Cryptocurrency LIVE: Bitcoin climbs as the market’s zigzagging price settles.
The price of Bitcoin has begun to gain traction and move in the correct direction, providing a significant boost to the world’s most popular cryptocurrency at the start of the trading week.
On Sunday, the price of Bitcoin hovered around $32,000, indicating that it may be beginning to recover after weeks of exceptionally harsh market conditions. However, it quickly dropped, dropping to as low as $31,341 in only nine hours yesterday, seemingly putting an end to hopes of a speedy comeback for the high-profile cryptocurrency. Bitcoin’s price began to rise, and by the end of the weekend, it had climbed to just about $32,000.
Its value has been bouncing dramatically since then, but it is now trending upwards again, rising to 31,778.81 according to CoinDesk, down slightly under half a percent in the last 24 hours.
Rival cryptocurrencies have also struggled, with Ethereum falling 3.27 percent in the same time period to 1,901.43.
Dogecoin, the joke coin popularized by Tesla CEO and tech billionaire Elon Musk on Twitter, has also dropped in value.
According to CoinDesk, its value has dropped 4.35 percent to just 0.179774, after reaching a high of 0.722730 on May 8.
After rising to a record high in mid-April, Bitcoin’s price has been sliced in half over the last three months, with no prospects of a sustained rebound.
Only a few weeks later, in May, Bitcoin was dealt a major setback when the Chinese government, which runs the world’s second-largest economy, outlawed the cryptocurrency’s use as a method of payment.
According to Coindesk, Ethereum is presently trading at $1,819.88, down 3.82 percent from the previous 24 hour period.
According to coindesk, bitcoin is presently trading at $30,708.97, down 3.24 percent from the previous 24 hours.
Later this week, Elon Musk will attend a Bitcoin event.
On July 21, at 12 p.m., the Tesla CEO will attend the “The Word” conference and participate in a live discussion.
According to coindesk, bitcoin is presently trading at $30,682.94, down 2.45 percent in the last 24 hours.
Senators in Paraguay have introduced a bill to legalize Bitcoin.
The bill was proposed to legislators by Senators Carlos Rejala and Fernando Silva Facetti.
“This is not legal tender, this is a commodity, and the goal of the law is to regulate and.”Brinkwire Summary News”, according to the bill.