Cryptocurrency Prices And News: Bitcoin Eases Below $62K, Up 48% YTD

” vid-name=”Unpacking The Cryptocurrency Craze With Author Laura Shin” vid-cat=”Investing Trends” vid-date=”02/25/2022″ vid-date-tmsp=”1645754933″ vid-image=”https://www.investors.com/wp-content/uploads/2022/02/1vGrUx2r-640×360.jpg” vid-authors=”ALEXIS GARCIA”>
X

Cryptocurrency News: Crypto prices and related stocks faded slightly Friday after rallying this week as bitcoin dipped below $62,000. Coinbase stock remained extended beyond its buy range after Monday’s breakout.

Coinbase and converted bitcoin ETFs Grayscale Bitcoin Trust (GBTC) and Hashdex Bitcoin Futures ETF (DEFI) are now trading well above their pre-Jan. 11 highs. DEFI broke out past a buy point on Tuesday. Grayscale is up more than 21% for the week.

The crypto industry logged a historic day on Jan. 11, a day after the SEC approved 11 bitcoin ETF applications, which included issuers ARK Invest (ARKK), BlackRock (BLK), Grayscale, VanEck and more. Coinbase serves as the custodian for a majority of the new ETF issuers. How are crypto custodians keeping digital assets secure?

Other trends are set to drive bitcoin in 2024, including the upcoming halving event in April and influx of institutional participation.

The Best Bitcoin, Cryptocurrency ETFs To Watch And Buy

Click here to jump to more on today’s Cryptocurrency News.

Cryptocurrency Price Action

Bitcoin slipped to $61,800 early Friday, after reaching as high as $64,037 on Wednesday. The gains move the cryptocurrency further up against its highest levels since November 2021. Bitcoin is now about 10.4% below its record high of $68,990, set in early November 2021.

Bitcoin had spiked to $49,000 January 11 on the ETF launch day but then fell back into its early December 2023 level prior to the SEC announcement. The world’s largest cryptocurrency rebounded about 157% in 2023. Bitcoin is up about 48% so far this year, with most of the gains compounded in February.

Ethereum is trading around $3,400 after on Thursday touching a new 52-week high of $3,520. It is trading at its best level since April 2022. The No. 2 crypto leapt roughly 92% in 2023. Ethereum jumped 49% so far in 2024.

Cryptocurrency Prices Heatmap:

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.

Read More

More Crypto News From Dow Jones

Give Yourself A Reality Check On Bitcoin ETFs. You’ll Save Yourself Some Grief. 

Crypto Exchange KuCoin Pays $22 Million To Settle Lawsuit, Will Exit New York

A Spot Bitcoin ETF Is Easy. What Comes Next Could Get Dangerous.

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