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The Cryptopians, discusses the current cryptocurrency moment and where the market is moving next. To get Laura’s take on NFTs and the metaverse, watch part 2 of the interview.
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Cryptocurrency News: Cryptocurrency prices retreated early Wednesday as bitcoin trended below $58,000.
Three spot bitcoin ETFs and three ether ETFs debuted in Hong Kong on Tuesday but failed to hit launch-day forecasts. The new Hong Kong ETFs recorded $12.8 million in trading volume during their first day, driven by $9.74 million in bitcoin ETF volume, Bloomberg analyst James Seyffart reported. However, the initial trading volume fell short of local media estimates of over $100 million, CoinDesk reported.
Meanwhile, digital asset analytics firm 10x Research notes that bitcoin is in another 20% correction amid the larger bull market that started at the end of June. However, this one is different than the three most-recent 20%+ corrections due to institutional investment in bitcoin ETFs. 10x Research estimates the average entry price of institutional bitcoin ETF holders is about $57,300, which could lead to increased selling pressure as bitcoin approaches that level.
Bitcoin on April 19 completed its fourth halving event, which slashed the rewards doled out to miners. Bitcoin’s price has historically risen in the months following previous halvings, but analysts are divided on the impact this year’s event will have.
Elsewhere, Sam Bankman-Fried on March 28 was sentenced to 25 years in prison for his role in the 2022 collapse of crypto exchange FTX.
The strong of new highs is rooted in the industry’s historic step forward on Jan. 11. That was the first trading 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?
The Best Bitcoin, Cryptocurrency ETFs To Watch And Buy
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Cryptocurrency Price Action
Bitcoin early Wednesday fell to $57,500, marking a 5.7% drop over the last 24 hours. On March 14 bitcoin hit a new all-time high of $73,798. The cryptocurrency is below its prior peak of $68,990 set in 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 now up about 36% so far this year, with most of the gains compounded in February and March.
Ethereum retreated about 3.6% over the last 24 hours to $2,900 Wednesday morning. Ethereum is now a good distance from its March 12, 52-week high of $4,092. The No. 2 crypto well below its November 2021 peak above $4,800.
Ethereum on March 8 crossed its $4,000 level for the first time in 26 months. Still, ETH leapt 26% in 2024.
Cryptocurrency Prices Heatmap:
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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.
Read More Cryptocurrency News
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