Cryptocurrency LIVE: BTC, ETH and DOGE prices rebound after 'dormant wallet wakes up'

ALL MAJOR cryptocurrencies saw their prices rise this morning following a slump earlier in the week – and they continue to increase.

Bitcoin ‘not seen as a currency for transactions’ says expert

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As of 7am today, Bitcoin rose by 2.14 percent over the last 24 hours, bringing the price to $32,570.40. Ethereum – the second-largest cryptocurrency – also jumped by 4.39 percent, increasing its price to $1,963.48.

Binance Coin’s price rose to £303.66 – an increase of 3.33 percent – while Cardano jumped by 2.16 percent ($1.24)

Dogecoin – which has often been backed by Tesla chief Elon Musk – also saw a rise of 1.17 percent over the last 24 hours ($0.1929).

This comes after all cryptocurrencies struggled as all prices continued to fall this week.

According to the latest figures from Coin Market Cap, Bitcoin’s seven-day average was around 2.16 percent.

All major cryptocurrencies increase price in last 24 hours

All major cryptocurrencies increase price in last 24 hours (Image: Getty)

All major cryptocurrencies increase price in last 24 hours

All major cryptocurrencies increase price in last 24 hours (Image: Getty)

Ethereum also struggled during the start of the week, with their seven-day average down by 4.99 percent.

Dogecoin’s seven-day average also tanked by 11.79 percent.

This comes as a dormant Satoshi-era Bitcoin wallet suddenly activated after nearly a decade.

READ MORE: Bitcoin warning as experts identify ‘significant limitation’

Bitcoin and other major cryptocurrencies rose this morning

Bitcoin and other major cryptocurrencies rose this morning (Image: Getty)

The wallet – which contained more than $26million worth of cryptocurrency – was created shortly after Bitcoin’s pseudonymous creator Satoshi Nakamoto disappeared in 2012.

Movement of funds from the Bitcoin address was spotted by crypto-tracking Twitter bot Whale Alert.

640 of the 791 Bitcoins within the wallet were moved to an unknown address, according to blockchain records.

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08:56 Bitcoin to blame for Tesla’s shares with US companies becoming less correlated

According to the latest report from Elon Musk’s company, the 20-day correlation b between Tesla’s stock price and the Nasdaq 100 index fell from 0.83 on June 17 to 0.14 yesterday.

Amy Wu Silverman, derivative strategist at RBC Capital Markets, said Tesla’s drop in shares is to do with their “bitcoin exposure”.

She said: “When I ask around, the feedback I get is that this is related to their Bitcoin exposure and how it will have to be accounted for they report earnings.”

08:13 China’s share of bitcoin mining slumped before Beijing’s crackdown

China’s bitcoin production fell sharply before a Beijing’s recent crackdown on cryptocurrency mining, according to research from the University of Cambridge.

Xi Jinping’s nation has long been the centre of global cryptocurrency mining but recently the government has cracked down on the industry.

However, the research found the decline in Chinese mining power came ahead of a crackdown by China’s state council, or cabinet, on bitcoin mining and trading in late May, citing underlying financial risks.

Harry Byrne

Harry Byrne

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