Bitcoin
and other cryptocurrencies slipped Wednesday. Hopes that digital assets will benefit from a Santa Claus rally were fading as crypto traders braced for another leg down amid choppy action during the quiet holiday period.
The price of Bitcoin has shed 1.5% over the past 24 hours to $16,650, heading toward the bottom of the range between $16,500 and $17,00 in which it has traded for more than a month. The largest crypto is well above the $15,500 two-year lows hit last month amid panic selling around exchange FTX’s collapse, but has failed to hold onto any short-term gains above $17,000, let alone a recent brief spike above $18,000.