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Crypto Crumbles – Bitcoin’s 2023 Rally Frays During Brief 7.5% Drop Toward $40,000

11Dec

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Technology

Crypto Crumbles – Bitcoin’s 2023 Rally Frays During Brief 7.5% Drop Toward $40,000

[ad_1] Bitcoin delivered another bout of its notorious volatility in a brief but sharp tumble toward $40,000 amid a broader crypto selloff.The largest token sank as much as 7.5% to $40,521 before paring some of the losses to trade 3.6% lower at $42,245 as of 7:15 a.m. Monday in London. Smaller tokens like Ether, XRP, Polkadot and Cardano also fell. An index of the largest 100 digital assets shed about 4%, the largest drop since Nov. 22. Bitcoin has been on a tear this year on expectations that regulators will give the green light for the first US exchange-traded funds investing directly in the token, widening the potential base of crypto investors. Bets that the Federal Reserve will cut interest rates in 2024 have also encouraged the rally both in Bitcoin and virtual currencies as a who...

Bitcoin Trades Back Up to $22,000 as Regulatory Concerns Ease

[ad_1] Bitcoin hovered near $22,000 amid a bout of stability in crypto markets following a selloff sparked by worries about a US clampdown. The largest token dipped less than 1% as of 1:10 p.m. Wednesday in Singapore. Smaller coins such as Ether, Cardano and Binance Coin were also little changed. Recent US steps such as shutting down issuance of a Binance-branded stablecoin, BUSD, have stirred fresh uncertainty for digital assets. The curbs are among the reasons why a bounce in crypto from 2022's rout has cooled. Bitcoin may be “reentering a slumber,” Bendik Schei, research head at Arcane Research, wrote in a note. He said there were signs of reduced institutional participation, such as a drop in open interest for CME Group Inc. futures. Crypto...

Bitcoin Price Dips Back Below $19000 as Risk-Off Sentiment Worsens

[ad_1] Cryptocurrencies fell Tuesday, dragging down Bitcoin in line with US stocks as investors. Cryptocurrencies fell Tuesday, dragging down Bitcoin in line with US stocks as investors prepare for expected rate hikes from the Federal Reserve this week. The largest digital token sank as much as 4% to $18,740. The coin on Monday fell to $18,273, its lowest value since prices tumbled after the collapse of crypto lender Celsius in June. Also on Tuesday, Ether slid as much as 2% to $1,330. Coins like Cardano and Avalanche fell even more. The drop aligns with a selloff in US stocks, which cryptocurrencies have been moving in tandem with all year. A 60-day correlation coefficient for Bitcoin and contracts on the S&P 500 grew t...