Bitcoin news – live: BTC price slides amid global market turmoil

Follow all the latest crypto news, analysis and expert price predictions in our live coverage below

The price of bitcoin has dropped below $40,000 at the start of the week, having climbed above $44,000 at the beginning of March.

Russia’s invasion of Ukraine initially sparked a mass sell-off, causing BTC to plummet from $39,000 to below $35,000 before a strong recovery.

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The cryptocurrency bounced back almost as quickly as it crashed, with some analysts pointing to bitcoin’s ability to serve as a safe-haven asset during times of geopolitical uncertainty.

Ukraine’s request for bitcoin and Ethereum (ETH) donations over the weekend prompted millions of dollars worth of cryptocurrency to be given towards the eastern European country’s defence efforts, which the Ukranian Digital Ministry saying it would be used to “help Ukraine armed forces”.

Ukraine also asked exchanges to freeze Russian and Belarusian crypto accounts, and on Monday the Russian cryptocurrency exchange BestChange appeared to be down.

You can follow all the latest crypto news, analysis and expert price predictions in our live coverage below.

Swiss city adopts bitcoin

The Swiss city of Lugano plans to make bitcoin, Tether and its own cryptocurrency legal tender, allowing people to buy goods and services.

Paolo Ardoino, CTO of Tether, said: “We envision a future where businesses of all sizes and scale are able to leverage blockchain platforms to improve the quality of life of local citizens providing more sustainable, transparent, and reliable financial and day-to-day services.”

You can read the full story here.

Swiss city to adopt bitcoin as legal tender

Lugano will allow people to pay for goods and services using cryptocurrency

Bitcoin price swings explained

Simon Peters, an analyst at the online trading platform eToro, has offered his thoughts on what’s behind the “wild swing” from $35,000 to $44,000 and now back to $38,000.

“Price changes, like those in the stock markets, were driven by the geopolitical machinations in Russia, as uncertainty continued to rule and investors de-risked,” he says.

“That being said, the swings we’re seeing are more broadly being caused by uncertainty among investors around the world. Despite regional changes in demand, cryptoassets are ultimately global and reflect that in their price changes.”

Apple co-founder calls bitcoin ‘pure gold'

Apple co-founder Steve ‘Woz’ Wozniak has described bitcoin as “pure-gold mathematics”.

Speaking with Business Insider, he had some less favourable words to say about other “rip off” cryptocurrencies.

There’s so many cryptocurrencies that come out now; everybody has a way to create a new one, and you have a celebrity star with it. It seems like they’re just collecting a bunch of money from people who want to invest at the very earliest stage, when it’s worth pennies.

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