Bitcoin has almost completed another rollercoaster week in which it met its second major price correction of 2021. Having hit $58,300 all-time highs, bulls lost steam with a retracement becoming a full-on dive in which Bitcoin lost 20%. Subsequent ranging combined with fresh weakness has taken weekly losses to almost 25%.
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Crypto’s top 10: Rankings shake-up looms as Ethereum killers make presence felt
Binance Coin, Polkadot and Cardano are in the ascendancy. Should Ethereum, buckling under the strain of congestion, be worried?
Back in December 2017, when BTC hit $20,000 for the first time, altcoins such as Bitcoin Cash, XRP and Litecoin were firm favorites in the top five. Tether and Binance Coin were nowhere to be seen among the 20 biggest coins. Some, like Polkadot, didn’t even exist. Fast forward to 2021, and the rundown of the 10 biggest cryptocurrencies by market cap looks very different indeed.
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Markets Report: Bitcoin recovers from $45,000 lows as Tether legal debacle ends
An amicable agreement between lawmakers, Tether and Bitfinex pleases markets, with Bitcoin heading toward $50,000
News that Tether and Bitfinex had reached a settlement with the New York Attorney General in a legal battle which had begun in 2019, ending crypto’s “most significant existential threat,” served to change market sentiment in an instant.
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CoinDesk editor Lawrence Lewitinn reacts to one of crypto critic Nouriel Roubini's spicier claims (Photo: CoinDesk)Crypto critic Nouriel Roubini: MicroStrategy CEO Michael Saylor a ‘coke addict’
Three days in, CoinDesk TV had its first controversy in an interview with prominent Bitcoin and cryptocurrency critic Nouriel Roubini, who also called Tether a “criminal enterprise”
When asked about institutional investors buying bitcoin Roubini, an NYU economics professor, launched into a diatribe about the first cryptocurrency not being an asset but a “speculative bubble”—which he’s said many times— before calling MicroStrategy CEO Michael Saylor a “coke head," accusing Elon Musk of "market manipulation" and saying stablecoin-issuer Tether is a “criminal enterprise.”
