The price of bitcoin rose above $48,000 on Thursday, marking a 10 percent increase since the start of the week.
Other leading cryptocurrencies also saw gains, spurred on by positive news in the crypto space.
Cinema chain AMC announced that it would accept Ethereum (ether), bitcoin cash, and litecoin alongside bitcoin payments for tickets, in what is the latest demonstration of growing mainstream acceptance of cryptocurrencies.
The overall crypto market grew by more than 2.3 percent over the last 24 hours, taking it back above $2.19 trillion. Analysts remain divided over the long-term trajectory of the market.
You can follow all the latest news, updates and expert predictions right here.
KEY POINTS
- El Salvador president ‘buying the dip’
- Bitcoin price volatility dismissed by long-term holders
Bitcoin price closing in on PlanB’s October prediction
Bitcoin has passed back above the $48,000, prompting pseudonymous analyst PlanB to note that it’s only 31 percent away from his October price prediction of $63,000.
His June forecast put bitcoin’s price at the end of August at $47,00, which ended up being off – but only by a couple of hundred dollars.
PlanB has become renowned for its Stock-to-Flow model, which has proved remarkably accurate up until now. It puts bitcoin on a course to reach six figures before the end of the year.
Billionaire investor warns regulators could try to ‘kill’ bitcoin
Ray Dalio, the founder of the world’s largest hedge fund, has warned that if bitcoin becomes too popular then regulators will try to “kill it”.
Dalio has frequently raised concerns about cryptocurrencies, however revealed that he owns an undisclosed amount of bitcoin and considers it a viable store of value.
“I think at the end of the day if it’s successful, they will kill it and they will try to kill it. And I think they will kill it because they have ways of killing it,” the billionaire investor told CNBC’s Squawk Box.
“I think it’s worth considering all the alternatives to cash and all the alternatives to the other financial assets. Bitcoin is a possibility. I have a certain amount of money in bitcoin.”
Crypto experts make and discuss price predictions
With analysts divided over which way bitcoin and the rest of the market is headed, we invited to experts to discuss how it might play out over the coming weeks and months.
On the bullish side were Fred Schebesta, a crypto advocate and founder of comparison platform Finder.com, whose predictions about Solana’s meteoric price rise earlier this year during a similar chat proved spot on.
Presenting another side was Simon Trimborn, an assistant professor at the Department of Management Sciences at the City University of Hong Kong, who talked about his recent research into price predictions from cryptocurrency experts and how they relate to actual market movements.
AMC accepts other crypto payments alongside bitcoin
Cinema chain AMC has announced plans to accept more cryptocurrencies as a form of payment for tickets beyond just bitcoin.
Customers will be able to pay using Ethereum (ether), litecoin and bitcoin cash.
AMC CEO Adam Aron tweeted that crypto payments will be introduced by the end of the year. The news has been widely praised by crypto advocates, though fans of dogecoin have criticised the decision to not include the meme-inspired altcoin.
Bitcoin price consolidation continues
The crypto market is up 2.1 per cent over the last 24 hours, as bitcoin continues its steady recovery.
It reached above $48,000 on Thursday, having plunged below $44,000 earlier this week. It has since slipped back down slightly but remains above $47,000 – nearly exactly the same price it was at this time last week.
