Bitcoin price – live: Crypto recovery ‘feels very 2013’, leading analyst says

Bitcoin is “flashing a big buy signal”, according to one indicator.

The Puell Multiple graph, which charts mining profitability, has entered the green zone for the first time since March 2020. At the time a flash crash had pushed the cryptocurrency’s price below $5,000 – and a subsequent rally took it to a new all-time high before the end of the year.

“Puell Multiple flashing a big buy signal for #bitcoin,” tweeted prominent crypto investor Lark Davis.

“Only the 5th time ever! Last 4 times were spot on, will this one be too?”

The price of dogecoin is back above $0.25 after a proposal for a major new update to its network was published.

The Fee Policy change proposal would see the cost of a standard dogecoin transaction, which currently stands at 1 DOGE, reduce by 100-times.

“Since inception, the goal of dogecoin has been to be accessible to everyone, but with current exchange rates, transacting DOGE is kept artificially higher than instated on bitcoin’s and litecoin’s chains,” it states.

The proposal has so far received broad support from the dogecoin community, including from Tesla boss and crypto advocate Elon Musk. The tech billionaire said on Monday that it was “important to support” the change.

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Bitcoin appears to have entered a momentary period of stability, at least relatively speaking.

It has briefly peaked above $40,000 and dipped below $30,000 over the last six weeks, but it has mostly spent its time trading within this $10k price range.

Analysts remain divided over which direction bitcoin’s price will head in the second half of 2021, with patterns from previous bull runs in 2013 and 2017 suggesting it could go either way.

One analyst who believes there will be new record highs this year is the pseudonymous Dutch trader PlanB. His Stock-to-flow model allows for short term volatility, while also projecting major gains over the long term. Are we just seeing a dip before a new all-time high?

A ruling from the UK’s Financial Conduct Authority (FCA) that bans leading crypto exchange Binance from conducting any “regulated activity” in the country has prompted fears that users will not be able to access their accounts.

The FCA notice only concerns Binance Markets Limited (BML), which is yet to launch its UK business. This means the ruling will have no direct impact on anyone using the exchange from the UK.

“Our relationship with our users has not changed,” the Cayman Islands-based firm tweeted. “We take a collaborative approach in working with regulators and we take our compliance obligations very seriously.”

Part of the FCA announcement also warned people to be weary of any adverts promising high returns from cryptocurrency investments.

Mexican billionaire Ricardo Salinas Pliego is working towards making his bank the first in his country to accept bitcoin.

A significant chunk of his wealth is already tied up in bitcoin, having previously said in an interview last week that “all of bitcoin’s benefits, in my opinion, are sufficient to make it the modern world’s gold”.

Mexico’s third wealthiest person, whose net worth is $13.2 billion, was responding to a tweet from MicroStrategy CEO Michael Saylor, whose own company has invested billions of dollars into bitcoin.

Salinas also tweeted Saylor to say: “I really hope your big ‘all in’ bet with MicroStrategy pays off. BALLS OF STEEL.”

Bitcoin is currently leading a market-wide recovery that has seen several leading cryptocurrencies jump by between 5-20 per cent since the weekend.

The turnaround appears to have been sparked by news out of Mexico that a major bank will accept bitcoin, as well as positive developments elsewhere in the world. However misleading reports concerning the crypto exchange Binance appears to have stalled the bounce back on Monday morning.

We’ll be bringing you all the latest developments right here throughout the day.