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BITCOIN PRICE - LIVE: MARKETS STEADY AFTER ETHEREUM AND OTHER CRYPTOCURRENCIES COLLAPSE

Bitcoin is recovering after reaching close to its lowest price of 2018, which resulted in a cryptocurrency market crash that saw ethereum, ripple and other digital currencies to tumble in value.

The collapse followed bitcoin's worst ever start to a year, having traded close to $20,000 as recently as December.

The notoriously volatile cryptocurrency continues to behave unpredictably – this live blog will be regularly updated with the latest news and significant changes.

Live Updates

'Most cryptocurrencies have no function'

A new study of the top 100 most valuable cryptocurrencies has found that only 40 of them serve any useful function or provide "real value" to the public.

Read the full story here:

 

More than half of top cryptocurrencies have no function, study shows

The study comes amid a market-wide crash for bitcoin, ethereum and other cryptocurrencies

Cryptocurrency markets have stabilized, with the top five shifting in price by less than 2 per cent since this time yesterday.

  1. Bitcoin: $6,440
  2. Ethereum: $293
  3. Ripple: $0.29
  4. Bitcoin Cash: $526
  5. EOS: $4.69

After experiencing one of the biggest losses in its history, ethereum actually saw some modest gains over the last 24 hours, pushing back close towards $300. 

'Bitcoin boom seems to be over – for now'

Analysis shared with The Independent from Phillip Nunn, chief executive officer of investment firm Wealth Chain Capital, suggests the bitcoin boom may be finally over.

He said: “The bitcoin boom seems to be over for now, it’s currently trading at $6,472 and I personally welcome it. The market is telling us something loud and clear, we do not need 1000 different alt coins (alternative currencies) and the crash will most certainly get rid of these. A consolidation of quality projects within crypto will bring about the start of true bitcoin dominance. I firmly believe the market will sustain itself, now is the time for investment, while prices fall.

“Contributing factors to this fall has been the incredible interest in bitcoin future contracts which expire in a day’s time. Bitcoin shorts are stacked to the ceiling. Its value is determined by little more than supply and demand and added publicity. Momentum will pick up and values will rise, once confidence returns to the market.”

Bitcoin and other cryptocurrencies have managed to remain relatively stable over the last few hours, shifting in price by less than a per cent since this morning.

  1. Bitcoin: $6,440
  2. Ethereum: $293
  3. Ripple: $0.29
  4. Bitcoin Cash: $526
  5. EOS: $4.69

Market recovery

Some analysis of the most recent cryptocurrency market crash, coming from Chris Yoo, a portfolio manager at Black Square Capital.

Yoo tells The Independent: "The crypto market appears to be in its final stretch of its bearish state. This correction is not unexpected due to the over-valued nature of many blockchain projects and regulatory uncertainty. Most importantly, the ecosystem will continue to develop and grow from the increase in talent and public awareness, leading to the recovery of the market in the near future."

Cryptocurrency investors who may have lost out in the latest price dive can be thankful they're not Aarni Otava Saarimaa

The 22-year-old from Finland lost 5,564.4 bitcoins – worth $35 million at today's prices – after falling for a scam by fraudsters in Thailand.

Read the full story here: 

 

Bitcoin millionaire loses $35m in cryptocurrency scam

22-year-old from Finland tricked by huge investment fraud plot in Thailand

Some good news coming out of the cryptocurrency space: Japanese messaging app Line has launched a new $10 million fund to invest in blockchain startups.

 

The reason behind the most recent gains is that the markets are readjusting themselves after the price falls, according to analysts. 

Some analysts even suggest that there may be more gains to come, depending on whether bitcoin's price can break past key barriers, including $6,500 and $6,800. Stay tuned...

Bitcoin has rebounded in price, dragging all other major cryptocurrencies with it.

 

  1. Bitcoin: $6,472
  2. Ethereum: $289
  3. Ripple: $0.29
  4. Bitcoin Cash: $522
  5. Stellar: $0.22

The top five experienced value gains of between 5 per cent and 15 per cent over the last 24 hours, according to CoinMarketCap.

The market-wide price crash is not the first, and probably won't be the last. 

And what goes down, at least in the cryptocurrency world, can come back up. 

Here's a reminder of bitcoin's last price resurgence in July:

 

Bitcoin experiences biggest price gains in months

The digital currency has surged by almost $2,000 over the last month

Suicide concerns

The market-wide collapse has prompted concerns surrounding the mental health of investors.

One post to the popular r/cryptocurrency forum on Reddit saw users share helpline numbers and website links for the US Suicide Hotline and the National Alliance on Mental Illness.

Read the full story here: 

Bitcoin price crash prompts suicide concern in Reddit cryptocurrency forum

A major market downturn has seen massive losses for investors of ethereum and other digital currencies

Bitcoin has managed to remain relatively stable over the last few hours, however ethereum, ripple and bitcoin cash continue to drop in value. 

These are the latest prices, according to CoinMarketCap:

  1. Bitcoin: $6,095
  2. Ethereum: $259
  3. Ripple: $0.26
  4. Bitcoin Cash: $485
  5. Stellar: $0.21

'Panic mode'

Cryptocurrency analysts warn that investors have hit "panic mode", as the markets continue to suffer.

"As we can see in the case of ethereum, investors seem to be increasing liquidations of their ICO holdings, with significant drops in price and increased volumes," Matthew Newton, an analyst at the online trading platform eToro, told The Independent.

"This has had a knock-on effect on the rest of the [cryptocurrency] market, with bitcoin also momentarily dropping below $6,000 late last night. With prices hanging in the balance, emotions will be running high among traders. But keeping things in perspective, bitcoin is still range-bound for now between $5,700 to $8,000 in line with how it has traded over the past few months.”

Read the full analysis here:

Cryptocurrency markets hit 'panic mode'

Ethereum saw the biggest drop in value, as analysts warn of a mass sell-offThe price of bitcoin has suffered another major dip, plummeting 6 per cent over the last 24 hours to its current price just above $6,000.

 

  1. Bitcoin: $6,062
  2. Ethereum: $265
  3. Ripple: $0.26
  4. Bitcoin Cash: $493
  5. Stellar: $0.21

This has been reflected across cryptocurrency markets with the crash seeing ethereum, ripple and bitcoin cash dropping by between 10 and 20 percent since this time yesterday, according to CoinMarketCap.

Economists at Yale University may have figured out the best time to buy bitcoin and other cryptocurrency.

By studying seven years of bitcoin price data, Yukun Liu and Aleh Tsyvinski determined which indicators can be used to determine the future price of bitcoin.

One such factor is the momentum effect, and the economists developed a simple strategy for investors to take advantage of it.

Read the full story here:

Economists have found the best possible time to buy bitcoin

Yale economists designed a simple strategy to generate 'outstanding returns' from bitcoin, ethereum and rippleBitcoin continues to struggle, having fallen below $6,500. The one plus for anyone hopeful of a price resurgence is that it has remained relatively stable over the last few days.

 

  1. Bitcoin: $6,417
  2. Ethereum: $359
  3. Ripple: $0.33
  4. Bitcoin Cash: $590
  5. EOS: $5.51

This stability has been reflected across cryptocurrency markets, with none shifting in value by more than 2 per cent over the last 24 hours, according to CoinMarketCap.

As the price of bitcoin continues to slide, experts and analysts continue to point to the delayed SEC ruling. The crucial decision will have a big impact on the future of bitcoin and other cryptocurrencies and the SEC has until 30 September to make it.

Read the full story here:

The price of bitcoin just plunged because of a crucial decision on its future

The bitcoin ETF, if approved, could provide a massive boost to the cryptocurrency's value  The price of bitcoin has tumbled by 8 per cent over the last 24 hours, according to CoinMarketCap, prompting huge losses across cryptocurrency markets.

 

  1. Bitcoin: $6,529
  2. Ethereum: $370
  3. Ripple: $0.35
  4. Bitcoin Cash: $618
  5. EOS: $6.07

 

Of the top five, ripple suffered the biggest drop in value with a 15 per cent fall since this time yesterday.

Goldman Sachs has been leading the charge among Wall Street giants into the cryptocurrency space, with further rumours mounting that the bank is now planning to hold bitcoin and other digital currencies on behalf of funds betting on cryptocurrency.

 

The news, first reported by Bloomberg, follows reports in May that the firm is setting up a bitcoin trading desk.

 

Read the full story here: 

 

A banking giant may be about to give bitcoin a massive boost

Cryptocurrency experts predict recovery as banking giant considers bitcoin fundIt's been another turbulent week for bitcoin, dropping by more than $1,000 to take its value back below $7,000, according to CoinMarketCap.

 

  1. Bitcoin: $6,996
  2. Ethereum: $409
  3. Ripple: $0.42
  4. Bitcoin Cash: $696
  5. EOS: $7.01

 

Other major cryptocurrencies mirrored bitcoin's fortunes, with ethereum, ripple, bitcoin cash and EOS all suffering significant losses over the last seven days. Over the last 24 hours, however, markets have steadied, with none shifting by more than 1 per cent in value since this stime yesterday.