The crypto market has been rocked by dramatic falls after a relatively steady start to the year.
The poor performance across bitcoin and other digital currencies means that 2022 has turned out to be tough for prices, with many down more than 10 per cent over the last week.
Bitcoin is now almost 40 per cent down from its peak in November, when it hit an all-time high of almost $69,000.
Several high-profile figures within the cryptocurrency space have predicted big things for bitcoin this year, with the illusive six-figure price target still seen as a realistic outcome for many analysts and traders.
Part of the reason for this is the huge momentum carried over from 2021, which saw massive institutional and retail interest – exemplified on Monday by former First Lady Melania Trump celebrating the anniversary of bitcoin.
You can follow all the latest news, analysis and expert price predictions right here.
Quiet few days brought to dramatic end
After a fairly steady first few days in the crypto markets, everything has gone a lot more shaky.
Andrew Griffin7 January 2022 13:03
Renewed predictions for bitcoin price to hit $100,000 in 2022
The founder of crypto platform Nexo is the latest industry figure to predict bitcoin will reach six figures this year.
Antoni Trenchev said told CNBC that the $100,000 price target for bitcoin, which many analysts believed it would hit in late 2021, remains in play for 2022.
“Every time that investors and the broader community write off bitcoin, it outperforms significantly,” he said. “This has been the case in 2020 when it rallied close to 1,000 per cent and in 2021 where it rallied 63 per cent. I’m quite bullish on bitcoin.”
Anthony Cuthbertson4 January 2022 14:22
Matt Damon mocked over crypto ad
Matt Damon is facing the mirth of Twitter after he compared trading cryptocurrency to humanity’s greatest achievements in his latest plug for crypto.com.
The US actor has become the face of the cryptocurrency platform, fronting ads that have even featured in the prestigious slots of the Superbowl. In the latest effort he is seen striding past images of explorers and astronauts, treating bitcoin with the utmost gravity.
“History is filled with ‘almosts’,” he says. “With those who almost adventured, who almost achieved, but ultimately for them it proved to be too much. Then, there are others – the ones who embrace the moment and commit.”
One Twitter user retorted: “There isn’t enough yuck in the world.”
You can read the full story, and watch the ad, here.
Anthony Cuthbertson4 January 2022 12:30
Bitcoin to hit $100,000 in 2022, bets El Salvador president
El Salvador President Nayib Bukele has made his predictions for bitcoin in 2022, claiming there will be a “huge surprise” in April at a crypto conference he’s attending in Miami.
Bitcoin 2022 is the successor to the event that Bukele announced his intention to push through legislation that would make BTC legal tender in the central American country. The self-styled “CEO of El Salvador” also bet that bitcoin would hit six figures at some point this year, while also speculating that two more countries will follow his country’s lead by adopting bitcoin as an official currency.
You can read the full story here:
Anthony Cuthbertson4 January 2022 10:38
Melania Trump celebrates bitcoin anniversary
Among those celebrating the 13th anniversary of bitcoin’s genesis block yesterday was the unlikely figure of Melania Trump.
The former First Lady noted that bitcoin’s market cap is over $1 trillion, and took the opportunity to plug her own recently-launched NFT endeavour with the hashtag #MelaniaNFT. Her first offering on the NFT platform was a digital watercolour painting of her own eyes called “Melania’s Vision”.
Her husband Donald is not such a fan of cryptocurrency it seems, after claiming in an interview last month that crypto is “very dangerous” and a threat to the US dollar.
Anthony Cuthbertson4 January 2022 09:36
Hello and welcome…
to The Independent’s live coverage of the crypto market. We’ll be bringing you all the latest developments from bitcoin, ethereum and other leading cryptocurrencies, alongside expert analysis and predictions for what 2022 might hold for the space.
Anthony Cuthbertson4 January 2022 09:29