The dip affecting all major coins in the cryptocurrency market earlier this week (July 20) saw Bitcoin prices fall dramatically for the second time in a month as Covid-19 fears gripped markets worldwide and worsened the impact of a global crackdown on crypto.
The world’s largest cryptocurrency fell below the $30,000 threshold that investors and market warned could warned could open the door to new lows in the cryptocurrency’s value, as Bitcoin struggled to return to its former soaring values of up to $64,000 in value
Tuesday saw Bitcoin topple by at least 5% on the previous 24 hours that day, with the fall coming after warnings that continuing global crackdowns on cryptocurrency mining operations and trading worldwide could be continuing to plague the market with greater levels of instability.
Fears that Bitcoin is in a bear market seem to have been soothed by the latest rebound, however, thanks to being buoyed by The B Word earlier this week, the launch of a new pro-Bitcoin organisation promoting institutional acceptance of the coin.
Tesla tech guru Elon Musk appeared alongside Twitter and Square founder Jack Dorsey to discuss his own holdings of Bitcoin, Dogecoin and Ethereum as well as the major coin’s future prospects for Tesla payments after suspending these following environmental concerns in May.
The B Word: What did Elon Musk say about Bitcoin payments to Tesla to make Bitco…
Here’s the latest crypto news and prices for Bitcoin, Ethereum, Dogecoin, why they are worth after the tumble and what crypto mining or trading means.
What is Bitcoin worth today?
As of 7.30am on Friday July 23, Bitcoin’s price was fluctuating around $32,622.04 or £23,711.49 - having reached a new low for July of $29,368 at just before 11am on Tuesday July 20 according to CoinDesk.
Bitcoin’s initial shock fall occurred last month on Tuesday June 22 when, after hovering around the $30,000 threshold, the coin’s value plummeted to a new recent low of $28,814.75 that afternoon.
Since then, the currency has rebounded and managed to trend upwards again, but its price has remained stuck in the low to mid $30,000s.
The recent plunge saw its highest value so far this year of $64,000 in May almost sliced in half, with pundits warning in late June that the dip to under $30,000 could lead to a sharp rise in sell-offs and more people refusing to ‘hodl’ their positions.
Ethereum prices were also up today – with the coin typically moving in tandem with Bitcoin recovering from its dip of over 6% in price on Tuesday (July 20) to a much more positive $2,081.57 as of 7.30pm on Friday morning.
A popular cryptocurrency synonymous with the rising crypto trend of NFTs, Ethereum has an all time high of $4,382.73 which it reached in…
Read more:Latest cryptocurrency news as Bitcoin, Ethereum and Dogecoin show potential rebound