Bitcoin continues to hover around $40,000 on Thursday morning, with some price analysts describing the latest recovery as a “dead cat bounce”.
Other leading cryptocurrencies, including Ethereum (ether), Cardano (ada) and dogecoin have also stalled, having surged in value alongside bitcoin at the start of the week.
Market experts appear divided over whether the bounce back was part of a longer term bull market trend that will see bitcoin hit new record highs in 2021, or whether it is simply following the same pattern seen after the 2017 price peaks.
There has been plenty of good news in the crypto space in recent days, which has contributed to positive forecasts and price predictions in the region of $250,000.
The president of Tanzania has shown interest in adopting bitcoin as legal tender, Tunisia’s finance minister wants to decriminalise cryptocurrency and MicroStrategy is planning to plough another half billion dollars into BTC.
We’ll have all the latest news, analysis and price predictions right here.
Kraken CEO says ‘Elon Musk has some more studying to do’
The head of leading cryptocurrency exchange Kraken has said Elon Musk should do more studying on bitcoin mining, prompting a response from the Tesla CEO.
Jesse Powell told Bloomberg that bitcoin “is a lot greener than a lot of people give it credit for” and suggested that Musk’s decision to halt Tesla’s acceptance of the cryptocurrency was misguided.
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