Cryptocurrency News: Cryptocurrency prices plummeted early Monday as bitcoin dove to its lowest price since mid-February. Ethereum fell to January levels as about $1.19 billion in crypto futures were liquidated over the past 24 hours as of Monday morning.
Last week, Coinbase (COIN) cleared Q2 revenue estimates late Thursday, with a major boost in trading volume and transaction revenue.
Elsewhere, spot ethereum ETFs began trading on July 23 after receiving approval from the SEC. Crypto prices rose at the beginning of the month after President Trump nominated crypto-friendly Senator J.D. Vance (R-Ohio) as his vice-presidential running mate.
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Cryptocurrency Price Action
Bitcoin on Monday morning traded around $52,150, recovering slightly from its overnight low of $49,314. The drop below $50,000 marked bitcoin’s lowest price since mid-February.
On March 14, bitcoin hit a new all-time high of $73,798, surpassing its prior record of $68,990 set in November 2021.
The world’s largest cryptocurrency rebounded about 157% in 2023. Following the Aug. 5 selloff, bitcoin is now up about 24% so far this year.
Ethereum traded near $2,345 early Monday, rebounding from its early low of $2,128.. Ethereum hit its 52-week high of $4,092 on March 12, marking the first time it crossed the $4,000 threshold in 26 months. The No. 2 crypto is still well below its November 2021 peak above $4,800.
Ethereum is now up just 2.5% in 2024 after the early August selloff.
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.
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