The Cryptopians, discusses the current cryptocurrency moment and where the market is moving next. To get Laura’s take on NFTs and the metaverse, watch part 2 of the interview.
Cryptocurrency News: Crypto prices and related stocks faded slightly Friday after rallying this week as bitcoin dipped below $62,000. Coinbase stock remained extended beyond its buy range after Monday’s breakout.
Coinbase and converted bitcoin ETFs Grayscale Bitcoin Trust (GBTC) and Hashdex Bitcoin Futures ETF (DEFI) are now trading well above their pre-Jan. 11 highs. DEFI broke out past a buy point on Tuesday. Grayscale is up more than 21% for the week.
The crypto industry logged a historic day on Jan. 11, a 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?
Other trends are set to drive bitcoin in 2024, including the upcoming halving event in April and influx of institutional participation.
Cryptocurrency Price Action
Bitcoin slipped to $61,800 early Friday, after reaching as high as $64,037 on Wednesday. The gains move the cryptocurrency further up against its highest levels since November 2021. Bitcoin is now about 10.4% below its record high of $68,990, set in early 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 up about 48% so far this year, with most of the gains compounded in February.
Ethereum is trading around $3,400 after on Thursday touching a new 52-week high of $3,520. It is trading at its best level since April 2022. The No. 2 crypto leapt roughly 92% in 2023. Ethereum jumped 49% so far 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.