promoting bitcoin and crypto platforms, though this is the first time we’ll get to hear how much they actually understand about it all.
Cash App announces three new bitcoin products
14:27 , Anthony Cuthbertson
On stage at the moment is Cash App’s Miles Suter, who has a few announcements to make before he is joined by some celebrities.
New features include one that allows users to auto-invest a percentage of their paycheck in bitcoin, as well as the integration of the Lightning Network to allow people to receive the cryptocurrency via the superfast transaction protocol.
He’ll soon be sitting down with NFL stars Odell Beckham Jr. and Aaron Rodgers, as well as tennis superstar Serena Williams.
14:18 , Anthony Cuthbertson
After some brief issues with the live stream, the first official day of Bitcoin 2022 can be watched online.
There’ll be no Nayib Bukele after he withdrew last night but we will be hearing from Michael Saylor at 11am (4pm BST) and PayPal founder Peter Thiel at 1.30pm (6.30pm BST).
You can watch the main stage here:
‘Never been more bullish on bitcoin’
14:07 , Anthony Cuthbertson
A couple of hours ahead of his appearance at Bitcoin 2022, MicroStrategy CEO Michael Saylor has tweeted that has “never been more bullish on bitcoin”.
Posting a picture of the mechanical bull outside the Miami conference centre, the tech boss is one of the most hotly anticipated speakers at this years event. It comes just days after the notorious hodler announced another $190m investment in BTC.
Facebook working on ‘Zuck Bucks’
13:21 , Anthony Cuthbertson
Away from Bitcoin 2022, there’s some news from Facebook’s parent company Meta that the social media giant is once again working on its own virtual currency.
The so-called “Zuck Bucks” are being developed as digital tokens to be used in the metaverse, according to a report in the Financial Times, however it is not the bold global-reaching currency that Facebook imagined for its now-defunct Diem project.
Instead, it will be a centralised virtual currency similar to the ones found in videogames like Fortnite. A spokesperson for Meta did not confirm the venture but told The Independent: “We are focused on building for the metaverse and that includes what payments and financial services might look like.”
You can read more about it here.
BTC price so far fails to see Bitcoin 2022 bump
12:35 , Anthony Cuthbertson
There was a fair amount of talk among analysts ahead of Bitcoin 2022 that the conference could provide a boost to the cryptocurrency’s price and potentially even spark the second leg of the recent rally.
Almost 24 hours since the world’s largest bitcoin event started, BTC is actually down 3 per cent, while other leading cryptocurrencies like Ethereum (ETH), Solana (SOL) and Cardano (ADA) have seen similar losses of between 3-5 per cent over the last day.
Despite the correction, the positivity surrounding the Miami event has buoyed some industry figures to renew their meteoric predictions for bitcoin. Marcus Sotiriou, analyst at digital asset broker GlobalBlock, believes hints from Russia and Australian mining companies could see oil and gasoline traded using bitcoin, making it a neutral “petro-asset”.
He shared his thoughts with us:
Mainstream adoption continues as the Australian petrol and convenience giant OTR will accept bitcoin as payment. OTR will be the largest bricks and mortar retailer to accept bitcoin and other cryptocurrencies.
This adds more weight to the idea of bitcoin becoming a petro-asset, after Putin recently allowed ‘friendly’ countries to pay for oil in bitcoin.
Marcus Sotiriou, GlobalBlock
Bitcoin, altcoin prices tumble
03:35 , Vishwam Sankaran
After rising above the $47,000 mark on Monday, bitcoin’s value has tumbled over the last 2 days and is currently valued at close to $43,000.
The leading cryptocurrency has dropped in value by about 5 per cent in the last day and by nearly 9 per cent in the last week.
Ethereum has also dropped in value by over 5 per cent in the last 24 hours and by 7 per cent in the last week.
The prices of other leading cryptocurrencies, including solana, cardano, and avalanche have also tumbled, dropping by 8 to 10 per cent in the last day.
Dogecoin has dropped in value by over 12 per cent, while its spinoff shiba inu has tumbled by about 8 per cent in the last 24 hours.
The overall crypto market is down by over 5 per cent in the last day and is valued at $1.98 trillion.
El Salvador President Nayib Bukele pulls out of Bitcoin 2022
Wednesday 6 April 2022 18:36 , Anthony Cuthbertson
This has just been announced by the organisers of Bitcoin 2022: El Salvador President Nayib Bukele will no longer be making a keynote speech tomorrow due to “unforeseen circumstances” in his country that require his presence.
He was undoubtedly the most anticipated speaker at this year’s event, which comes one year after he announced that the Central American country would become the first in the world to adopt bitcoin as a legal form of tender.
His full letter to Bitcoin 2022 attendees was shared by the conference’s official Twitter account.
What a stratospheric price rise for bitcoin might mean
Wednesday 6 April 2022 17:43 , Anthony Cuthbertson
Comments from Mike Novogratz about the implications of bitcoin’s price reaching above $1 million may have sounded scaremongering, but a 20X price rise against the US dollar could would almost certainly signal trouble for the world’s reserve currency.
You can read the full story here.
Bitcoin price touches $44,000
Wednesday 6 April 2022 15:25 , Anthony Cuthbertson
Any thoughts of a $1m price seem a long way off today, with bitcoin continuing to slide despite Bitcoin 2022 getting underway.
The cryptocurrency just touched $44,000, marking a 4 per cent drop in value over the last 24 hours and a 7 per cent drop over the last week, according to CoinMarketCap.
Bitcoin price ‘heading to $1 million’
Wednesday 6 April 2022 15:07 , Anthony Cuthbertson
Early bitcoin investor Mike Novogratz has made the first bitcoin price prediction of Bitcoin 2022. In response to a question from Anthony ‘Pomp’ Pompliano, he predicted it would go to $1 million.
“Half a million is the market cap of gold, but the gold market cap could go up and bitcoin could replace gold.”
In response to the crowd applauding, Pompliano said “what are you guys clapping about that’s the most bearish person here… why not past $1 million?”
Novogratz retorted: “Bitcoin going to infinity means the rest of the world has really fallen apart.”
Laser-eyed bull welcomes Bitcoin 2022 attendees
Wednesday 6 April 2022 14:57 , Anthony Cuthbertson
As attendees to Bitcoin 2022 continue to arrive, one has snapped the laser-eyed bull at the entrance. It looks far more fierce than Wall Street’s Charging Bull.
Miami mayor unveils ‘Vision for Bitcoin America 2024’
Wednesday 6 April 2022 14:36 , Anthony Cuthbertson
Miami Mayor Francis Suarez has announced his ‘Vision for Bitcoin America 2024’ to spread the adoption of the cryptocurrency.
“We need to elect pro-bitcoin candidates,” he said as he opened up the Bitcoin 2022 conference. “And yes, the next president of the United States has to be a pro-bitcoin candidate.”
He added that bitcoin needed to be integrated “into every aspect of our society” in order “unleash the macro power of bitcoin”.
Bitcoin 2022 conference is underway!
Wednesday 6 April 2022 14:26 , Anthony Cuthbertson
Bitcoin 2022 is officially underway in Miami, announcing itself as not only the world’s biggest ever crypto conference, but also the largest finance conference in the US this year.
Speakers include US Senators, major tech figures and even world leaders. Some highlights include:
MicroStrategy CEO Michael Saylor at 11am (4pm BST) on Thursday
PayPal founder Peter Thiel at 1.30pm (6.30pm BST) on Thursday
El Salvador President Nayib Bukele at 4.15pm (9.15pm BST) on Thursday
US Senator Cynthia Lummis at 3pm (8pm BST) on Friday
You can watch a live stream of the main stage right here:
Bitcoin price ‘ready for a move to $50k’
Wednesday 6 April 2022 14:15 , Anthony Cuthbertson
With bitcoin still trading below $45,000, some analysts believe the next leg up of the rally is on its way and could push it back towards $50,000.
We heard from Egor Volotkovich, the executive director of decentralised finance platform EVODefi, who claims “bitcoin is ready for a move to $50k”.
Here’s what he had to say:
The correction is a somewhat temporary breather that the BTC investors are exhibiting following periods of consistent growth and resilience across the board.
On-chain data shows BTC has formed new support around the 200-day MA, a signal that has proven to stir positive growth in the past. The continuous stack-up by MicroStrategy and other institutional investors is also evidence that the positive outlook on BTC is not waning any time soon. With the continuous buying momentum as seen by the inflows into major BTC-hinged products like the Canadian bitcoin ETFs, the chances that bitcoin’s momentous growth will be reintroduced in the near future is high, and should this happen, we may see prices retest the $48,000 benchmark before mid-month”.
Egor Volotkovich. EVODeFi
Bitcoin price dips below $45,000 support level
Wednesday 6 April 2022 12:13 , Anthony Cuthbertson
The price of bitcoin has just dipped below $45,000, which some analysts had tagged as a key level of support for the cryptocurrency.
The drop in price from close to $48,000 has been attributed by some to comments made by US Federal Reserve Governor Lael Brainard, who said monetary policy will be tightened “methodically” through rising interest rates and reducing the central bank’s balance sheet “at a rapid pace”.
Investors will be hoping Bitcoin 2022, which will be kicking off in a few hours in Miami, will bring some positive news to boost the market.
Bitcoin, altcoin prices drop
Wednesday 6 April 2022 03:43 , Vishwam Sankaran
After rising past the $47,000 mark on Tuesday, Bitcoin’s value has dropped by about 3 per cent in the last day to about $45,300 on Wednesday, showing feeble signs of recovery.
Ethereum has also sunk in value by nearly 5 per cent in the last 24 hours and is priced at about $3,350.
Other top cryptocurrencies, including solana, cardano, avalanche, and polkadot have also dropped in value by about 5 to 6 per cent in the last day.
However, dogecoin has surged by nearly 8 per cent during this period, and is up by about 15 per cent compared to its value a week earlier.
The overall crypto market is down by over 3 per cent in the last day and is valued at $2.09 trillion.
MicroStrategy buys another $190 million of bitcoin
Tuesday 5 April 2022 13:54 , Anthony Cuthbertson
MicroStrategy, the world’s largest corporate holder of bitcoin, has just announced another major investment in the cryptocurrency.
CEO Michael Saylor revealed on Twitter that the software firm acquired another 4,167 bitcoins at an average price of $45,714, bringing the total to 129,218BTC.
At an average price of $30,700 per bitcoin, MicroStrategy is currently up more than $2 billion on its total investment at today’s market prices.
UK hopes to be global crypto hub
Tuesday 5 April 2022 09:33 , Anthony Cuthbertson
UK Chancellor of the Exchequer Rishi Sunak has announced a series of measures to boost innovation and adoption of cryptocurrencies, including bringing stablecoins officially into the payments system.
The UK government will also be woriing with the Royal Mint on a non-fungible token (NFT) as an “emblem of the forward-looking approach the UK is determined to take.
Here’s what Sunak said in a statement:
It’s my ambition to make the UK a global hub for cryptoasset technology, and the measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country.
We want to see the businesses of tomorrow – and the jobs they create – here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term.
This is part of our plan to ensure the UK financial services industry is always at the forefront of technology and innovation.
Bitcoin 2022 will be ‘largest bitcoin conference ever’
Monday 4 April 2022 17:28 , Anthony Cuthbertson
There’s less than two days to go until Bitcoin 2022, which organisers claim will be the largest bitcoin conference in history.
Over 300 speakers will appear across four days at the Miami Beach Convention Center in Florida, including US Senators, tech giants and world leaders.
Some analysts are predicting big announcements, which could cause major waves across the crypto market. Last year, El Salvador President Nayib Bukele kickstarted a record-breaking price rally after announcing that his country would adopt BTC as a legal form of tender. President Bukele will be there again this year.
Crypto donations to Ukraine pass $70 million
Monday 4 April 2022 17:23 , Anthony Cuthbertson
Cryptocurrency donations to assist Ukraine’s military and humanitarian efforts following Russia’s invasion have topped $70 million.
Ukraine’s Ministry of Digital Transformation has been tracking donations since Vice Prime Minister Mykhailo Fedorov called for funds to “contribute to the Ukrainian victory as well as support civil people”.
Donations are being accepted in bitcoin (BTC), Ethereum (ETH), Tether (USDT), Terra (LUNA), Solana (SOL), Polkadot (DOT), Cardano (ADA), dogecoin (DOGE) and others, allowing people to contribute directly to Ukraine’s efforts.
Official crypto addresses to donate to can be found here.
Here’s a breakdown of the donations made so far:
Hello and welcome…
Monday 4 April 2022 10:27 , Anthony Cuthbertson
to The Independent’s live coverage of the crypto market.
We’ll be bringing you all the latest news and analysis for bitcoin (BTC), Ethereum (ETH) and other leading cryptocurrencies, plus expert predictions.