Cryptocurrency News: Cryptocurrency prices continued to fall overnight Tuesday as digital assets appear to bypass midterm election impact, and instead continue to reel from the liquidity crisis of major crypto exchange FTX. Bitcoin dropped 18% and Ethereum tumbled 25% over the past five days. Both are at their lowest levels in nearly two years. Meanwhile, other cryptocurrencies are facing double-digit losses. On a more positive note, the major stablecoins USDC, USDT and BUSD maintain their pegs against the U.S. dollar as of early Wednesday.
X
Click here to jump to more on today’s Cryptocurrency News.
Cryptocurrency Price Action
Bitcoin fell below $17,600 Wednesday morning after it lost its $18,500 level late Tuesday amid selloffs over FTX’s liquidity crunch. The world’s largest crypto had reclaimed $21,000 over the weekend. This week’s losses pushed Bitcoin to its lowest level since November 2020. It’s trading below support at its investor cost basis of $18,814. It traded between that level and a ceiling around $23,460 for the past three months, according to ARK Invest’s monthly Bitcoin report.
Ethereum sank to nearly $1,200 by Wednesday after dropping to $1,300 Tuesday. The second largest crypto almost hit $1,650 this past weekend but it’s currently trading at its lowest level since January of last year.
Cryptocurrency Prices Heatmap:
Most Popular Cryptocurrencies
Scroll down for more cryptocurrency news and price updates.
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.
More Cryptocurrency Prices
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.
Top NFT Sales And Collections
Read More Cryptocurrency News
Read More
More Crypto News From Dow Jones
FASB Settles On Fair-Value Accounting For Measuring Crypto Assets
Rich Millennials Say This Is The Best Long-Term Investment
Crypto Poses ‘Novel Risk’ To Banks Federal Reserve’s Michael Barr Says
Want market-driving info delivered straight to your inbox? Sign up for IBD’s new daily newsletter by clicking the image below.
YOU MIGHT ALSO LIKE:
Get Stock Lists, Stock Ratings And More With IBD Digital
Find Stocks To Buy And Watch With IBD Leaderboard
Identify Bases And Buy Points With MarketSmith Pattern Recognition
Use Swing Trading Strategies To Find Opportunities & Manage Risk
