Bitcoin has staged a remarkable recovery at the start of February, rising in price by nearly $10,000 since the beginning of the month.
The latest gains have taken the cryptocurrency back above $45,000 and appears to have reversed a trend that saw BTC drop from an all-time high of close to $69,000 in November, to a six-month low below $34,000 in late January.
The bounce back coincides with a new report from crypto market data firm FSInsight, which predicted bitcoin will reach $200,000 in the second half of 2022.
The development also comes as Coinbase Global removes ‘how to buy’ instructions for at least three crypto tokens which have been the subject of ‘rug pull’ warnings that investors may lose their money, saying on Thursday it plans to improve safeguards.
Jaclyn Sales, a spokesperson for Coinbase, said the links were removed from the cryptocurrency exchange’s website after they were brought to its attention this week by Reuters. There would also be an upgrade in safeguards on its auto-created webpages, she said.
Crypto market data firm FSInsight also suggested Ethereum (ETH) could hit $12,000 this year – roughly quadruple its current price.
Those less bullish about bitcoin’s future trajectory include prominent stockbroker Peter Schiff, who suggested that the latest price rally “may well be another orchestrated pump-and-dump” to coincide with an advertising campaign during the Super Bowl on 13 February.
Key points
- Bitcoin is ‘currently the 4th most oversold in its history’
- El Salvador president predicts ‘gigantic price increase’
- Bitcoin price ‘heading to $200k in 2022’
Bitcoin, ether, dogecoin drop
After rising past the $45,000 mark on Thursday, bitcoin’s price has dropped by nearly 3 per cent in the last day and is currently valued close to $43,000.
Ethereum has also plunged by over 5 per cent in the last day, and is priced close to $3,050.
Other leading cryptocurrencies, including cardano, solana, and polkadot have also plunged by 5 to 8 per cent over the last 24 hours.
Memecoins dogecoin and its spinoff shiba inu have also dropped by 5 to 8 per cent during this period.
The overall cryptomarket is down by nearly 4 per cent in the last 24 hours and is valued at $1.95 trillion.
The chart looks mostly red with no signs of recovery yet.
YouTube launches NFTs
YouTube is the latest platform to jump on the NFT bandwagon, offering fans the chance to “own” creators’ videos.
The video-sharing site said the move would “open up new opportunities for creators” and “allow creators to build deeper relationships with their fans”.
YouTube also said it is “thinking big” about the metaverse, making sure it hits all the trending tech buzz words.
Bitcoin price back above $45,000
The price of bitcoin is back above $45,000, breaking through a key level of resistance. The next major level, according to some analysts, is the $52,000 level, and BTC could test it in the coming days if it keeps up its momentum.
It’s been a wild start to 2022, but nothing compared to the huge price swings seen over the last 12 months. Bitcoin has bounced between record highs close to $68,000, and lows below $3,000. The latest upturn is more than just a brief surge, with the next few days being potential crucial in determining its longer term trajectory.