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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 Climbs Above $27,000 for the First Time Since August

[ad_1] Bitcoin extended its rally from last week, rising above $27,000 for the first time since August. Other digital assets followed suit, with smaller tokens such as Solana, Litecoin and Bitcoin Cash rallying. The largest digital token had ended positive on Sunday for the first week in five, and increased as much as 3.7% to $27,418 on Monday. Solana gained around 6%, Litecoin rose 6.5% and Bitcoin Cash jumped 8%. The price increases come with the Federal Reserve expected to keep borrowing rates steady when policy makers meet this week. Higher rates tend to reduce the allure of higher risk assets such as cryptocurrencies. “After a prolonged struggle at the psychological support of $25,000, Bitcoin managed to hold steady. Range traders will now be looking to take profits just above $3...

Crypto Prices Sink Amid Further FTX Woes After Surging on US CPI

[ad_1] Cryptocurrency prices retreated Friday as the knock-on effects from FTX’s downfall persisted, even as other risk assets surged after US inflation data. Cryptocurrency prices retreated Friday as the knock-on effects from FTX's downfall persisted, even as other risk assets surged after US inflation data. Bitcoin dropped as much as 5.5% to as low as $16,837. It had jumped 13% on Thursday as the CPI reading came in lower than expected, fueling expectations that the Federal Reserve would slow the pace of rate increases. A gauge of Asia-Pacific shares rose as much as 3.6%. “Contagion risks in cryptocurrencies, following on from the FTX-Alameda collapse, will take a long time to work through and the market remains vulnerable,” said John Toro, head of trading at digital-asset exch...