Cryptocurrency News: Cryptocurrency prices fell Wednesday following the second day of Fed Chair Jerome Powell’s congressional testimony. Bitcoin recovered near its $22,100 level after sinking to a three-week low overnight.
Thursday evening, a group of U.S. senators announced an investigation into the top crypto exchange Binance for a host of alleged illegal activity, including money laundering and avoiding U.S. regulators.
On Thursday, crypto lender Silvergate Capital (SI) shares halved after delaying financial results.
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Cryptocurrency Price Action
Bitcoin hovered around $22,100 Wednesday afternoon after sliding to $21,871 overnight, its lowest level since Feb. 14. Bitcoin is down five of the past seven days and punched up to $25,000 as recently as Feb. 21 – topping its August high to trade at its best level since June 13. The world’s largest cryptocurrency is up about 33.5% so far this year following the FTX collapse in early November.
Ethereum traded around $1,550 Tuesday afternoon after dropping to $1,542 overnight. Ethereum traded as high as $1,677 Thursday morning prior to the Binance investigation announcement. The #2 crypto is up 30% year-to-date.
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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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Note: MicroStrategy is a software company that converts its cash into Bitcoin and heavily invests in cryptocurrency. Former CEO and Board Chairman Michael Saylor claims MSTR stock is essentially a Bitcoin spot ETF.
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