Cryptocurrency News: Cryptocurrency prices continued rebounding Wednesday after stumbling Monday on news the Commodities Futures Trading Commission sued Binance, the world’s largest crypto exchange, and CEO Changpeng Zhao for trading violations. Bitcoin and ethereum traded higher on the day.
The SEC sent Coinbase (COIN) a warning last Wednesday for potential securities violations.
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Cryptocurrency Price Action
Bitcoin climbed 3.86% to rebound above $28,300 late Wednesday after falling near $26,500 Monday following the Binance news. Bitcoin is up three of the past four days hovered just below $28,000 prior to the lawsuit announcement. Bitcoin’s intraday high of $28,889 last Wednesday before to the Fed rate hike marked its highest level since June 11. BTC is up 22.6% so far in March, and on pace for its best month since January 2023 when it gained 38.7%. The world’s largest cryptocurrency rocketed 71.5% so far this year.
Ethereum recovered its $1,800 level Wednesday and has rebounded 5.56% over the past two days following the Binance lawsuit announcement. ETH reached $1,858 on Thursday to mark its highest levels since mid-August. The #2 crypto is up 12.3% so far this month and spiked 50.32% 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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The post Cryptocurrency Prices And News: Bitcoin Reclaims $28,000, Cryptos Shake Off Binance Lawsuit appeared first on Investor’s Business Daily.
The post Cryptocurrency Prices And News: Bitcoin Reclaims $28,000, Cryptos Shake Off Binance Lawsuit appeared first on Energy News Beat.