Bitcoin's recent recovery came to a dramatic end at the start of September, when a cryptocurrency market crash that its value drop by around $1,000 in the space of 24 hours.
The collapse followed bitcoin's worst ever start to a year, having traded close to $20,000 as recently as December. Ethereum, bitcoin cash and other major cryptocurrencies were also hit by the sudden downturn.
The notoriously volatile cryptocurrency continues to behave unpredictably – this live blog will be regularly updated with the latest news and significant changes.
Live Updates
11:41
UK politicians in the UK say consumers need protection from the "litany" of risks that come with cryptocurrencies, such as scams, hacking and extreme price volatility.
Read the full story here:
10:31
Bloomberg has been doing some digging into the bitcoin whale that many analysts believe prompted the recent price crash.
The case has all the elements of a classic Bitcoin mystery: famous wallets, a vicious cycle of speculation reinforcing a selloff and intense amateur sleuthing on the Internet that might not have exactly hit the mark. It also shows what makes Bitcoin unique: the pseudonymous, public nature of its blockchain means anyone can attempt to trace transactions.
Read the full story here.
09:55
Bitcoin remains down following its dramatic price falls last week, however it has managed to avoid any further losses.
- Bitcoin: $6,351
- Ethereum: $194
- Ripple: $0.26
- Bitcoin Cash: $470
- EOS: $5.01
This is not the case for other major cryptocurrencies, with ethereum, ripple and bitcoin cash all seeing drops in value of between 2 and 3 per cent over the last 24 hours.
09:15
As bitcoin settles into a brief period of stability, analysts have been attempting to unpick the market-wide crash.
Theories range from the uncertainty surrounding Goldman Sachs' cryptocurrency trading desk, to a mass sell-off sparked by students needing cash as they head back to university.
Here, experts share their thoughts with The Independent.
Bitcoin price crash: 'Manipulative whales' cause cryptocurrency market meltdown
Analysis suggest the $1,000 drop may be just the beginning
09:45
Bitcoin's price continued to tumble overnight, slipping below $6,500 to take its total losses to around $1,000 over the last 24 hours.
- Bitcoin: $6,450
- Ethereum: $228
- Ripple: $0.28
- Bitcoin Cash: $497
- EOS: $5.06
The drop in value was mirrored and even magnifies among other major cryptocurrencies, with ethereum, bitcoin cash and EOS losing around 20 per cent of their value since this time yesterday.
13:59
Bitcoin just suffered a sudden and unexpected dip, dropping by $300 in the space of an hour.
Other major cryptocurrencies, including ethereum and ripple, have followed in its lead.
Read the full story here:
Cryptocurrency markets are in meltdown and nobody knows why
Ethereum, bitcoin cash and ripple all lose a tenth of their value in less than an hour amid market turmoil
09:50
The price of bitcoin has risen by almost $100 over the last 24 hours, to continue its recent run of good form.
- Bitcoin: $7,379
- Ethereum: $283
- Ripple: $0.33
- Bitcoin Cash: $627
- EOS: $6.49
The 1 per cent jump in value wasn't mirrored by other major cryptocurrencies, with none of the top five shifting by more than 1 per cent since this time yesterday.
10:03
Bitcoin continues to a period of relative stability, having shifted by less than 1 per cent in price over the last 24 hours, according to CoinMarketCap.
- Bitcoin: $7,297
- Ethereum: $286
- Ripple: $0.33
- Bitcoin Cash: $627
- EOS: $6.44
This trend has been mirrored across cryptocurrency markets, with none of the top five most valuable digital currencies experiencing any significant movement.
10:21
Bitcoin may have a new rival after one of the world's largest messaging apps announced the launch of its own cryptocurrency.
Japanese messaging giant Line said its new Link currency will be used among its 200 million users.
Read the full story here:
Messaging app giant Line is launching its own cryptocurrency to rival bitcoin
The IndependentLink can be earned by users as a reward for using Line services
10:19
Bitcoin has managed to round off a relatively good week by holding close to $7,000.
- Bitcoin: $6,976
- Ethereum: $280
- Ripple: $0.33
- Bitcoin Cash: $537
- EOS: $6.13
This is up almost $500 from this time last week for bitcoin, which has has a positive effect on the rest of the cryptocurrency markets.
11:20
Bitcoin's recent price rally has come despite some negative news for the cryptocurrency, including a ruling by the SEC to refuse a bitcoin ETF.
Its resurgence has confused Jordan Belfort, the disgraced Wall Street Banker whose crimes formed the plot of the Hollywood film The Wolf of Wall Street.
Here's what he has to say about bitcoin:
Bitcoin price rise baffles ‘Wolf of Wall Street’ as cryptocurrency rises above $7,000
'I was a scammer,' Jordan Belfort said. 'I had it down to science, and it's exactly what's happening with bitcoin'
09:39
The price of bitcoin has seen slight gains over the last 24 hours, rising by around $100 to $6,550.
This comes despite a crack down on cryptocurrency in China, where more than 120 exchanges have been blocked.
Read the full story here:
China to block more than 120 offshore cryptocurrency exchanges
China is poised to block more than 120 foreign cryptocurrency exchanges as part of the government’s broader crackdown on activities related to digital money, according to state media....
09:06
Bitcoin's brief resurgence didn't last long, dropping back to the same price it was trading at at the beginning of the week.
- Bitcoin: $6,450
- Ethereum: $275
- Ripple: $0.33
- Bitcoin Cash: $522
- EOS: $4.78
The rest of the major cryptocurrencies experienced similar dips in value, according to CoinMarketCap, dropping by between 3 and 5 per cent over the last 24 hours.
10:33
Bitcoin has started the day well, climbing to a two-week high after shooting up by $400 in just 20 minutes.
CoinDesk has the full story:
Bitcoin Price Climbs $400 In 20 Minutes to Reach 2-Week High - CoinDesk
Bitcoin, the world's largest cryptocurrency by market capitalization has jumped 6.6 percent in quick succession pushing prices well above $6,600.
10:01
Bitcoin shifted in price by just 0.1 per cent since this time yesterday, continuing a week-long run of stability.
- Bitcoin: $6,464
- Ethereum: $285
- Ripple: $0.33
- Bitcoin Cash: $534
- EOS: $5.34
The remarkable lack of market movement has been largely reflected by other major cryptocurrencies, according to CoinMarketCap, with ethereum, ripple and bitcoin cash all holding firm over the last 24 hours.
14:22
The first -ever state-backed cryptocurrency is proving integral in Venezuela's plans to rescue its collapsing economy.
Venezuela president announced that the country's bolivar currency will now be pegged to the petro cryptocurrency in the hope that it will increase economic stability.
Read the full story here:
Venezuela turns to cryptocurrency to try and save its economy
Hyper-inflation of more than 1,000,000 per cent means 1 US dollar is now worth 6 million sovereign bolivar
10:48
Bitcoin has managed to remain relatively stable over the weekend, slipping by less than 1 per cent in value since Friday, according to CoinMarketCap.
- Bitcoin: $6,427
- Ethereum: $291
- Ripple: $0.33
- Bitcoin Cash: $543
- EOS: $5.10
Stability reigned across the rest of the major cryptocurrencies, with bitcoin cash and EOS actually experiencing modest gains over the past two days.
12:04
The UK's Financial Conduct Authority warned today of a rise in cryptocurrency scams. Fraudsters have been using social media and fake celebrity endorsements to tempt victims.
"In recent months, the FCA has received an increasing number of reports about cryptocurrency investment scams, some of which may involve regulated activities, others which don’t, but all of which use similar tactics," the FCA said.
Read the full story here:
Bitcoin scammers are using fake celebrity endorsements to tempt victims
Dragons' Den star Deborah Meaden previously spoke out about fraudulent investment websites claiming to be endorsed by her
12:04
'Bitcoin will hit $15,000 by Christmas'
Cryptocurrency analyst Danny Scott, the co-founder of crypto exchange CoinCorner, says he expects bitcoin to stay around the $6,000 in the short term, but that by Christmas it will have almost trebled in price.
"For the last few months, the price of Bitcoin has been at $6,000 which we believe will continue for a while but we predict the price will reach $15,000 by the end of the year. We take this view because the retail market is continuing to expand at a very healthy rate based on both our own data and industry trends," Scott said in a statement shared with The Independent on Friday.
"To add to this, we are also seeing huge amounts of investment coming through from High Net Worth individuals and institutes purchasing Bitcoin in high volumes. This all adds to the increase and interest of the cryptocurrency.”
10:10
Bitcoin briefly peaked above $6,500 over night, before slipping slightly back below this morning. The positive movement builds on the mid-week stability to add 2 per cent to bitcoin's value since this time yesterday.
- Bitcoin: $6,493
- Ethereum: $300
- Ripple: $0.31
- Bitcoin Cash: $536
- EOS: $4.87
Other significant price points have been reached by ethereum and bitcoin cash, breaking above $300 and $500 respectively. The gains signal a market-wide recovery for the world's top cryptocurrencies.
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