BREAKING: Stocks Fall Amid Choppy Trading
Cryptocurrency prices ended the week roughly where they started, continuing to hold above lows as the FTX fallout continued to materialize. The results showed Bitcoin and Ethereum effectively bouncing back from the hit caused by the Genesis Global bankruptcy rumblings. Scroll down to catch up on the top crypto headlines from the week.
Be sure to also check this week’s coverage of cryptocurrency ETFs like BITQ, BLOK and BITS.
Click here for the latest Cryptocurrency Prices and News. And if you’re new to the world of Bitcoin, Ethereum, blockchain and more, stop by our What Is Cryptocurrency page.
Bitcoin briefly topped $16,500 again on Friday afternoon, up from Monday’s low and narrowing the gap to its Nov. 10 recent near-term high. The world’s largest cryptocurrency sank to two-year lows Monday on renewed fears the liquidity contagion could affect other players. Bitcoin had traded above $21,000 at the beginning of the month — prior to the unraveling of crypto exchange FTX.
Ethereum perked above $1,200 Friday, up more than 11% from a Tuesday low, and about 10% from a Nov. 10 high. A suspected hacker transferred $477 million in cryptocurrencies from FTX on Nov. 12 and swapped them for Ethereum, according to Blockchain analysis firm Elliptic. The hacker began dumping the Ethereum for Bitcoin on Monday, sending the price lower.
Digital asset investments are extremely volatile. While cryptocurrency’s fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.
Despite their original promise, cryptocurrencies haven’t acted as hedges against inflation. Instead, they’ve trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.
View IBD’s Best Cryptocurrencies And Crypto Stocks To Buy And Watch page to help navigate the world of digital asset investments.
Want a deeper dive into crypto? Check out the What Is Cryptocurrency? explainer page.
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