Cryptocurrency News: Cryptocurrency prices reversed slightly as Bitcoin bounced on Tuesday. But Bitcoin and Ethereum are still trading below their weekend levels as more liquidity fears from the FTX collapse spread through the market.
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Cryptocurrency Price Action
Bitcoin traded under $16,100 Tuesday afternoon after falling below $15,500 overnight from its $16,500 level during the weekend, on renewed fears that the liquidity contagion could affect other players. The world’s largest cryptocurrency traded above $21,000 at the beginning of the month prior to the unraveling of leading crypto exchange FTX.
Ethereum reclaimed $1,100 on Tuesday after trading over $1,200 during the weekend. A suspected hacker transferred $477 million in cryptocurrencies from FTX on Nov. 12 and swapped them for Ethereum, according to Blockchain analysis firm Elliptic. The hacker began dumping the Ethereum for Bitcoin on Monday, sending the price lower.
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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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