Cryptocurrency News: Cryptocurrency prices retreated early Tuesday as bitcoin fell below $63,000 with the highly-anticipated halving event is just days away.
Elsewhere, Sam Bankman-Fried on March 28 was sentenced to 25 years in prison for his role in the 2022 collapse of crypto exchange FTX.
The strong of new highs is rooted in the industry's historic step forward on Jan. 11. That was the first trading day after the SEC approved 11 bitcoin ETF applications, which included issuers ARK Invest (ARKK), BlackRock (BLK), Grayscale, VanEck and more. Coinbase serves as the custodian for a majority of the new ETF issuers. How are crypto custodians keeping digital assets secure?
The Best Bitcoin, Cryptocurrency ETFs To Watch And Buy
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Cryptocurrency Price Action
Bitcoin early Tuesday fell near $62,200, marking a 5.9% drop over the last 24 hours. On March 14 bitcoin hit a new all-time high of $73,798. The cryptocurrency is above its prior peak of $68,990 set in November 2021.
Bitcoin had spiked to $49,000 January 11 on the ETF launch day but then fell back into its early December 2023 level prior to the SEC announcement. The world's largest cryptocurrency rebounded about 157% in 2023. Bitcoin is now up about 49% so far this year, with most of the gains compounded in February and March.
Ethereum slid about 4% over the last 24 hours to $3,065 Tuesday morning. Ethereum is still a good distance from its March 12, 52-week high of $4,092. The cryptocurrency is working toward December 2021 levels, and still well below its November 2021 peak above $4,800.
Ethereum on March 8 crossed its $4,000 level for the first time in 26 months. The No. 2 crypto has soared nearly 34% in 2024.
Cryptocurrency Prices Heatmap:
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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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