Bitcoin fell to its lowest price of 2018 in June, having experienced its worst start to a year since the cryptocurrency was founded, however it is showing signs of recovery.
The value of bitcoin rose more than twenty-fold in 2017, generating huge amounts of interest in cryptocurrencies like ethereum and bitcoin cash.
After peaking at close to $20,000 in December, bitcoin's value fell to below $10,000 within a matter of weeks. This precipitated a market-wide crash other leading cryptocurrencies tumble.
Its price is expected to continue to fluctuate unpredictably, and this live blog will be regularly updated with the latest news and significant changes.
Live Updates
12:04
The price of bitcoin has suffered another major dip, plummeting 6 per cent over the last 24 hours to its current price just above $6,000.
- Bitcoin: $6,062
- Ethereum: $265
- Ripple: $0.26
- Bitcoin Cash: $493
- Stellar: $0.21
This has been reflected across cryptocurrency markets with the crash seeing ethereum, ripple and bitcoin cash dropping by between 10 and 20 percent since this time yesterday, according to CoinMarketCap.
08:49
Economists at Yale University may have figured out the best time to buy bitcoin and other cryptocurrency.
By studying seven years of bitcoin price data, Yukun Liu and Aleh Tsyvinski determined which indicators can be used to determine the future price of bitcoin.
One such factor is the momentum effect, and the economists developed a simple strategy for investors to take advantage of it.
Read the full story here:
Economists have found the best possible time to buy bitcoin
Yale economists designed a simple strategy to generate 'outstanding returns' from bitcoin, ethereum and ripple
10:16
Bitcoin continues to struggle, having fallen below $6,500. The one plus for anyone hopeful of a price resurgence is that it has remained relatively stable over the last few days.
- Bitcoin: $6,417
- Ethereum: $359
- Ripple: $0.33
- Bitcoin Cash: $590
- EOS: $5.51
This stability has been reflected across cryptocurrency markets, with none shifting in value by more than 2 per cent over the last 24 hours, according to CoinMarketCap.
10:00
As the price of bitcoin continues to slide, experts and analysts continue to point to the delayed SEC ruling. The crucial decision will have a big impact on the future of bitcoin and other cryptocurrencies and the SEC has until 30 September to make it.
Read the full story here:
The price of bitcoin just plunged because of a crucial decision on its future
The bitcoin ETF, if approved, could provide a massive boost to the cryptocurrency's value
10:12
The price of bitcoin has tumbled by 8 per cent over the last 24 hours, according to CoinMarketCap, prompting huge losses across cryptocurrency markets.
- Bitcoin: $6,529
- Ethereum: $370
- Ripple: $0.35
- Bitcoin Cash: $618
- EOS: $6.07
Of the top five, ripple suffered the biggest drop in value with a 15 per cent fall since this time yesterday.
10:05
Goldman Sachs has been leading the charge among Wall Street giants into the cryptocurrency space, with further rumours mounting that the bank is now planning to hold bitcoin and other digital currencies on behalf of funds betting on cryptocurrency.
The news, first reported by Bloomberg, follows reports in May that the firm is setting up a bitcoin trading desk.
Read the full story here:
A banking giant may be about to give bitcoin a massive boost
Cryptocurrency experts predict recovery as banking giant considers bitcoin fund
10:31
It's been another turbulent week for bitcoin, dropping by more than $1,000 to take its value back below $7,000, according to CoinMarketCap.
- Bitcoin: $6,996
- Ethereum: $409
- Ripple: $0.42
- Bitcoin Cash: $696
- EOS: $7.01
Other major cryptocurrencies mirrored bitcoin's fortunes, with ethereum, ripple, bitcoin cash and EOS all suffering significant losses over the last seven days. Over the last 24 hours, however, markets have steadied, with none shifting by more than 1 per cent in value since this stime yesterday.
10:24
The price of bitcoin has managed to hold firm above $8,000, shifting in value by less than 1 per cent since this time yesterday, according to CoinMarketCap.
- Bitcoin: $8,260
- Ethereum: $481
- Ripple: $0.46
- Bitcoin Cash: $850
- EOS: $8.75
The rest of the major cryptocurrencies are beginning to catch up with bitcoin's gains, after unusually not mirroring the price rise earlier this week.
12:22
For the first time since May bitcoin has broken above $8,000 – and it's showing no signs of slowing down.
“This is an extremely exciting period for cryptocurrencies and blockchain technology with increased interest from Tier 1 banks and financial institutions," David Sapper, COO of Blockbid, told The Independent.
Read the full story here:
Bitcoin just broke above $8,000 after dramatic price revival
The IndependentThe cryptocurrency has shot up in value by a third in the last two weeks and analysts predict it could rise even further
10:09
Here's how the rest of the major cryptocurrencies are performing, according to CoinMarketCap:
- Bitcoin: $7,975
- Ethereum: $468
- Ripple: $0.45
- Bitcoin Cash: $834
- EOS: $8.04
10:06
Bitcoin is continuing its remarkable resurgence, pushing close to $8,000 on Tuesday, 24 July.
Read why it's happening here:
Bitcoin experiences biggest price gains in months
The IndependentThe digital currency has surged by almost $2,000 over the last month
09:40
Bitcoin has experienced further price gains over the weekend, rising by almost $300 since Friday, according to CoinMarketCap.
- Bitcoin: $7,737
- Ethereum: $465
- Ripple: $0.46
- Bitcoin Cash: $822
- EOS: $8.24
Bitcoin cash mirrored bitcoin's price rise of 4 per cent since this time yesterday, however the rest of the major cryptocurrencies remained relatively stable. Of the top five, only EOS saw its price fall over the weekend.
11:39
The price of bitcoin continues its recovery, with a further gain of 1 per cent over the last 24 hours, according to CoinMarketCap.
- Bitcoin: $7,457
- Ethereum: $463
- Ripple: $0.45
- Bitcoin Cash: $791
- EOS: $8.36
Unfortunately for the rest of the top five cryptocurrencies, the overall market has suffered from heavy losses since this time yesterday. Ethereum, ripple, bitcoin cash and EOS all fell by between 2 and 6 per cent.
10:01
Bitcoin has sustained its recent rally, holding above $7,300 since its 10 per cent price surge earlier this week.
- Bitcoin: $7,333
- Ethereum: $477
- Ripple: $0.48
- Bitcoin Cash: $815
- EOS: $8.47
Other major cryptocurrencies were not able to maintain their gains, however, with the rest of the top five falling between 4 and 6 per cent over the last 24 hours, according to CoinMarketCap.
11:59
The second major price surge this week has helped take bitcoin above $7,000 for the first time since early June.
Read more about the latest gains and other cryptocurrency market news here:
Bitcoin just shot up in price
The latest bitcoin price rise follows positive news in the cryptocurrency space, which has helped it gain $1,200 over the last six days
13:36
The price of bitcoin surged by more than $300 since this time yesterday, as news that BlackRock may be planning something major.
- Bitcoin: $6,711
- Ethereum: $470
- Ripple: $0.47
- Bitcoin Cash: $792
- EOS: $7.93
The top five cryptocurrencies rose by between 2 and 5 per cent over the last 24 hours, according to CoinMarketCap.
13:12
Bitcoin's continued resurgence received a boost following news that investment firm BlackRock is looking to move into the cryptocurrency space.
The cryptocurrency rose 4 per cent in value, taking the digital currency back above $6,600 – still well below its 2017 high, when it peaked at close to $20,000.
Ethereum, ripple, bitcoin cash and EOS also saw significant movement, surging by between 4 and 9 per cent.
The price of bitcoin just shot up after a financial giant expressed interest in cryptocurrency market
'We see cryptocurrencies potentially becoming more widely used in the future as the market matures,' the $6.3 trillion investment platform previously said
10:10
The price of bitcoin saw modest gains over the weekend, rising steadily by around $200 since Friday, according to CoinMarketCap.
- Bitcoin: $6,374
- Ethereum: $452
- Ripple: $0.44
- Bitcoin Cash: $726
- EOS: $7.32
The rest of the top five cryptocurrencies saw similar gains, with EOS rising by more than 4 per cent over the last 24 hours.
10:10
As cryptocurrency continues to struggle to really break into the mainstream, two new devices could go some way towards addressing that.
The Finney Phone by Sirin Labs and the HTC Exodus both claim to be the world's first blockchain smartphone, offering in-built cryptocurrency wallets and the possibility of decentralised applications that could "reshape the internet."
Read more about the Finney phone here:
And the HTC Exodus here:
11:12
Bitcoin suffered another price slide over the last 24 hours, losing just under 3 per cent of its value since this time yesterday, according to CoinMarketCap.
- Bitcoin: $6,203
- Ethereum: $434
- Ripple: $0.43
- Bitcoin Cash: $680
- EOS: $6.73
All other major cryptocurrencies experienced a similar fate, with all of the top five falling by between 1 and 5 per cent.
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After hitting a record high of more than $19,850 (£14,214) in mid-December, bitcoin’s value tumbled to $12,000 (£8,630) within days.
It then surged again, before plummeting in mid-January amid reports that trading was about to be banned in several countries around the world. It then stabilised, before beginning a gradual price slide throughout February, March and early April.
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