Cryptocurrency markets have been relatively stable this week, despite the shakeup caused by the Genesis Global Bankruptcy. Prices have held above their lowest levels, as Bitcoin and Ethereum have effectively bounced back from the hit. Scroll down to catch the latest crypto headlines for the week.
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Be sure to check out this week’s coverage on cryptocurrency ETFs such as BITQ, BLOOK, and BITS.
Visit our website for the latest news on digital currencies – Cryptocurrency Prices And News. And if you’re new to the world of Bitcoin, Ethereum and blockchain technology, check out our What Is Cryptocurrency page.
Cryptocurrency Price Movement
The price of Bitcoin rose to $16,500 on Friday morning, up from Monday’s low, narrowing the gap to its Nov. 10 recent highs. The world’s largest cryptocurrency had plummeted to its lowest level in two years on Monday due to fears that liquidity contagion might spread to other players. Bitcoin had traded above $21,000 at the beginning of the month, prior to the FTX fallout.
Ethereum rose above $1,200 on Friday, up more than 11% from its Tuesday low and about 10% from its average Nov. 10 high. Ethereum is still well below its all-time peak, which was set in mid-February at around $2,000.
Cryptocurrency Headlines
This week’s news has been dominated by the Genesis Global Bankruptcy. The company, one of the largest providers of cryptocurrency services, announced its closure on Wednesday and filed for bankruptcy protection. The news had a major impact on the price of Bitcoin and Ethereum, with both currencies seeing significant drops in their prices.
The bankruptcy has also sparked conversations about portfolio protection and the importance of diversifying investments across multiple assets. Investors are looking for ways to protect their holdings from any such losses in the future.
Cryptocurrency prices have been thrown into turmoil following the transfer of 477 million in digital assets by a suspected hacker. According to Blockchain Analysis firm Elliptic, the hacker began exchanging the Ethereum for Bitcoin on Monday. This has caused the price to drop substantially.
Investors in digital assets should always be aware of the potential risks involved, and take steps to protect themselves. This includes being aware of when to sell, or take profits. Despite the fact that cryptocurrencies are not inflation hedges, they tend to follow the trend of wider indexes.
For further insight into the cryptocurrency market, readers can check out the Coin360.com Cryptocurrency Market State, and the IBD What is Cryptocurrency? Explainer page. Signing up to IBD’s daily newsletter is also a great way to stay informed about market-relevant news.
Other useful resources for digital asset investors include IBD Digital, IBD Leaderboard, MarketSmith Pattern Recognition, and Swing Trading Strategies. These can all be employed to identify bases and buy points, and to find opportunities while managing risk.