Market News

by  Anthony Cuthbertson

Sat, 12 June 2021, 11:24 am·1-min readBitcoin has dropped below $35,000 on Saturday morning, bringing an end to a four-day price surge that took it from below $32,000 to above $37,000.

The broader crypto market has mirrored btc’s latest movements, with the recovery of Ethereum (ether), dogecoin and Cardano (ada) all appearing to have stalled.

Cryptocurrency analysts have described it as a “make or break” moment for the market, with the next few days being potentially crucial in determining its longer term trajectory.

The bounce back was spurred on by a succession of positive news in the space, including El Salvador officially declaring bitcoin legal tender, as well as more interest from leading banks and hedge funds.

There has also been promising news in terms of bitcoin’s environmental impact, with China cracking down on mining in coal-heavy regions and El Salvador revealing plans to mine cryptocurrency using 100 per cent renewable geothermal energy from volcanos.